Cryptocurrency

Capital Adequacy

BCBS to Consult on Capital Rules for Banks’ Crypto Exposures

By Manesh Samtani | 09/06/2021

The proposed consultation builds on an earlier paper which outlined an approach that would subject direct crypto exposures to full deductions from CET1 capital.

Fraud, Scams & Cybercrime

US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers

By Sanday Chongo Kabange | 09/06/2021

Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.

Cryptocurrency

FSC Korea Meets Crypto Exchanges Over Regulatory Reforms

By Sanday Chongo Kabange | 07/06/2021

The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.

Cryptocurrency

Hong Kong’s Proposed Licensing Regime for VASPs

By Michael P Wong | 06/06/2021

Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.

Anti-Money Laundering

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

By Sanday Chongo Kabange | 04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

Cryptocurrency

Korea Designates FSS as Agency to Regulate Virtual Assets

By Sanday Chongo Kabange | 03/06/2021

The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.

DeFi & Web3

DeFi May Be Subject to Licensing Requirement, Warns Thai SEC

By Sanday Chongo Kabange | 03/06/2021

The SEC warned that failure to obtain a licence for the issuance of digital tokens on DeFi platforms could be punishable under the Digital Assets Act.

Cryptocurrency

2018 Circular Prohibiting Crypto Dealings Not Valid, RBI Clarifies

By Sanday Chongo Kabange | 01/06/2021

The RBI has clarified that its 2018 circular prohibiting cryptocurrency dealings is no longer valid, and should not be cited or quoted from.

Cryptocurrency

Leveraged Crypto Trading Threatens Financial System: BOK

By Sanday Chongo Kabange | 31/05/2021

High leverage, price volatility and increased trading in crypto assets puts households at risk of financial damages, which could impact the financial system.