Asia

Topic: Fintech

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2024 FinTech Outlook

In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.… Continue Reading

FSTB launches consultation on the proposed licensing regime for providers of OTC VA trading services

On 8 February 2023, the Financial Services and the Treasury Bureau (FSTB) launched a consultation on legislative proposals to introduce a licensing regime to regulate providers of over the counter (OTC) trading services for virtual assets (VAs) (the Consultation).  The proposed licensing regime will be introduced by amending the Anti-Money Laundering and Counter-Terrorist Financing Ordinance … Continue Reading

BIS Innovation Hub announces first six projects for 2024 work programme

On 23 January 2024, the Bank for International Settlements’ (BIS) Innovation Hub announced its first six projects for its 2024 work programme. The projects focus on safety and security, green finance and next generation financial infrastructures. Additional work on advanced data analytics and tokenisation are also planned. Head of the BIS Innovation Hub Cecilia Skingsley … Continue Reading

Updated SFC and HKMA guidance for intermediaries’ on VA-related activities and circular on SFC-authorised VA funds

Background On 22 December 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued an updated joint circular on intermediaries’ virtual asset-related activities (Joint Circular) with appendices.  The Joint Circular supersedes the previous joint circular of 20 October 2023 (October Joint Circular). The Joint Circular was issued on the same … Continue Reading

HKMA and FSTB consult on regulatory regime for stablecoin issuers and announce new sandbox arrangement

On 27 December 2023, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly issued a public consultation paper on their legislative proposal to regulate issuers of stablecoin. The Hong Kong Government has decided that, in light of the important roles played by stablecoins in the Web3 and virtual … Continue Reading

IOSCO final report with policy recommendations for decentralised finance

On 19 December 2023, the International Organization of Securities Commissions (IOSCO) published a final report with policy recommendations to address market integrity and investor protection issues in decentralised finance (DeFi). The policy recommendations, which are principles-based and outcomes-focused, are addressed to relevant authorities and complement IOSCO’s policy recommendations for crypto and digital assets markets issued … Continue Reading

Basel Committee discussion paper – Digital fraud and banking: supervisory and financial stability implications

On 15 November 2023, the Basel Committee on Banking Supervision issued a discussion paper which provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the global banking system. It is structured around three broad sets of questions: The discussion paper does not make a formal distinction between retail and … Continue Reading

Hong Kong Fintech Week 2023 – Round-up of policy and regulatory developments

Key takeaways from Hong Kong Fintech Week Hong Kong Fintech Week 2023 saw several new policy and regulatory announcements by the Financial Services and the Treasury Bureau (the FSTB), the Securities and Futures Commission (the SFC) and the Hong Kong Monetary Authority (the HKMA).  The key developments are summarised below: SFC guidance on engaging in … Continue Reading

Updated SFC and HKMA guidance for intermediaries and banks on virtual asset-related activities

Background On 20 October 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued an updated joint circular on intermediaries’ virtual asset-related activities (Joint Circular) with appendices. This Joint Circular supersedes the previous joint circular of 28 January 2022. When the SFC formulated its regulatory approach to virtual assets (VAs) … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

The Singapore High Court rules that Crypto Assets are “things in action” capable of being held on trust: ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199

The Singapore Courts have issued yet another landmark decision on the nature of crypto assets. In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the High Court was presented with the issue of whether crypto assets are property capable of being held on trust, and if so, what type of property … Continue Reading

FSB consults on toolkit for enhancing third-party risk management and oversight

On 22 June 2023, the Financial Stability Board (FSB) published a consultative document on enhancing third-party risk management and oversight: a toolkit for financial institutions and financial authorities. The toolkit has been developed against a backdrop of digitalisation of the financial services sector and growing reliance of financial institutions on third-party service providers for a … Continue Reading

SFC releases VASP regime consultation conclusions

On 23 May 2023, the Securities and Futures Commission (the SFC) published its much anticipated consultation conclusions (the Consultation Conclusions) on the proposed regulatory requirements for virtual asset (VA) trading platform operators (Platform Operators).  The new licensing regime for Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will come into effect on … Continue Reading

BIS paper on central bank digital currencies: ongoing policy perspectives

On 25 May 2023, a group of central banks, together with the Bank for International Settlements, published a paper on central bank digital currencies (CBDC): ongoing policy perspectives. Since publishing (i) a report in October 2020 setting out the common foundational principles and core features of a CBDC, and (ii) an executive summary and three … Continue Reading

IOSCO consultation report on policy recommendation for crypto and digital asset markets

On 23 May 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report containing 18 proposed recommendations intended to help IOSCO members apply IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations and good practices to crypto-asset activities within their jurisdictions. The proposed recommendations cover six key areas: The … Continue Reading

UNIDROIT principles on digital assets and private law adopted at the 102nd session of the Governing Council

On 18 May 2023, UNIDROIT’s Governing Council reported that it had adopted the UNIDROIT principles on digital assets and private law (the principles) at its 102nd session in Rome, Italy. The principles were prepared by a working group on digital assets and private law, which comprised of 25 members, 22 observers from international, regional and … Continue Reading

Hong Kong High Court rules for the first time: cryptocurrencies are “property” capable of being held on trust

Introduction In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited[1], has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust. The case arose in connection … Continue Reading

FSB publishes final report on recommendations to achieve greater convergence in cyber incident reporting

On 13 April 2023, the Financial Stability Board (FSB) published a Final Report on recommendations to achieve greater convergence in cyber incident reporting. The report notes that cyber incidents are rapidly growing in frequency and sophistication. At the same time, the cyber threat landscape is expanding amid digital transformation, increased dependencies on third-party service providers … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

FSB report on the financial stability risks of decentralised finance

On 16 February 2023, the Financial Stability Board (FSB) published a report on the financial stability risks of decentralised finance (DeFi). The report describes DeFi as an umbrella term commonly used to describe a variety of services in crypto-asset markets that are intended to replicate some functions of the traditional financial system by seemingly disintermediating … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

BIS publishes standards on the prudential treatment of cryptoasset exposures

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse its finalised prudential standard on banks’ cryptoasset exposures and the Committee’s work programme and strategic priorities for 2023-24. The standard provides that unbacked cryptoassets and stablecoins with ineffective … Continue Reading

Monthly Global Fintech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading
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