International

Fintech / Regtech

El Salvador Becomes First Country to Allow Bitcoin as Legal Tender

By Editors | 13/06/2021

El Salvador president Nayib Bukele is inviting bitcoin miners to set up at a state-owned geothermal facility powered by a volcano.

AML / KYC

G7 Leaders Commit to Acting on Corruption, Shell Companies

By Manesh Samtani | 13/06/2021

The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

Crypto / Digital Assets

Task Force Created to Align Digital Token Identifier With ISIN

By Editors | 12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Market Infrastructure

Regulatory Harmonisation Critical to OTC Derivatives Reporting

By Priya Kundamal | 11/06/2021

The fragmentation of trade reporting rules and the lack of a common data set across jurisdictions hinders transparency and global risk monitoring, writes DTCC’s Priya Kundamal.

Capital / Liquidity

BCBS Consults on Prudential Treatment of Cryptoasset Exposures

By Manesh Samtani | 11/06/2021

Bitcoin and other “Group 2 cryptoassets” will be subject to a 1250% risk weight to avoid exposing bank depositors and creditors to a loss.

ESG / Sustainability

Update to Green Bond Principles Prioritises Transparency, Impact

By ESG Investor | 11/06/2021

The new guidance seeks to boost investor confidence with a focus on increased information flows and external verification.

Big Picture

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.

Market Infrastructure

NGFS Updates Climate Scenarios With More Data

By Manesh Samtani | 10/06/2021

If the transition fails, 13% of global GDP would be at risk by the end of the century, even before accounting for severe weather events.