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CATEGORY: authority


 US crypto firm BitGo wins payment license in Singapore

Author: Cointelegraph by Helen Partz
United States
Aug 09, 2024 12:00

US crypto firm BitGo wins payment license in Singapore

Before receiving the license, BitGo served users in Singapore and APAC, but the offering included only custody services from the US South Dakota Trust and hot wallets.

 UKs FCA provides more guidance on crypto promotion compliance

Author: Cointelegraph by Derek Andersen
United States
Aug 08, 2024 12:00

UKs FCA provides more guidance on crypto promotion compliance

The financial regulator is trying to bring companies offering crypto services into line with requirements that came into force in October.

Aug 06, 2024 02:15

Hong Kong Monetary Authority Announces 5.00% Interest Rate for Silver Bond Series Due 2026


The Hong Kong Monetary Authority has set the annual interest rate for the second interest payment of the Silver Bond Series due 2026 at 5.00%. (Read More)

Aug 31, 2024 02:15

HKMA Imposes Penalty on WeChat Pay Hong Kong for AML Failures


The Hong Kong Monetary Authority has fined WeChat Pay Hong Kong Limited HK$875,000 for contravening anti-money laundering regulations. (Read More)

Aug 31, 2024 02:15

Hong Kong Monetary Authority Reports 0.6% Increase in Total Deposits for July 2024


The Hong Kong Monetary Authority reported a 0.6% increase in total deposits in July 2024, with notable changes in various deposit categories. (Read More)

 Slow FCA processing at odds with UK's crypto ambitions  Report

Author: Cointelegraph by Derek Andersen
United States
Aug 31, 2024 12:00

Slow FCA processing at odds with UK's crypto ambitions Report

Crypto firms may want to register somewhere they can receive more prompt attention, law firm warns.

 Hong Kongs Project Ensemble sandbox ready to test asset tokenization

Author: Cointelegraph by Derek Andersen
United States
Aug 29, 2024 12:00

Hong Kongs Project Ensemble sandbox ready to test asset tokenization

The HKMAs project is gearing up for more testing after successful initial trials.

Aug 20, 2024 02:15

Hong Kong Monetary Authority Announces Decrease in Composite Interest Rate for July 2024


The Hong Kong Monetary Authority reports a decrease in the composite interest rate to 2.58% at the end of July 2024. (Read More)

Aug 18, 2024 02:15

Hong Kong Monetary Authority Reviews Currency Board Operations Amidst Global Economic Divergence


The Hong Kong Monetary Authority (HKMA) discusses the stability of the HKD and economic challenges in its latest Currency Board Sub-Committee meeting. (Read More)

Aug 14, 2024 02:15

Hong Kong Monetary Authority Warns of Fraudulent DBS Bank Website and Social Media Page


The HKMA alerts the public about a fraudulent website and social media page linked to DBS Bank (Hong Kong) Limited. (Read More)

Aug 14, 2024 02:15

Hong Kong Monetary Authority Announces Tender of 2-Year Exchange Fund Notes


The Hong Kong Monetary Authority (HKMA) will hold a tender for 2-year Exchange Fund Notes on 21 August 2024, with a settlement date on 22 August 2024. (Read More)

Aug 13, 2024 02:15

Hong Kong Monetary Authority Announces FPS Downtime for System Enhancement


Hong Kong Monetary Authority plans a system enhancement for the Faster Payment System (FPS) on August 18, 2024, causing a temporary service outage. (Read More)

 Crypto exchanges subject to EU Travel Rule in 6 months

Author: Cointelegraph by Arijit Sarkar
United States
Jul 06, 2024 12:00

Crypto exchanges subject to EU Travel Rule in 6 months

New EU regulations mandate crypto exchanges to comply with Travel Rule guidelines, enhancing AML/CFT measures starting Dec. 30.

Aug 01, 2024 02:15

Hong Kong Monetary Authority Reports Decline in Negative Equity Mortgage Loans for June 2024


The Hong Kong Monetary Authority's survey reveals a decrease in residential mortgage loans (RMLs) in negative equity by end of June 2024. (Read More)

Aug 01, 2024 02:15

Hong Kong Mortgage Applications Drop by 17.2% in June 2024, HKMA Reports


The Hong Kong Monetary Authority (HKMA) reports a 17.2% decline in mortgage applications for June 2024, with significant decreases in loan approvals. (Read More)

 Swiss regulator FINMA targets stablecoin issuers in new proposal

Author: Cointelegraph by Amaka Nwaokocha
United States
Jul 29, 2024 12:00

Swiss regulator FINMA targets stablecoin issuers in new proposal

As stablecoins continue to gain traction globally, regulatory initiatives such as FINMAs guidance are likely to influence policies in other jurisdictions.

Jul 26, 2024 12:25

FCA Penalizes Coinbase's CBPL £3.5 Million for Violating High-Risk Customer Restrictions

CB Payments Limited (CBPL) has been fined £3,503,546 by theFinancial Conduct Authority (FCA) for breaching a regulatory requirement. Thefine is a result of CBPL's failure to comply with a rule that prevented it fromoffering services to high-risk customers.

CBPL, part of the Coinbase Group, operates a globalcryptoasset trading platform. While CBPL itself does not handle cryptoassettransactions, it facilitates customer access to these transactions throughother Coinbase Group entities. The firm is not registered for crypto asset activities in the UK.

CBPL Breaches High-Risk Limits

In October 2020, CBPL agreed to a voluntary requirement(VREQ) after discussions with the FCA. This requirement was imposed due toconcerns about the effectiveness of CBPLs financial crime control framework.The VREQ prohibited CBPL from onboarding new high-risk customers until itimproved its control measures.

