The changes add to revisions proposed in November to align requirements for VASPs with the FATF recommendations.
New legislation set to take effect in July will task the KDIC with helping users of mobile payment apps to retrieve funds that are transferred in error.
The November FSTB proposal to only allow VASPs to offer services to professional investors could prompt retail investors to move to unlicensed platforms, GDF says.
New draft rules are aimed at deepening trust and confidence in digital identities through the adoption of common standards to safeguard personal data and privacy.
The vLEI system will give legal entities the capacity to use non-repudiable identification data pertaining to their legal status, ownership structure and authorised representatives.
The FSA will share access to the new system, which will use AI to monitor for unusual transactions and persons suspected of illegal activity.
Applications are being accepted until 30 June 2021, with BNM planning to award up to five licences in the first quarter of 2022.
A new framework will be introduced to allow firms like Kakao and Naver to sell digital insurance products under sandbox-like conditions.
HSBC will leverage commercial data from HKTVmall to analyse and forecast business performance during credit assessment, making loan approval faster and simpler.
Taro Aso said at a press conference that he thinks it’s important to "thrash out" policy measures regarding digital currency issued by central banks.
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