Crypto Regulation Asia Summit 2022

On 24 February 2022, Regulation Asia hosted the Crypto Regulation Asia Summit 2022, bringing together industry experts to provide a comprehensive view of the APAC regulatory landscape for cryptocurrencies, CBDCs, global stablecoins and other digital assets, as well as best practices for crypto businesses and incumbent financial institutions to mitigate risk and safeguard investors as the industry matures.

Regulatory Keynote Address from Financial Services Agency, Japan

Hiroshi Ozaki, Director, AML/CFT Policy Office, Financial Services Agency, Japan delivered the opening keynote address at the Crypto Regulation Asia Summit 2022. He discussed the regulatory landscape for VASPs in Japan and called on the market to work together to address crypto asset risk.

DeFi-CeFi Outlook: Risk, Regulation and the Rise of Decentralised Financial Crime

This panel will explore the regulatory landscape for crypto markets, the benefits and risks of DeFi, and the rise of financial crime and abuse in both CeFI and DeFi ecosystems. We will explore how the KYC/AML compliance mindset has been evolving as well as issues relating to governance, security, market conduct, and investor protection.

• Andy Meehan, Chief Compliance Officer, Gemini
• Angelina Kwan, Senior Advisor to the Board, HashKey Group
• Tung Li Lim, Senior Policy Advisor APAC, Elliptic
• Vince Turcotte, Director, Eventus
• Georgina Lee, Specialist Reporter, SCMP (moderator)

The Travel Rule: Stopping Illicit Flows and Fraud in Crypto Markets

The travel rule is seen as a major step towards establishing the legitimacy of crypto markets. While some jurisdictions have made implementation a priority, others have been slow to enact enabling legal and regulatory frameworks. In this session, we discuss implementation challenges and impacts to the industry, the risks associated with non-compliance, and the opportunities for first-mover firms and jurisdictions.

• Pelle Braengaard, CEO, Notabene
• David Lewis, former Executive Secretary of FATF & Managing Director, AML Advisory Practice, Kroll
• Alex Kim, CEO, VerifyVASP
• Manesh Samtani, Editor, Regulation Asia (moderator)

Risk and Reward: An Outlook for CDBCs, Stablecoins and Settlement Coins

The emergence of stablecoins will continue to challenge the effectiveness of existing regulatory and supervisory approaches, while CBDCs will likely yield impacts to financial and monetary systems that go far beyond current imagination. This panel will discuss the challenges and benefits of CBDCs, stablecoins, and settlement coins.

• Rocky Mui, Partner, Clifford Chance
• John Ho, Co-Head of Financial Markets, Wholesale Banking Legal, Standard Chartered Bank
• Douglas Arner, Kerry Holdings Professor, University of Hong Kong
• Charles d’Haussy, Asia Managing Director, ConsenSys
• Irene Liu, Chief Governance and Reporting Officer, UnionDigital (moderator)

Presentation: Beyond the Hype: Sanctions Compliance in Crypto

There is a need to monitor and address the risks of nation-states leveraging cryptocurrencies and other digital assets to address geopolitical issues, and designated entities and individuals using them to circumvent sanctions. This session will define the measures that are being put in place to comply with the travel rule, screen for sanctioned wallets, and overcome challenges associated with data gaps.

• Neil Vaz, Customer & Third Party Risk Specialist, Refinitiv (presenter)
• Manesh Samtani, Editor, Regulation Asia (host)

Governing the Frontiers: Web 3.0, GameFi and the Golden Age of NFTs

In 2021, the NFT market grew to nearly USD 41 billion, making it almost as valuable as the global art market. The increasing interest in NFTs and GameFi, however, presents risks to the digital asset ecosystem and investors, while also raising concerns around the potential exploitation of NFT markets by bad actors. This session will explore these risks and expectations for how the emerging asset class could be regulated.

