Once empowered by FSA, self regulatory organisation will create rules and set penalties for breaches.
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.”
Firm suggests fintech adoption has clear benefits, but the systemic risks from increased adoption have yet to fully emerge.
The guidelines set standards on financial institutions providing e-payment services and their users.
Proposed virtual banks rules fail to address the true future of financial services, risking Hong Kong’s descent into irrelevancy.
Inter-regulatory group concerned about ‘dearth’ of coherent law on customer data, recommends multiple measures to support development of fintech regulatory framework.
ANZ, Westpac, NAB have no restrictions on buying cryptocurrency with credit cards, the banks confirmed.
Monetary Authority of Singapore says technology-based customer due diligence could increase the quality of risk management for financial institutions.