The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.
While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.
The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.
Phase 2 used smart contracts to automate bond lifecycle events, and introduced pre-validation to reduce error and fraud in funds transfers. Phase 3 will be a joint effort with the HKMA.
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand's Anti-Money Laundering Office.
Indigenous virtual banks, global digital-only banks, and digitised traditional banks are all vying for market share, says a new report from S&P Global Ratings.
The FSC has announced changes to the operational procedures of its evaluation committee for internet-only bank, amid plans to reopen applications for new licences on 10 October.
The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years' jail for buying, selling or storing cryptocurrency in India.
The majority of the stolen funds belonged to clients and were held in hot wallets. Crypto exchanges in Japan are required to hold client assets offline in segregated cold wallets.