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Cryptocurrency
OECD Releases Tax Transparency Framework for Crypto
By Manesh Samtani | 11/10/2022
Indirect investments in crypto assets via derivatives and investment vehicles, as well as CBDCs, will be covered by CRS, rather than CARF.
Fraud, Scams & Cybercrime
HK Victims Have Lost HKD 2.6 billion to Scams This Year
By Editors | 10/10/2022
Online investment fraud accounted for HKD 540 million of all online scams, which is largely attributed to an increase in crypto-related scams.
Fraud, Scams & Cybercrime
Binance Suffers Crypto Hack, But Contains Losses
By Editors | 10/10/2022
After managing to freeze the majority of the stolen assets, Binance said about $100mn in unrecovered funds remains, out of $570mn that was initially stolen.
CBDCs
RBI Set to Commence Limited Pilot Launch of CBDC
By Editors | 09/10/2022
To avoid the disintermediation of banks, which would impede credit creation, the RBI suggested the CBDC would likely be non-interest bearing.
Cryptocurrency
Interest Rate Caps Do Not Apply to Bitcoin Loans, Korean Court Rules
By Editors | 09/10/2022
The case involves a loan worth 30 bitcoins with an annual interest rate of 60 percent. Korean law caps interest rates on loans at 24 percent.
Cryptocurrency
CME to Launch New Crypto Reference Rates, Indices
By Editors | 08/10/2022
New reference rates and real-time indices will be introduced for AVAX, FIL and XTZ. The launch will not include tradable futures products.
Capital Adequacy
Industry Says BCBS Cryptoasset Treatment is Prohibitive for Banks
By Manesh Samtani | 08/10/2022
The cap on banks’ exposures to cryptoassets should be raised from 1% to 5% of tier 1 capital, and based on net rather than gross exposures. The infrastructure risk add-on should be scrapped.
PEPs & Sanctions
European Council Adopts Eighth Russia Sanctions Package
By Editors | 06/10/2022
The package completely bans the provision of crypto wallets, accounts, or custody services to Russian nationals and entities, among other measures.
Cryptocurrency
Russia Seeks to Legalise Crypto Mining in Some Regions
By Editors | 06/10/2022
The bill may be rejected by Russia’s parliament, because it does not specify tax procedures or requirements for data centres and mining operators.
CBDCs
SWIFT Publishes Results of CBDC, Tokenised Asset Experiments
By Editors | 06/10/2022
The experiments show SWIFT can enable central banks to connect their CBDC networks to all other payment systems in the world through a single gateway.
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