Digital Assets

Fraud, Scams & Cybercrime

Korea: Ex-Presidential Aide Sentenced to Jail for Crypto Fraud

By Sanday Chongo Kabange | 31/08/2021

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.

Custody & Infrastructure

Thai SEC Proposes Rules to Protect Custodied Digital Assets

By Pongnut Thanaboonchai | 30/08/2021

The SEC has proposed new additional requirements for digital asset businesses regarding the custody of clients’ assets, both fiat money and cryptocurrency.

Payments & Settlements

IMF Spotlights Legal Challenges of Fintech for Central Banks

By Sanday Chongo Kabange | 30/08/2021

A new IMF paper discusses the impacts fintech will have on currency issuance, monetary policy implementation, and payment system soundness, among other functions of a central bank.

CBDCs

MAS Announces Finalists for Global CBDC Challenge

By Editors | 30/08/2021

The finalists include ANZ, Citibank, Consensys, HSBC, IBM, Soramitsu, Standard Chartered, among others. They will progress to an eight-week Acceleration Phase to further develop and refine their solutions.

Anti-Money Laundering

FSC Korea Confirms Plans for Dedicated Crypto Bureau at KoFIU

By Manesh Samtani | 26/08/2021

24 of the 63 crypto exchanges operating in Korea have not yet applied for ISMS certification, a KoFIU registration requirement that takes months to obtain.

DeFi & Web3

US SEC Seeks Regulatory Oversight Over DeFi Platforms

By Pongnut Thanaboonchai | 26/08/2021

SEC chairman Gary Gensler likens DeFi to P2P lending.  In 2008, the SEC said promissory notes issued to P2P investors were securities.

Cryptocurrency

Japan: Crypto Firm Liquid Resumes Services Following $97m Hack

By Editors | 25/08/2021

Liquid has been tracing the movement of the stolen assets and working with other exchanges to freeze and recover the funds.

Tokenisation

BIS, HKMA to Build Digital Infrastructure for Green Investment

By Manesh Samtani | 25/08/2021

BIS Innovation Hub, HKMA and private sector firms will tokenise green bonds to facilitate investment in and improve the transparency of green projects.

CBDCs

BOT Confirms Plans to Pilot Retail CBDC in Q2 2022

By Sanday Chongo Kabange | 24/08/2021

The CBDC will be cash-like and non-interest-bearing, to ensure that it does not compete with deposits or cause runs on financial institutions.