Despite this restriction, CBPL onboarded and providede-money services to 13,416 high-risk customers. Approximately 31 percent ofthese customers deposited about USD $24.9 million. These funds were used forwithdrawals and cryptoasset transactions through other entities in the CoinbaseGroup, totaling around USD $226 million.

We've fined CB Payments Ltd £3,503,546 for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. #cryptoassets #CryptoTrading #FinancialRegulation https://t.co/etahpXO3q3

Financial Conduct Authority (@TheFCA) July 25, 2024

First FCA Fine under Regulations

The breaches occurred because CBPL did not properly design,test, implement, or monitor the controls necessary to ensure compliance withthe VREQ.

The firm failed to account for all potential onboarding methods anddid not adequately monitor compliance. As a result, repeated and significantbreaches went undetected for nearly two years.

Therese Chambers, Joint Executive Director of Enforcementand Market Oversight at the FCA, stated: The money laundering risks associatedwith crypto are obvious and firms must take them seriously. Firms like CBPLthat enable crypto trading need to have strong financial crime controls.

CBPL'scontrols had significant weaknesses, which is why the requirements wereimposed. However, CBPL repeatedly breached those requirements. This increasedthe risk that criminals could use CBPL to launder the proceeds of crime. Wewill not tolerate such laxity, which jeopardizes the integrity of our markets.

This enforcement action marks the first use of the FCA's powers under the Electronic Money Regulations 2011. CBPL agreed to resolve thematter and received a 30% discount on the fine for doing so.

This article was written by Tareq Sikder at www.financemagnates.com.

FCA Slaps £3.5M Fine on Coinbase Subsidiary Over High Risk Customers

Author: Kashif Saleem
Estonia
Jul 26, 2024 02:30

FCA Slaps £3.5M Fine on Coinbase Subsidiary Over High Risk Customers

Cryptocurrncy xchng Coinbase’s UK rm, CB Pymnts Limitd (CBPL), hs bn fined with £3.5 million ($4.5 million) fin by th Finncil Conduct Authority (FCA) for brching n grmnt dsignd to prvnt thm from srving “high-risk” customrs. This incidnt highlights th ongoing chllngs fcd by rgultors in kping pc with th volving cryptocurrncy lndscp. In […]

Jul 18, 2024 12:25

Why is Hong Kong Regulating Stablecoin Issuers Now?

Hong Kong's move to regulatestablecoin issuers signals a significant shift in its financial oversightlandscape. By implementing a robust framework, the city aims to safeguardmonetary and financial stability amid the rapid rise of virtual assets (VAs).

The Financial Services and the Treasury Bureau (FSTB) andthe Hong Kong Monetary Authority (HKMA) have released consultation conclusionsfor a new regulatory regime targeting fiat-referenced stablecoin (FRS) issuers.This decision stems from the increasing prevalence and evolving nature ofvirtual assets, which necessitate a clear regulatory approach to managepotential risks effectively.

During the public consultation period, which concluded inFebruary 2024, 108 submissions were received from various stakeholders,including market participants, industry associations, and professionalorganizations. The majority supported the introduction of a regulatory regimefor FRS issuers to ensure proper risk management and transparency. Respondentsalso provided valuable feedback on the proposed regulatory requirements andimplementation arrangements, which have been generally well-received with suggestionsfor enhancements.

How Will This NewRegime Impact Financial Stability?

The establishment of a licensing regime for FRS issuers isexpected to fortify Hong Kong's existing VA regulatory framework. This movealigns with international standards and aims to mitigate financial stabilityrisks associated with stablecoin issuance activities. By creating awell-regulated environment, Hong Kong seeks to foster the sustainable andresponsible development of the stablecoin ecosystem.

The Secretary for Financial Services and the Treasury, Mr.Christopher Hui, emphasized that this regime would complement the existingregulatory framework for VA trading platforms. It is intended to further securefinancial stability and instill confidence in Hong Kongs financial system.

What Does the FutureHold for Stablecoin Regulation in Hong Kong?

The FSTB and HKMA are incorporating the feedback from theconsultation to finalize the legislative proposal. This proposal will beintroduced to the Legislative Council as soon as possible, marking asignificant step towards comprehensive regulation of stablecoin issuers.

The HKMA Chief Executive, Mr. Eddie Yue, expressed gratitudefor the constructive comments and support received during the consultation. Hehighlighted that a well-regulated environment is crucial for the healthy growthof the stablecoin market in Hong Kong.

How Will ThisInfluence the Global Financial Ecosystem?

Hong Kong's proactive approach to stablecoin regulation islikely to set a precedent for other jurisdictions. As the city aligns itsregulatory practices with international standards, it strengthens its positionas a leading international financial center. This regulatory clarity canattract more stablecoin issuers and fintech companies to Hong Kong, bolsteringits financial ecosystem.

Moreover, the HKMA is processing applications for thestablecoin issuer sandbox, with the list of participants to be announcedshortly. This sandbox will allow issuers to operate in a controlledenvironment, ensuring compliance with regulatory standards before full-scaleimplementation.

This article was written by Pedro Ferreira at www.financemagnates.com.

Jul 12, 2024 02:15

HKMA Announces Senior Staff Changes: Raymond Li to Retire, Colin Pou to Succeed


The Hong Kong Monetary Authority (HKMA) announces the retirement of Raymond Li and the succession by Colin Pou. Open recruitment for the Executive Director role will follow. (Read More)

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