Tag: Digital

Huobi on Frontline of Crypto Adoption in Hong Kong amid New Digital Assets’ Policy Implementation

Huobi was named among other Web3 startups by the Hong Kong Virtual Asset Consortium (HKVAC) to help establish a virtual asset index and a virtual asset exchange rating. Bitcoin, Ethereum, and other top digital assets are slowly creeping into the Eastern Asia market as demand rises amid high inflation. In the latest developments, Hong Kong, a major global financial hub with more than 7.4 million residents, has implemented crypto-friendly policies to help attract investors in the nascent digital asset industry. As the fifth month of 2023 came to an end,…

Cryptocurrency Exchange Crypto.com Receives Digital Token License from Monetary Authority of Singapore (MAS)

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AML rules for digital assets to come into effect in UAE

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Under new rules from the Central Bank of the United Arab Emirates (CBUAE), licensed financial institutions (LFIs) would be required to verify the identities of all customers. The update will come into effect “within a month” by the end of June.  On May 31, the CBUAE published guidance for LFIs on risks “related to virtual assets and virtual assets service providers.” A 44-page document specifies the new rules on Anti-Money Laundering and Combating the Financing of Terrorism for banking institutions engaging with crypto in the UAE. It takes into account…

US CFTC issues letter on digital asset derivatives, clearing compliance in 3 areas

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The United States Commodity Futures Trading Commission (CFTC) has issued a staff advisory letter to registered derivatives clearing organizations (DCOs) and DCO applicants, reminding them of the risks associated with expanding the scope of their activities. The letter from the CFTC Division of Clearing and Risk (DCR) specifically addressed digital assets. Staff advisory letters can remind addressees of their legal obligations or provide clarity on those obligations. The “DCR expects DCOs and applicants to actively identify new, evolving, or unique risks and implement risk mitigation measures,” it said, continuing: “Over…

U.S. CFTC Warns About Clearing Derivatives Tied to Digital Assets

The derivatives regulator directly regulates crypto futures and has an enforcement reach into fraud and manipulation of spot markets for the trading of non-security crypto assets. It’s expected to have a wider future role as an industry watchdog, but bills that would enhance its authority haven’t yet moved through Congress.  Source

Reserve Bank of India expands digital rupee pilot program

The Reserve Bank of India is enhancing its digital rupee pilot, as it intends to broaden participation and incorporate diverse use cases in the upcoming fiscal year. The Reserve Bank of India (RBI) is intensifying its digital rupee pilot, representing a significant step towards transforming India’s financial paradigm. According to the yearly report released on May 30, the upcoming fiscal year will witness an enlarged scope of the pilot, involving more participating banks and a diverse range of use cases. The RBI has been running two distinct e-Rupee test projects.…

European Central Bank (ECB) Finalizes Digital Euro Prototype Ahead of Potential CBDC Launch

The ECB has finalized its digital euro prototype scheme as it mulls whether to roll out the government-backed token.  The European Central Bank (ECB) has finalized a digital euro prototype ahead of a development decision. Later this year, the leading central bank would decide whether to develop the fiat euro as a digital variant. According to a Friday report, the ECB examined distributed ledger technology and smart contracts as prime components of a potential digital euro. However, the governing bank has reservations about using decentralized-influenced smart contracts. The ECB’s findings…

Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

Laos has set up a committee to oversee legal compliance and draft appropriate legislation to prepare for the digital economy. A conference organized by the Laotian government on May 26, 2023, brought together national blockchain and Web3 experts. The meeting’s goal was to discuss the implementation of blockchain 4.0 in Laos’ economic sectors.  The conference examined the digital potential of the nation and ways to apply digital technology to various sectors of the economy. According to reports, MetaBank and the government of Laos are working on a system to aid…