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Capital Adequacy
MAS Plans to Adopt BCBS Risk Weights for Cryptoassets
By Manesh Samtani | 30/11/2022
MAS will require Singapore banks to apply a 1250% risk weight for exposures to Bitcoin and Ether, pending the finalisation of the BCBS framework.
Cryptocurrency
IOSCO to Develop Regulatory Guidance for Crypto Market
By Editors | 30/11/2022
IOSCO chair Jean-Paul Servais said new standards for regulating “crypto conglomerates” are an “obvious necessity.”
Fraud, Scams & Cybercrime
UK Crypto Fraud Increased 32pc Over One Year Period
By Editors | 30/11/2022
UK police unit Action Fraud said crypto-related fraud losses from October 2021 to September 2022 amounted to $270mn.
PEPs & Sanctions
OFAC Fines Crypto Firm Kraken for Iran Sanctions Violations
By Editors | 30/11/2022
Kraken was facing a maximum fine of over $272mn. The $362,000 settlement reflects OFAC’s determination the violations were “non-egregious and voluntarily self-disclosed”.
Fraud, Scams & Cybercrime
Singapore Police Launch Probe into Crypto Lender Hodlnaut
By Editors | 29/11/2022
The police said they received multiple reports between August and November 2022 alleging false representations by that Hodlnaut and/or its directors.
Fraud, Scams & Cybercrime
Turkish Authorities Seize FTX Assets Amid Criminal Probe
By Editors | 29/11/2022
Turkish investigation found that FTX failed to safely store user funds, embezzled customer funds, and manipulated market supply and demand.
Cryptocurrency
Crypto Lender BlockFi Follows FTX Into Bankruptcy
By Editors | 29/11/2022
BlockFi said its liquidity crisis was due to its exposure to FTX as well as cryptocurrencies held on FTX’s platform that became trapped.
Cryptocurrency
VASPs Propose Measures to Improve Regulatory Mechanisms for Crypto
By Editors | 28/11/2022
The proposals include a mechanism to allow VASPs to discover one another, so as to better manage counterparty risk and enhance compliance requirements.
Stablecoins
HKMA Report Assesses Spillover Risk from Asset-Backed Stablecoins
By Mark Johnston | 28/11/2022
The report finds that failures of stablecoins or other crypto assets pose material impacts on the traditional financial system such as the money market.
Fraud, Scams & Cybercrime
DOJ Charges Two for Fraud Involving Fake Crypto Mining Operation
By Editors | 28/11/2022
Two Estonians induced victims to enter into “fraudulent equipment rental contracts” and to invest in a fake digital currency bank.
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