Cryptocurrency

Custody & Infrastructure

US SEC Probes Investment Advisers Over Crypto Asset Custody

By Editors | 01/02/2023

The US regulator is inquiring into how investment advisers assess third-party custodians used to hold clients’ crypto assets.

Cryptocurrency

New York Regulator Investigating Crypto Firm Gemini

By Editors | 01/02/2023

Gemini emphasised connections to the FDIC when customers asked if their assets were safe. Almost $1bn in customer assets have since been frozen on the platform.

Stablecoins

HKMA Confirms Plans to Introduce Stablecoin Regulations

By Editors | 01/02/2023

Stablecoins must be fully backed, redemption at par must be available at all times, and issuers must be licenced. Algorithmic stablecoins will not be accepted.

Anti-Money Laundering

Bankman-Fried Lawyers Request Access to Crypto Held by FTX

By Editors | 31/01/2023

The DOJ asked for a communications ban against Bankman-Fried as an additional bail condition. Last week, a 116-page list of the FTX’s creditors was filed to the bankruptcy court.

Credit Risk

FSC Korea Unveils 12 Policy Initiatives in 2023 Work Plan

By Manesh Samtani | 31/01/2023

The initiatives seek to mitigate risks related to financial stability, insolvencies, scams, and virtual assets, while also promoting innovation and fintech.

Anti-Money Laundering

Korea Justice Ministry to Start Tracking Crypto Transactions

By Editors | 31/01/2023

The “Virtual Currency Tracking System” will be launched as part of a new cloud system that will allow other agencies to leverage prosecutors’ investigative and forensics expertise.

Emerging Prudential Risks

US Fed Refuses Application by Crypto-focused Custodia Bank

By Editors | 31/01/2023

The Fed Board considers that Custodia’s business model and proposed focus on crypto-assets presented “significant safety and soundness risks”.

Market Abuse

Korea Probes Price Manipulation via Crypto Exchange Bithumb

By Editors | 31/01/2023

Bithumb offices were raided last week. The crypto exchange is not accused of misconduct, though it is under a separate probe for possible tax evasion.

Cryptocurrency

White House Calls for Progress on US Crypto Legislation

By Manesh Samtani | 30/01/2023

Congress should strengthen disclosure requirements for crypto firms and expand regulators’ powers to prevent misuses of customers’ assets and mitigate conflicts of interest, officials say.