The new amendments also allow MAS to impose measures on DPT service providers to ensure better consumer protection and to maintain financial stability and safeguard the efficacy of monetary policy. MAS stated: We have seen recent development of new forms of DPTs which values are pegged to stable assets to gain users’ confidence. It is…
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The Temporary Registration Regime is intended for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed. The regime is meant to enable those existing businesses to continue to trade after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application. The…
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ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between 14 August 2017 and 18 January 2018. ASIC claims Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice…
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The FCA said: Unregulated transferable cryptoassets are tokens that are not ‘specified investments’ or e-money, and can be traded, which includes well-known tokens such as Bitcoin, Ether or Ripple. Specified investments are types of investment which are specified in legislation. Firms that carry out particular types of regulated activity in relation to those investments must…
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BC Group CEO Hugh Madden commented about the benefits of being licenced and that regulated institutions could reduce their risk by being able to engage with other regulated entities. Final approval is subject to certain conditions, however no other details have yet been shared. Madden said that these were: as you’d expect from a conservative…
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WFE has expressed its belief that regulators should cooperate to share information on global stablecoing and crypto-assets and issues on the trading platforms. To address customer protection and market integrity, a formalised co-ordinated approaches to enforcement and oversight in general need to be developed. Nandini Sukumar, Chief Executive Officer of the WFE said: We support…
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Lara Shalov Mehraban, Associate Regional Director of the New York Regional Office commented: Our emergency action protected retail investors from Telegram's attempt to flood the markets with securities sold in an unregistered offering without providing full disclosures concerning their project. The remedies we obtained provide significant relief to investors and protect retail investors from future…
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Fedor Poskriakov commented: This will greatly contribute to the emergence of fully digital capital market infrastructures, including integrated custody and secondary trading venues. The benefits of the digitalization of the financial industry are such that the evolution towards decentralized infrastructures seems inevitable. The CMTA highlighted that storage of digital assets is significantly different from traditional…
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As part of the PSA, crypto exchanges in Japan will have to manage users’ money separately from their own cash flows, starting 1st May. They will have to use third-operators to keep hold of their clients’ money and use “reliable methods” such as cold wallets. In case of users insisting on hot wallets, exchanges would…
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France’s Financial Markets Authority (AMF), proposed a regulatory sandbox to study the impact of security tokens in the European Union. On 6 March the AMF proposed a European “Digital Lab” regulatory sandbox that would allow local regulators to set security settlements requirements aside with the hope that this will help develop a security token market…
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