Governance
FATF publishes guidance for regulation of cryptocurrency industry
Source: FATF
The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.
'The master of kickbacks': Credit Suisse hit with $475 million fine by global regulators
Credit Suisse has been hit with a £147 million penalty by the Financial Conduct Authority, as part of a $475 million global resolution agreement, for serious financial crime due diligence failings related to loans worth over $1.3 billion, which the bank arranged for the Republic of Mozambique.
BofE warns banks about regulatory reporting failures
The Bank of England has chided some banks and building societies for failing to supply accurate and reliable data to help regulators identify risks to the financial system.
Klarna faces data privacy investigation in Sweden
Sweden's financial watchdog is investigating whether buy-now-pay-later (BNPL) fintech Klarna violated bank secrecy laws following a security breach in May.
FCA issues new guidance on hybrid working
Source: FCA
Due to the coronavirus (Covid-19) pandemic, firms are already familiar with working in a remote environment and adapting their systems and controls.
El Salvador becomes first country to accept Bitcoin as legal tender
The central American nation today sets a world-first as it adopts the cryptocurrency for use across all goods and services – even taxes.
FCA proposes stronger protection for consumers in financial markets
Source: FCA
The FCA has today set out plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to.
FinTech Australia releases regulatory map for incoming global fintech companies
Source: Fintech Australia
FinTech Australia has released a new tool for early-stage fintechs and global fintechs expanding into Australia, offering clear guidance on financial services licensing in Australia and which government bodies are responsible for managing them.
SETL proposes new approach to blockchain regulation
Source: SETL
SETL, the London based blockchain company, today published a whitepaper on how to “Realise the Regulated Internet of Value” based on a multi-asset approach to tokenisation.
European Commission presents new legal framework for AI
Source: European Commission
The Commission proposes today new rules and actions aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI).
EBA says regulators have no visibility of the risks in platformisation of banking
Europe's top banking watchdog says regulatory authorities have little understanding of the risks involved in digital banking marketplaces, where banking products are offered alongside third party services.
New EU AML rules will ensure full traceability of crypto transfers
The European Commission is to extend anti-money laundering rules to the entire crypto sector as part of a wider overhaul of financial crime safeguards.
CFTC commissioner clarifies scope of digital asset regulation
Source: CFTC
Over the course of the conference you have heard others explain various developments in the evolution of bitcoin. Rather than repeat what you have already heard about the tremendous growth and noteworthy interest in bitcoin, my remarks instead will focus on the regulation of bitcoin. There are many federal and state regulators that also have an interest in bitcoin, as well as the entities that trade and custody bitcoin—among the most prominent at the federal level are the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC or Commission), where I have been privileged to serve as a Commissioner since 2018. Today, my focus is going to be on what we have been doing at the CFTC with respect to bitcoin and digital assets more generally.