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Crypto / Digital Assets
China Almost Ready to Release Central Bank Digital Currency
By Editors | 13/08/2019
PBOC deputy director for payments Mu Chungchun said the new digital currency and electronic payment system that would not rely entirely on blockchain.
AML / KYC
UN Report: North Korea Still Accessing International Financial System
By Editors | 09/08/2019
The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.
AML / KYC
Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges
By Editors | 08/08/2019
Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.
Big Picture
Global Crypto Trading Should be Guided by IOSCO Principles: WFE
By Editors | 03/08/2019
“Innovation which has the potential to present systemic risk or is allowed to operate in an unchecked or unregulated manner is detrimental to financial markets and investor interests.”
AML / KYC
Global Money Launderers Move in on Japan – Report
By Editors | 30/07/2019
Criminal organisations are increasing seeking the use of bank accounts in Japan to disguise illicit profits, with incidents of money laundering rising 40% year-on-year.
Fintech / Regtech
Govt Panel Formally Recommends Complete Crypto Ban in India
By Manesh Samtani | 24/07/2019
An inter-ministerial committee has formally recommended a complete ban on cryptocurrencies in India and to punish any crypto-related activity with up to 10 years’ jail.
Fintech / Regtech
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Crypto / Digital Assets
Thailand to Mandate Extra Reporting Rule for Digital Asset Trades
By Editors | 19/07/2019
Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand’s Anti-Money Laundering Office.
Crypto / Digital Assets
Leaked Draft Shows India’s Zero-Tolerance for Cryptocurrency
By Editors | 17/07/2019
The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years’ jail for buying, selling or storing cryptocurrency in India.
Crypto / Digital Assets
UPDATED – Bitpoint Japan Loses $28m in Crypto in Hot Wallet Hack
By Editors | 15/07/2019
The majority of the stolen funds belonged to clients and were held in hot wallets. Crypto exchanges in Japan are required to hold client assets offline in segregated cold wallets.
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