Crypto / Digital Assets

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    Capital / Liquidity

    Hong Kong Financial System Remains Resilient: IMF Staff

    By Editors | 07/05/2023

    IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

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    Enforcement

    NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

    By Editors | 07/05/2023

    BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

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    Enforcement

    Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme

    By Editors | 05/05/2023

    Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.

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    AML / KYC

    Taiwan to Release New Rules for Crypto in September

    By Editors | 03/05/2023

    The FSC is creating a new bureau that will be dedicated to the crypto sector, adding to its four existing bureaus.

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    Crypto / Digital Assets

    OFAC Fines Crypto Firm Poloniex for 66,000 Sanctions Violations

    By Editors | 03/05/2023

    Poloniex allowed customers located in Crimea, Cuba, Iran, Sudan, and Syria to engage in online digital asset-related transactions worth $15.3mn.

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    AML / KYC

    SFC Chief Julia Leung Offers View Into 2023 Priorities

    By Manesh Samtani | 29/04/2023

    Julia Leung said the SFC will issue the new virtual assets rules in May, and that it developing a free carbon emissions calculator tool to help SMEs in climate-related reporting.

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    AML / KYC

    HKMA Offers Guidance on VASP Account Opening

    By Manesh Samtani | 28/04/2023

    Deputy chief Arthur Yuen said the HKMA expects regulated VASPs to be able to open a bank account in Hong Kong through a reasonable process.

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    Crypto / Digital Assets

    China to Start Using CBDC in Cross-Border Trade

    By Sanday Chongo Kabange | 28/04/2023

    Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

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    Crypto / Digital Assets

    Korea’s New Crypto Bill Passes Key Legislative Subcommittee

    By Philip Gant | 28/04/2023

    The “Virtual Asset User Protection Bill” consolidates and reconciles 19 legislative proposals introduced over the two years since May 2021.

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    Enforcement

    Terra Co-Founder Daniel Shin Indicted in Korea

    By Editors | 27/04/2023

    Daniel Shin and nine others were indicted for their roles in the collapse of the Terra stablecoin which caused significant losses for investors.

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