Category: RegTech

December 9, 2022

EU to Consider New Reporting Requirements for Crypto Platforms Serving European Users The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions […]

December 9, 2022

3 U.S. Bureaucrats Believe Crypto Miners Need to Report Carbon Emissions and Environmental Assessments Senators Ed Markey (D-MA), Jeff Merkley (D-ORE), and Jared Huffman (D-CA) have introduced a bill that would require “an interagency study on the environmental and energy […]

December 2, 2022

Amendments to Financial Intelligence Centre Act The South African government recently said persons operating crypto-related businesses will be added to the list of accountable institutions in regard to the regulatory purview. According to a Nov. 29 Government Notice, the addition […]

November 30, 2022

Kraken Settles With OFAC The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday a settlement with Payward Inc. (d/b/a Kraken), a Delaware-incorporated crypto exchange. The announcement states: ”Kraken agreed to remit $362,158.70 to settle its […]

November 28, 2022

The collapse of the now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are set to face grilling questions for […]

November 18, 2022

The report details how new non-bank firms, in particular fintechs, are adding “significantly” to the number of firms competing in core consumer finance markets. To shore up consumer protection, the report recommends that oversight for these newer firms should be […]

November 16, 2022

Turkish Financial Watchdog Sets Out to Dig Deeper Into FTX Case Turkey’s Financial Crimes Investigation Board (MASAK), a body subordinated to the Ministry of Finance in Ankara, has started an investigation into the insolvency of cryptocurrency exchange FTX, joining financial […]

November 16, 2022

Rep. Brad Sherman on Cryptocurrency Regulation Congressman Brad Sherman (D-CA), chairman of the subcommittee on Investor Protection and Capital Markets, released a statement regarding the implosion of cryptocurrency exchange FTX on Sunday. FTX’s “sudden collapse” has been “a dramatic demonstration […]

November 11, 2022

The New York Innovation Center (NYIC) of the Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs). Regulators are keen to test the wCBDCs […]

November 11, 2022

California’s Department of Financial Protection Investigates FTX, Publishes Consumer Warning Following the report that shows the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are reportedly investigating FTX, California’s DFPI has published a consumer warning about […]

November 10, 2022

EU Commission to Propose Legislation for Eurozone’s Digital Currency Authorities in the euro area have already made good progress in exploring the rationale and the potential benefits and risks of a central bank digital currency (CBDC), the head of the […]

November 9, 2022

Rising Demand for Crypto ETFs in Hong Kong Hong Kong’s top financial regulator is “actively looking” to set up a regulatory framework that allows retail investors to trade exchange-traded funds (ETFs) with exposure to cryptocurrency futures, Ignites Asia reported Monday. […]

November 9, 2022

Twenty-two per cent of CEOs, chairmen and directors admit that the banks and building societies they work for are unlikely to become compliant with the regulation by the time the April deadline comes around. This is the central concern of […]

November 1, 2022

The State of Global Anti Money Laundering Compliance Report surveyed 636 anti-money laundering (AML) compliance experts, representing 77 companies around the world, most of them from the financial services industry, and overall 74 per cent of respondents cited money mule […]

October 31, 2022

Thailand’s Central Bank Wants to Better Understand Risks of Central Bank Digital Currency The Bank of Thailand (BOT) intends to take more time to complete the development of its retail central bank digital currency (CBDC). The monetary policy regulator aims […]

October 28, 2022

Hong Kong is planning to shift to a friendlier approach towards cryptocurrencies starting next year, according to a Bloomberg report, while neighbouring Singapore is planning to impose fresh restrictions on consumers. People familiar with the matter, who asked to remain […]

October 26, 2022

Singapore’s central bank has put forward proposals for new regulatory measures on cryptocurrency trading and stablecoins, in a bid to reduce the risk of consumer harm from the volatility of the industry. The measures published in two consultation papers on […]

October 25, 2022

Violation of the Bank Secrecy Act The United States Department of Justice (DOJ) is reportedly suing Larry Harmon, the founder of the crypto mixer Helix, to recover the $60 million fine imposed on him by regulators. According to a Reuters […]

October 21, 2022

India’s ED Freezes More Bitcoin in E-nuggets Case India’s Enforcement Directorate (ED) announced Thursday that it has frozen 44.5 bitcoins under the country’s Prevention of Money Laundering Act (PMLA). The ED is the government of India’s law enforcement and economic […]

October 21, 2022

The United States commodities regulator certainly doesn’t want to look like it’s going easy on crypto, revealing it was behind 18 separate enforcement actions targeting digital assets in the 2022 fiscal year. In an Oct. 20 report from the Commodity […]