Topic: Cryptocurrency

UK’s crypto sector braces for “regulatory wave” following Treasury proposals

The UK government has published its long-awaited plans to regulate the crypto sector – with proposals on prudential, data reporting, operational resilience and consumer protection which it says are intended to be consistent with those of traditional financial services.

01 February 2023

EU: ECON passes Basel implementation package with consolidated output floor

A key EU parliamentary committee has accepted adaptations to the final Basel III implementation, and opened the door for a potential future dedicated prudential framework that could include a “one-for-one” capital treatment for crypto and fossil fuel financing.

30 January 2023

ISDA launches standard definitions for crypto derivatives

The international derivatives industry body has rolled out a set of common documentations for crypto derivatives, as it seeks to address legal issues arising from the “Crypto Winter”, with Linklaters advising.

30 January 2023

Fed promises “level playing field” for crypto activities as it rejects Custodia bid

The Federal Reserve has issued a new promise of a “level playing field” for banks without deposit insurance when it comes to crypto and other novel banking activities – the same day it rejected a Wyoming-chartered special purpose depository institution’s two-year-old application to join its master account system.

27 January 2023

New York regulator warns crypto firms over customer asset segregation

Following multiple crypto failures raising questions over the segregation of customer and corporate assets, New York’s financial regulator has warned its “BitLicensees” to avoid creating debtor-creditor relationships with their customers.

26 January 2023

New Year’s resolution: South Korea plans digital securities framework

As South Korea celebrates the lunar new year, its securities regulator is preparing new regulations for tokenised securities issuance, as part of a capital markets regulatory overhaul planned for early February.

24 January 2023

What’s in store for 2023? Part three: regional issues

Some of the regulatory issues banks will face in 2023 cut across borders, but not all. In this final part of GBRR’s examination of the year to come, we asked practitioners in the US, UK, Singapore, and Hong Kong how local issues will play out over the next 12 months.

18 January 2023

UK payments regulation “not working as well as it could”, Treasury admits

The UK government has called for input on plans to “future-proof” its post-Brexit, post-PSD2 payments regime after admitting the current framework has failed to foster open banking as desired.

17 January 2023

What’s in store for 2023? Part one: crypto

How will regulators grapple with crypto in 2023, after one of the rockiest years in the industry’s short history? In the first of three pieces examining what 2023 has in store for banking regulation, GBRR spoke with practitioners from Europe, the United States, Singapore and Hong Kong about the road ahead for crypto.

09 January 2023

Coinbase reaches US$100 million settlement with New York regulators

The crypto exchange Coinbase has reached a US$100 million settlement with New York regulators over “significant failures” in its due diligence and anti-money laundering policies.

06 January 2023

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