Regulators are targeting firms that allow Chinese citizens to trade cryptocurrencies with local bank and online-payment accounts.
Cryptocurrency exchanges are required to fully identify all customers and monitor for money laundering and terrorist financing activities.
Applicants will need to demonstrate capability and competency to provide robo-advice while ensuring consumer protection.
Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.
FSS governor says government will support ‘normalised trading’ of cryptocurrencies, requiring interaction of banks and crypto exchanges.
Self regulatory organisation will create rules and set penalties for breaches of self-imposed rules.
The plan could include minimum capital and financial reporting requirements to qualify for a cryptocurrency exchange license.
Banks prohibited from trading, advising on, and creating platforms for cryptocurrency.
New Payments Platform enables instant transfers between accounts at different financial institutions, at “any time of day, any day of the year.”
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