Hong Kong unveils new stablecoin licensing regime
The Hong Kong FSTB and HKMA outline plans for a new regulatory framework for stablecoin issuers following broad public support and stakeholder feedback. Go to Source
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The Hong Kong FSTB and HKMA outline plans for a new regulatory framework for stablecoin issuers following broad public support and stakeholder feedback. Go to Source
Three-quarters of the jurisdictions surveyed by the Financial Action Task Force (FATF) “are only partially or not compliant” with the anti-money laundering recommendation for the virtual assets sector. According to the latest FATF update, 60% (88 jurisdictions) have decided to permit virtual asset service providers (VASPs), while 14% (20 jurisdictions) explicitly prohibit them. The FATF … Read more
Despite challenges in the current DeFi and metaverse landscape, the reports highlight potential growth and innovation in these emerging sectors. Go to Source
A researcher with the Korean Institute of Finance has warned South Korea against introducing spot cryptocurrency exchange-traded funds (ETFs) because these may pose risks to financial stability. The introduction of spot crypto ETFs could exacerbate the inefficient allocation of resources. Spot Crypto ETFs Cause Inefficient Allocation of Resources Bo-mi Lee, a researcher with the Korean … Read more
The Nigerian securities regulator said on June 21 that it had amended the digital asset rules to expand their scope and introduced an accelerated process for onboarding virtual asset service providers. The Accelerated Regulatory Incubation Programme provides VASPs with insights into the Commission’s expectations before they fully commence operations. Regulator Threatens Enforcement Action Against Non-Compliant … Read more
The Hong Kong Legislative Council is actively seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal, and regulatory frameworks. Go to Source
The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are reportedly developing a framework for virtual asset trading. The framework aims to provide clear legislation, client protection under the Data Protection Act, and educational support. Challenges include infrastructural investment and licensing fees for foreign-supplied systems. An informal virtual asset … Read more
South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024. FSC Issues New NFT Classification Guidelines On Monday, South Korea’s top … Read more
NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published in 2023. Go to Source
Better regulations, greater enforcement and AI are going to be the focus of the Treasury’s fight against illicit finance. Go to Source