Fintech / Regtech

Andy Meehan says greater collaboration is needed between industry players and regulators to advance 'sensible' regulation and ensure the public is properly educated.

Services for virtual currency transactions are deemed illegal, including those provided to Chinese residents by overseas crypto exchanges.

Five crypto exchanges and one wallet provider have so far submitted their registration documents. Only Upbit has been formally approved by the FSC.

The data-sharing arrangement is part of the rectification measures ordered by financial regulators to break Ant Group's “information monopoly” over data collection.

NAB is Australia's second big four bank to become an accredited data recipient under the CDR regime, which underpins open banking.

The SEC has warned against dealing with unlicensed forex brokers, crypto exchanges, and DeFi platforms among others.

Nearly 40 exchanges are set to suspend all services, while 28 have ISMS certification and can continue trading without the Korean won.

The central bank will coordinating with government departments and agencies to develop a decree to enable the sandbox.

The seventh and final digital bank is likely to be an existing bank applying to convert into a digital bank, but approval has been delayed.

Fees and commissions banks charge for cross-border transactions will be reduced with wide adoption of CBDCs.