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DeFi & Web3
WEF Publishes ‘Policy-maker Toolkit’ for Decentralised Finance
By Sanday Chongo Kabange | 10/06/2021
The report offers a range of policy actions that can be adopted for DeFi, ranging from the introduction of new licence types and imposing prohibitive measures to doing nothing at all.
CBDCs
BOE Issues Paper Exploring New Forms of Digital Money
By Sanday Chongo Kabange | 09/06/2021
The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.
Cryptocurrency
China’s Weibo Blocks Selected Crypto Influencer Accounts
By Sanday Chongo Kabange | 09/06/2021
The move follows joint action by three state-backed associations to bar their members from providing crypto-related services to customers.
Cloud & Infrastructure
HKMA Announces New Fintech Development Strategy
By Editors | 09/06/2021
The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.
Capital Adequacy
BCBS to Consult on Capital Rules for Banks’ Crypto Exposures
By Manesh Samtani | 09/06/2021
The proposed consultation builds on an earlier paper which outlined an approach that would subject direct crypto exposures to full deductions from CET1 capital.
Fraud, Scams & Cybercrime
US DOJ Recovers $2.3mn of Ransom Paid to Colonial Pipeline Hackers
By Sanday Chongo Kabange | 09/06/2021
Investigators were able to track multiple transfers of bitcoin by reviewing the Bitcoin public ledger, and subsequently seized 63.7 bitcoins.
CBDCs
G7 Leaders Pledge to Develop Common Principles for CBDCs
By Sanday Chongo Kabange | 07/06/2021
CBDCs should operate within appropriate privacy frameworks and minimise spillovers, the G7 Finance Ministers said in a communique.
Cryptocurrency
FSC Korea Meets Crypto Exchanges Over Regulatory Reforms
By Sanday Chongo Kabange | 07/06/2021
The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.
Cryptocurrency
Hong Kong’s Proposed Licensing Regime for VASPs
By Michael P Wong | 06/06/2021
Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
Anti-Money Laundering
FCA Extends Temporary Registrations Regime for Cryptoasset Firms
By Sanday Chongo Kabange | 04/06/2021
A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.
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