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Enforcement
US Court Allows Use of Crypto Firm’s Records to Identify Tax Cheats
By Editors | 23/08/2022
Crypto prime dealer SFOX will have to reveal the identities of customers who are US taxpayers and information on their crypto transactions.
Market Infrastructure
Perspectives from China: M&A in 2022
By Bradley Maclean | 23/08/2022
Research by S&P Global and Regulation Asia highlighted the rise of financial buyers as a standout trend in the domestic Chinese M&A market.
Fintech / Regtech
DTCC Goes Live With New DLT-Based Settlement Platform
By Editors | 23/08/2022
The Project Ion platform is now parallel processing an average of over 100,000 bilateral equity transactions per day.
Enforcement
BSP to Increase Penalties for Misreporting of FX Transactions
By Editors | 23/08/2022
The new penalties regime is intended to help protect the value of the Philippine peso, maintain price stability, and deter future violations.
Enforcement
Australia to Increase Max Penalties for Anti-Competitive Conduct
By Sanday Chongo Kabange | 23/08/2022
The maximum penalties for breaches of competition and consumer laws companies are being raised five-fold for both individuals and corporates.
AML / KYC
India, Russia Continue to Explore Non-USD Trade Options
By Editors | 23/08/2022
Indian and Russian banks are discussing the use of customised trade accounts and an exchange rate mechanism that will enable trade settlement in rupees and rubles.
Securities / Derivatives
FSC Korea to Revise 5pc Shareholding Disclosure Rule
By Sanday Chongo Kabange | 23/08/2022
The revisions will require more detailed information to be disclosed regarding the purpose of shareholding. Initial adoption will be on a voluntary basis.
AML / KYC
Malaysia to Enhance AML Supervision of Company Secretaries, Trust Companies
By Editors | 23/08/2022
The Companies Commission of Malaysia will “take on greater responsibility” in supervising company secretaries and trust companies “in the near future”.
Crypto / Digital Assets
Australia Set to Begin Consultation on Crypto Regulation
By Editors | 23/08/2022
Treasury will prioritise ‘token mapping’ work in 2022, to help identify how crypto assets and related services should be regulated. A consultation will be released “soon”.
Crypto / Digital Assets
Korean Brokerages Seeking Licences to Establish Crypto Businesses
By Editors | 23/08/2022
Mirae Asset Securities and Samsung Securities are among seven firms seeking a licence. The government separately said airdrops will be subject to a gift tax.
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