Regulation Asia held its first ever Awards ceremony on 13 November to recognise technology companies, legal and consulting firms, and exchanges that have helped shape the regulatory landscape in Asia Pacific over the past year.
The new guidelines tweak rules on marking to market to align with international standards, promote transparency and confidence in the markets, and encourage active market trading.
To date, the 13 foreign banks with branches in Myanmar have only been allowed to lend to foreign entities in the country, and only in foreign currencies.
Technology will be critical to address inconsistencies in processes, practices and standards across ARFP-participating jurisdictions, says Calastone's Leo Chen.
Malaysian politician Anwar Ibrahim told Bloomberg it would be “inexecusable” if the bank was itself found complicit in money laundering and bribery related to the state development fund.
Thailand will use blockchain and machine learning to crack down on tax evasion, according to director-general of the tax department, Ekniti Nitithanprapas.
Measures include new regulatory framework for cryptocurrencies, and a new fund to be invested via ECF and P2P platforms alongside private investors, among others.
More actions needed to further strengthen the framework, including a greater focus on terrorist financing risk from the private sector and foreign source threats.
In APAC, Singapore is the most prepared for open banking, followed by Australia and Hong Kong, according to Finastra’s ‘Open Banking Readiness Index’.
A number of non-EU benchmark administrators may fail to obtain BMR registration by January 2020, according to a new report from ASIFMA and Herbert Smith Freehills.