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Capital / Liquidity
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.
AML / KYC
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.
Crypto / Digital Assets
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.
AML / KYC
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.
AML / KYC
US DOJ Forms Ransomware and Digital Extortion Task Force
By Editors | 06/06/2021
The task force will be used to coordinate efforts to combat ransomware attacks, which will now be treated with the severity of terrorism threats.
AML / KYC
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.
AML / KYC
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.
Crypto / Digital Assets
MAS Issues Guidance on Managing Risks of Cloud Services
By Editors | 04/06/2021
In a new advisory, MAS highlights the key risks and control measures FIs should consider before adopting public cloud services.
AML / KYC
Korea Designates FSS as Agency to Regulate Virtual Assets
By Sanday Chongo Kabange | 03/06/2021
The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.
Crypto / Digital Assets
DeFi May Be Subject to Licensing Requirement, Warns Thai SEC
By Sanday Chongo Kabange | 03/06/2021
The SEC warned that failure to obtain a licence for the issuance of digital tokens on DeFi platforms could be punishable under the Digital Assets Act.
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