In light of the potential legal issues that may arise from a CBDC issuance by the Bank of Japan, more detailed discussion is needed.
Access to quality data and a more proactive knowledge sharing approach are critical to moving to intelligence-led methods in financial crime risk management.
MAS seeks views on whether stablecoin holders deserve the same regulatory protections as e-money, and whether other regulations should be introduced to maintain price stability.
Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an 'imperative' to undertake risk management and compliance functions.
The lack of employees with AI expertise was cited by 70% of respondents as the top barrier to AI adoption, according to a survey.
The FSC will allow non-face-to-face account opening by foreigners residing in Korea, and by legal representatives of corporations.
The directory and brief seek to provide a non-exhaustive overview of recent DLT regulatory guidance, legislative initiatives, strategy papers and other publications in selected jurisdictions.
The BCBS consultation will likely give an indication of the banking industry's mindset towards holding cryptoassets in the future, says Douglas Cheung at Wolters Kluwer.
Under the new timeline, consumers can direct the major banks to share credit and debit card, deposit and transaction data from July 2020, and mortgage and personal loan data from November 2020.
Open banking will serve as a catalyst for various innovations and bring tectonic shifts in the financial industry, FSC chairman Eun Sung-soo said at the launch event.