• Malcolm Wright, Chair, Advisory Council, Global Digital Finance
• Evan Auyang, Group President, Animoca Brands
• Kenneth Bok, Founder & Managing Director, Blocks
• Allison Owen, Research Analyst, RUSI
• Bradley Maclean, Co-founder, Regulation Asia (moderator)

Regulatory Keynote Address from Securities & Futures Commission, Hong Kong

Elizabeth Wong, Director of Licensing & Head of Fintech unit Securities & Futures Commission Hong Kong, delivered the afternoon keynote address at the Crypto Regulation Asia Summit 2022. She discussed the regulatory landscape for crypto assets in Hong Kong, including expectations for financial institutions looking to enter the sector.

Fireside Chat: Crypto and Bank Capital Requirements

In June 2021, the BCBS published preliminary proposals for the prudential treatment of banks’ crypto-asset exposures. While there is widespread recognition that regulatory clarity is urgently needed, the proposed approach was considered by many to be overly punitive. In this session, we discuss prudential considerations for banks with exposures to digital assets.

• Bill Coen, Former Secretary General, Basel Committee (guest)
• Bradley Maclean, Co-founder, Regulation Asia (host)

Building a Blueprint for Banks in the Crypto Sector

Increasingly, banks have been looking entering the crypto space, driven by client demand and the desire to stay competitive. This panel will discuss the challenges and risks banks face when engaging with the crypto sector, and the controls they should have in place to mitigate such risk and address regulatory requirements.

• Boon-Hiong Chan, Global Head Fund Services & Head APAC Market Advocacy, Deutsche Bank
• Sebastian Widman, Head of Strategy, Komainu
• Arvie de Vera, Co-Founder & CEO, UnionDigital Bank
• Alex Pillow, Director of Market Strategy, Moody’s Analytics
• Zennon Kapron, Managing Director, Kapronasia (moderator)

Fireside Chat: Prime Time for Crypto Derivatives

Crypto derivatives have unique characteristics which are not yet addressed by existing definitions and standards used by the financial industry. This session will explore an ISDA initiative to create a robust framework of standards and documentation to enhance transparency and consistency, and reduce risk.

• Scott O’Malia, CEO, ISDA (guest)
• Bradley Maclean, Co-founder, Regulation Asia (host)

Institutional Crypto Trading, Derivatives and Structured Products

Institutional investors looking to trade in crypto assets still face significant regulatory uncertainty and risk management challenges. This panel will discuss these challenges, including documentation for crypto derivatives, mechanisms for interfacing with crypto exchanges, counterparty risk, and other factors financial institutions should consider.

• Miles Binney, Counsel, Clifford Chance
• Clare Weaver, Counsel, Wholesale Digital Office, Nomura
• Keith Noyes, Chief Risk and Compliance Officer, Covario
• Adam Farthing, Chief Risk Officer, B2C2 Japan
• Nick Wakefield, Co-founder, Regulation Asia (moderator)

Beyond Market Neutral – Asset Managers and Proprietary Positions in Crypto

Asset managers dealing in crypto assets need to be certain they comply with regulatory requirements, the assets they hold are secure, and that their business operations are adapted to accommodate the asset class. This panel will discuss considerations for asset managers and institutional investors as they increasingly look to invest in and hold proprietary positions in digital assets.

• Jason Lee, Managing Director, Legal, Temasek
• Irfan Ahmad, APAC Product Lead, State Street Digital
• Alessio Quaglini, CEO, Hex Trust
• Jean-David Péquignot, Head of OSL Digital Securities, OSL
• Alun John, Asia Regulation Correspondent, Reuters (moderator)

Tokenisation of Everything and What it Means for Markets

Market infrastructures and financial institutions have been increasingly looking to tokenisation as a way to boost efficiency in the issuance and trading of financial instruments. This panel will discuss some of industry iniatives underway to tokenise traditional assets, what this means for markets, and the path forward for the industry.

• Oi Yee Choo, Chief Commercial Officer, ADDX
• Angelina Kwan, Senior Advisor to the Board, HashKey Group
• Alex Kech, Director, Blockchain & Digital Asset, Citi Ventures
• Brian Tang, Founding Executive Director, LITE Lab@HKU & Board Member of FTAHK (moderator)

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