CRYPTO / DIGITAL ASSETS

Crypto / Digital Assets

Japan to Use Credit Scores to Monitor Crypto Trading

By Emma Zhou | 29/06/2018

The Japanese government plans to use personal credit information and social media IDs to monitor suspicious crypto trading activities and accounts.

AML / KYC

Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report

By Manesh Samtani | 28/06/2018

New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.

AML / KYC

S. Korea Tightens AML Rules for Cryptocurrencies

By Emma Zhou | 28/06/2018

New guideline requires financial institutions to strengthen monitoring and enhance due diligence on accounts intended for crypto exchange operations and report suspicious transactions to KoFIU, including transfers to overseas exchanges.

Crypto / Digital Assets

India Reverses Stance on Cryptocurrency?

By Emma Zhou | 27/06/2018

India official says the government will release new cryptocurrency regulatory framework next month; Supreme Court brings forward hearings on petitions challenging earlier RBI ban.

Fintech / Regtech

Cambodia Warns Against Crypto-related Activities Without Licence

By Emma Zhou | 26/06/2018

Statement jointly issued by three government agencies says trading cryptocurrency without a licence is illegal, without defining licensing process or requirements.

AML / KYC

UPDATED – Japan Orders Six Crypto Exchanges to Improve AML Systems

By Garima Chitkara | 25/06/2018

FSA issued business improvement orders to six exchanges after it found lax AML processes during on-site inspections. Of the six targeted, BitFlyer has stopped taking on new clients until it makes changes to its client management processes.

Crypto / Digital Assets

GDF Consults on Global Code of Conduct for Crypto Businesses

By Manesh Samtani | 22/06/2018

The Code includes commitment to comply with standing laws and regulations, ensure appropriate systems and processes, and treat customers and their assets fairly.

Enforcement

Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

By JP Reimann | 21/06/2018

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

Crypto / Digital Assets

Crypto ‘Poor Substitute’ for Conventional Money – BIS

By JP Reimann | 21/06/2018

Lack of trust, poor efficiency and vast energy use are cited among other reasons for cryptocurrency’s limited potential to replace conventional money in the latest BIS annual report.