Financial regulatory authorities from the United Kingdom, Singapore, Switzerland, and Japan have initiated a collaborative effort to explore potential applications of fund and asset tokenization as well as decentralized finance (DeFi).

The Executive Order on Artificial Intelligence (AI) by President Joe Biden, issued on October 30, recommends extensive guidelines for the management of this rapidly advancing technology. While the order lacks significant legal enforcement authority, it underscores various areas in which the President and his administration believe that US policymaking and regulatory agencies should take measures to ensure that AI technology and systems are "safe, secure, and reliable" before they are released to the public.

In a move aimed at addressing offshore market concerns and bolstering regulation within the crypto asset industry, Taiwan's parliament has approved the first reading of a proposed cryptocurrency bill.

Lloyd's of London, the insurance marketplace, has issued a cautionary statement, suggesting that a major cyber attack on a systemic payments system could result in a staggering $3.5 trillion economic impact on the world.

AU10TIX reports a substantial 44% surge in organized identity fraud in North America compared to previous quarters. This increase is thought to be propelled by the ongoing economic recovery and inflationary pressures, notably in the US market, emboldening professional identity fraud syndicates.

Banks will face mandatory disclosure of their crypto asset exposure as per new regulatory guidelines introduced by the Basel Committee on Banking Supervision.

Source: Cyber Monks

Cyber Monks, a well-established managed security services distributor, has joined forces with Mastercard to launch the first cyber marketplace aiming to simplify the acquisition of cybersecurity solutions, ensuring that they are tailored to address the unique challenges faced by small and medium-sized enterprises.