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Structural Regulation
Korea: New FSC Chief to Prioritise Market Stability, Innovation
By Editors | 17/07/2022
The FSC could use market stabilisation funds and impose short-selling bans to stabilise markets and address excessive volatility.
Cryptocurrency
Thailand Refines Rules for Crypto Firms, Issues Draft Rules for Banks
By Manesh Samtani | 15/07/2022
The SEC amended capital requirements and other rules for crypto firms. The BOT issued draft rules for banks dealing in crypto. Two crypto exchanges were penalised.
Structural Regulation
OECD Confirms Timeline Revision for New Global Tax Rules
By Editors | 15/07/2022
A new international treaty for the Pillar One reforms will be finalised by mid-2023 for entry into force in 2024.
CBDCs
BOJ to ‘Carefully’ Examine CBDC Impact on Bank Deposits
By Sanday Chongo Kabange | 14/07/2022
A shift away from bank deposits may not occur if banks offer “smooth exchange of CBDC and deposits” and “attractive services related to CBDC”.
Stablecoins
CPMI, IOSCO Issue Final Guidance on Stablecoin Arrangements
By Editors | 14/07/2022
CPMI and IOSCO confirm that the PFMI apply to systemically important stablecoin arrangements that transfer stablecoins.
Cryptocurrency
BOE Calls for Clear Regulatory Framework for Crypto Assets
By Mark Johnston | 14/07/2022
BOE’s Jon Cunliffe said the extension of a regulatory framework to encompass crypto must be grounded in the iron principle of ‘same risk, same regulatory outcome’.
Emerging Prudential Risks
FSB Updates G20 on Covid-19, Climate, Crypto Work
By Editors | 13/07/2022
Accompanying the letter to the G20 is a report on exit strategies to address COVID-19 scarring in the financial sector, and a statement on crypto-asset regulation.
CBDCs
New Report Offers Guidance to Central Banks on CBDC Design
By Editors | 12/07/2022
A report from CPMI, BISIH, IMF and World Bank assesses the options for access to and interoperability of CBDCs, to ensure they improve cross-border payments.
Fraud, Scams & Cybercrime
Crypto Firm Celsius Network Accused of Running Ponzi Scheme
By Editors | 12/07/2022
A lawsuit filed by a former Celsius money manager says the company mismanaged customer funds, failed to perform basic internal auditing, and manipulated crypto-assets.
Cryptocurrency
FSB Issues Statement on Crypto Assets Ahead of G20 Meeting
By Editors | 11/07/2022
The statement clarifies that so-called stablecoins and other crypto-assets “do not operate in a regulation-free space”.
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