Crypto / Digital Assets

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.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

By Manesh Samtani | 21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

AML / KYC

S. Korea FIU to Supervise Crypto Exchanges Like Banks

By JP Reimann | 19/06/2018

Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

Crypto / Digital Assets

Cryptocurrency Worth $1.1bn Stolen in H1 2018 – Report

By JP Reimann | 12/06/2018

Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.

Market Infrastructure

PBOC Develops Blockchain System to Digitise Paper Checks

By JP Reimann | 07/06/2018

Central bank to reduce fraud by tokenising checks with blockchain and having operations conducted by smart contracts; new system will remove manual cross-checking process, shorten transaction times to about 3 seconds.

Crypto / Digital Assets

Indonesia Recognises Cryptocurrencies As Commodities

By Garima Chitkara | 07/06/2018

Commodities regulator reportedly introducing futures trading in crypto even as Indonesia’s financial services regulator continues to bar financial firms from trading in any crypto-based instruments.

AML / KYC

Cryptocurrency in APAC: Opportunity, Challenge, and Risk

By David Liu | 06/06/2018

Financial institutions are at risk from the inherently opaque nature of cryptocurrency transactions, and require robust compliance programs to mitigating legal, financial, reputational, and regulatory risks.

Securities / Derivatives

Taiwan to Launch Crude Oil Futures in July

By Manesh Samtani | 05/06/2018

Taiwan Futures Exchange chairman says crude oil futures will allow domestic investors to trade without adverse currency fluctuations; also exploring the application of fintech and other technologies for clearing services.

Crypto / Digital Assets

HKMA Finalises Virtual Bank Rules, Applications Now Open

By JP Reimann | 01/06/2018

Regulator publishes final guidelines but no change in capital requirements; companies seeking inclusion in first batch of virtual bank applications can apply by 31 August.