Digital Assets

    Anti-Money Laundering

    All VASPs Unprepared for New AML Rules, FSC Korea Finds

    By Manesh Samtani | 18/08/2021

    Even VASPs with real-name accounts in place do not have dedicated employees in place for AML or adequate systems for suspicious transactions reporting.

    Anti-Money Laundering

    FSC Korea to Establish Virtual Asset Division Within KoFIU

    By Sanday Chongo Kabange | 17/08/2021

    The new division will oversee the adoption and implementation of the FATF recommendations on digital assets and VASPs.

    Fraud, Scams & Cybercrime

    Poly Network Hackers Return Almost All of Stolen Funds

    By Sanday Chongo Kabange | 13/08/2021

    Hackers have returned nearly all of the USD 613 million worth of digital tokens stolen on Tuesday, says Poly Network.

    Payments & Settlements

    Cambodia, Maybank Launch Cross-border Remittances Using ‘Bakong’

    By Pongnut Thanaboonchai | 12/08/2021

    Maybank customers in Malaysia can use the bank’s e-wallet to transfer funds to recipients in Cambodia with Bakong e-wallets.

    Cryptocurrency

    DBS Vickers Receives ‘In-principle Approval’ to Provide DPT Services

    By Editors | 12/08/2021

    DBS Vickers is working through the necessary follow-ups with a view to meeting MAS’ requirements for a digital payment token services licence.

    Anti-Money Laundering

    BitMEX to Pay $100m in Civil Penalties for US Regulatory Breaches

    By Editors | 12/08/2021

    BitMEX unlawfully accepted orders and funds from US customers to trade cryptocurrencies and failed to have in place an AML and user verification programme.

    DeFi & Web3

    DeFi Accounts for Majority of Crypto Hacks, Frauds in 2021

    By Sanday Chongo Kabange | 11/08/2021

    In H1 2021, DeFi accounted for 76% of major crypto hack volume and 54% of major crypto fraud volume, according to CipherTrace.

    CBDCs

    Cambodia Explores Cross-border Transactions Using ‘Bakong’

    By Editors | 10/08/2021

    Cambodia launched its Bakong digital currency in October 2020. In the first half of 2021, 1.4 million transactions worth $500mn were recorded.

    CBDCs

    Bank of Korea CBDC Pilot to Kick off This Month

    By Editors | 09/08/2021

    Ground X, Kakaobank, Kakao Pay, Consensys, Samsung and Onther are among the firms that will participate in the pilot. Phase one will be complete by December.

    Payments & Settlements

    CPMI Workplan Highlights Focus on Stablecoins, CBDCs

    By Editors | 06/08/2021

    CPMI annual work programme highlights cross-border payments, stablecoins, CBDCs, central clearing and FMI risks as key priorities.

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