Cryptocurrency

Anti-Money Laundering

IDAXA to Develop Global AML Standards for Crypto Industry

By Editors | 20/12/2022

IDAXA has launched a new working group, chaired by former policymaker Andrew Churchill, to propose globally harmonised AML/CFT standards for virtual asset service providers and regulators.

Cryptocurrency

NYDFS Issues Guidance on Crypto-Related Activities for Banks

By Sanday Chongo Kabange | 19/12/2022

New York regulated banks, as well as branches and agencies of foreign banks licensed by the NYDFS, need prior approval to engage in virtual currency-related activities.

Anti-Money Laundering

US Lawmakers Introduce AML/CFT Bill for Crypto Firms

By Mark Johnston | 19/12/2022

The bill would categorise all crypto firms as money transfer businesses, requiring them to implement AML programmes and prohibiting the use of crypto mixers.

Capital Adequacy

Basel Rules for Cryptoassets to Take Effect in Jan 2025

By Manesh Samtani | 19/12/2022

1,250% risk weight not applicable to custodied assets. Infrastructure risk add-on no longer mandatory. Gross limit on total Group 2 exposures raised from 1% to 2%.

Cryptocurrency

Japan to Raise Taxes on Wealthy Individuals, Corporations

By Mark Johnston | 18/12/2022

Taxes will be raised on those who earn over JPY 3 billion through stocks and real estate. A corporate surtax of 4 to 4.5 percent will also be adopted.

Payments & Settlements

Australia Seeks Input on Strategic Plan for Payments System

By Manesh Samtani | 15/12/2022

The government will also empower the RBA to regulate digital wallet providers and improve the regulatory framework for crypto service providers.

Cryptocurrency

Hong Kong to List First Crypto Futures ETFs on 16 Dec

By Editors | 15/12/2022

The ETFs are being launched by CSOP Asset Management, one linked to Bitcoin futures and the other to Ether futures traded on the CME.

Fraud, Scams & Cybercrime

FTX Founder Arrested, Charged by SEC, SDNY, CFTC

By Sanday Chongo Kabange | 14/12/2022

US authorities have charged Sam Bankman-Fried for defrauding customers, investors, lenders, and campaign finance violations.

Cryptocurrency

SFC Issues Fresh Warning About Virtual Asset Risks

By Editors | 14/12/2022

The SFC warns that virtual asset platforms may on-lend customer assets or them in investment or other activities, which could potentially lead to a “total loss”.