Fintech / Regtech

Companies will be required to verify user data based on national IDs and phone numbers, effectively removing the anonymity of blockchainin the country.

Only 7 of 21 crypto exchanges in South Korea passed the government's security audit; the rest are "vulnerable to hacking attacks at all times."

The newly renamed Banking and Financial Services Union aims to help professionals stay relevant and competitive amid technological advancement and industry changes.

Only one of 63 central bank respondents has said it is very likely to issue a central bank digital currency in the next six years.

Currently, investment firms collecting funds from investors in cryptocurrency do not explicitly fall under Japan’s Financial Instruments and Exchange Act.

In the year ahead, banks will have to focus on seamless data integration and regtech adoption to cope with increasingly complex regulatory reporting requirements, says Wolters Kluwer’s Wouter Delbaere.

The FSA is gauging industry interest in crypto ETFs, following its release of a new draft framework for the sector that could become law in 2020.

A new central bank policy document outlines recommendations for financial institutions developing and publishing Open Data APIs.

Stock brokers and depository participants will have to report information on systems based on artificial intelligence and machine learning.

The second round of public consultation is open until 15 January, after stakeholders asked for more time to study the draft rules.