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MAS-ESS Essay Competition 2025 Launched on the Topic: “Building Singapore’s Digital Asset Ecosystem: Opportunities and Challenges.”
On 20 February 2025, The Monetary Authority of Singapore (MAS) and the Economic Society of Singapore (ESS) announced the launch of the MAS-ESS Essay Competition 2025, inviting pre-university students to contribute insights on the topic: “Building Singapore’s Digital Asset Ecosystem: Opportunities and Challenges.” Participants are encouraged to explore factors such as infrastructure requirements, talent development, and regulatory frameworks within the evolving financial services landscape. The competition is open to all pre-university students in Singapore, regardless of nationality, as well as Singaporean pre-university students studying abroad. Eligible participants include students from Polytechnics, Centralised Institutes, International Schools, Junior Colleges, and full-time pre-university national servicemen. The top three essays will receive the following prizes: First Prize: S$3,000 Second Prize: S$2,000 Third Prize: S$1,000 Submissions must be completed by 20 April 2025,...
US SEC Reviews Cboe BZX Proposal to Amend 21Shares Core Ethereum ETF for Staking Integration
On 19 February 2025, the United States Securities and Exchange Commission (US SEC) issued Release No. 34-102450, announcing the filing of a proposed rule change by Cboe BZX Exchange, Inc. The proposal seeks to amend the 21Shares Core Ethereum ETF, which has been approved for listing and trading under BZX Rule 14.11(e)(4), to permit the staking of Ether held by the Trust. The SEC is now soliciting public comments on this proposed amendment. The proposed rule change, filed on 12 February 2025 by Cboe BZX Exchange, Inc., aims to modify the structure of the 21Shares Core Ethereum ETF to allow the staking of its Ether holdings. The Exchange initially received US SEC approval for listing and trading the ETF under United States Exchange Rule 14.11(e)(4), which governs the listing of Commodity-Based Trust Shares. According to the proposal, staking would be facilitated through one or more trusted staking providers and would generate staking rewards in the form of additional Ether. The US SEC...
US SEC to Review Cboe BZX’s Proposal to List Canary XRP Trust Shares for XRP-Based Trust Listing
On 19 February 2025, the United States Securities and Exchange Commission (US SEC) published Release No. 34-102449 regarding a proposed rule change filed by Cboe BZX Exchange, Inc. (BZX) to list and trade shares of the Canary XRP Trust. The proposed listing falls under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The Canary XRP Trust was established as a Delaware statutory trust on 3 June 2024, with Canary Capital Group LLC serving as its sponsor. The Trust is designed to provide investors with exposure to XRP, a widely used cryptocurrency associated with the XRP Ledger, without the need for direct ownership. The proposal follows a series of similar applications to list exchange-traded products (ETPs) based on cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which the US SEC has reviewed under its regulatory framework. According to the US SEC filing, the Canary XRP Trust will not be classified as an investment company under the United States Investment Company Act of...
Latvijas Banka Governor Proposes Re-Election of Two Council Members
On 19 February 2025, Mārtiņš Kazāks, Governor of Latvijas Banka, submitted a proposal to Daiga Mieriņa, Speaker of the Saeima, to re-elect Māris Kālis and Zita Zariņa as Council Members for a second term. Their current terms are set to expire on 12 March 2025 and 14 April 2025, respectively. Māris Kālis, who briefly assumed the duties of Governor before Kazāks' re-election, is responsible for financial stability, investment management, and macroprudential supervision. Zita Zariņa oversees cash and non-cash payments, the digital euro project, innovation, audit, and IT. With Kālis' term expiring in March and Zariņa’s in April, the Saeima will deliberate on their re-election. Governor Kazāks elaborated on their contributions, citing Kālis' role in institutional strengthening and investment management and Zariņa’s work in modernising Latvia’s payment systems and financial innovations. Both candidates bring national and international experience, having worked with the European Central...
UK FCA Fines Mako £1.66 Million for Failings in Cum-Ex Trading Controls
On 18 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) issued a Final Notice: Mako Financial Markets Partnership LLP, imposing a fine of £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime. The UK FCA alleges that Mako also failed to adequately apply the policies and procedures it had in place, leaving it vulnerable to misuse in relation to cum-ex trading. The UK FCA’s decision concludes its investigations into cum-ex trading, marking the eighth and final enforcement case related to this practice. Working with EU and global law enforcement agencies, the UK FCA has imposed fines exceeding £30 million in connection with cum-ex trading cases. Between December 2013 and November 2015, Mako executed purported over-the-counter (OTC) equity trades worth approximately £68.6 billion in Danish equities and £23.6 billion in Belgian equities on behalf of clients linked to the Solo Group, receiving £1.45 million in...
ASIC Proposes Additional Relief for Financial Licensees Under Reportable Situations Regime
On 18 February 2025, the Australian Securities and Investments Commission (ASIC) announced its proposal CS 16 Reportable situations – additional relief, aimed at easing the compliance burden for Australian financial services licensees (AFSLs) and Australian credit licensees (ACLs) under the reportable situations regime. The proposal introduce exemptions for minor breaches of misleading and deceptive conduct provisions and certain civil penalty contraventions. The Australian reportable situations regime was introduced in October 2021 for financial and credit licensees in Australia, to identify, rectify, and report potential misconduct in a timely manner. The regime aims to enhance regulatory intelligence for ASIC, improve compliance standards, and protect consumers from financial misconduct. ASIC's proposed relief applies to financial advisers, mortgage brokers, superannuation trustees, insurers, fund managers, and other regulated entities holding AFSLs or ACLs. The relief would...
Singapore Authorities Warn Against Unauthorised Contactless Payment Fraud
On 17 February 2025, the Singapore Police Force (SPF), Cyber Security Agency of Singapore (CSA), and Monetary Authority of Singapore (MAS) jointly issued the Joint Advisory on Unauthorised Card Transactions Made Using Contactless Payment Methods in Singapore. The advisory reminds the public to exercise caution when entering credit card details online and highlights the increasing abuse of phished card credentials by scammers. According to the advisory, fraudsters typically obtain victims' card credentials through e-commerce phishing websites and social media advertisements. Once they acquire the information, the scammers add the stolen card details to an Apple wallet on their own devices. Victims are then tricked into entering an SMS One-Time Password (OTP) on the fraudulent website, granting scammers full control of their cards. The scammers collaborate with money mules, who use mobile devices linked to the fraudulent Apple wallet to make in-person purchases via Near Field...
ASIC Updates Guidance on Applications for Relief and No-Action Letters
On 17 February 2025, the Australian Securities and Investments Commission (ASIC) Published updates to its regulatory guides, Regulatory Guide 51: Applications for Relief (RG 51) and Regulatory Guide 108: No-Action Letters (RG 108). These updates aim to simplify guidance for applicants by centralising relevant information and addressing outdated references of seeking regulatory relief or no-action letters from ASIC. ASIC Regulatory Guide 51: Applications for Relief, serves as a comprehensive resource for applicants seeking relief under the legislative framework that ASIC administers, detailing the types of relief available, the application process, and the associated fees. Regulatory Guide 108: No-Action Letters, provides guidance for those seeking no-action letters, which indicate ASIC’s intention not to take regulatory action under specific circumstances. The latest revisions to these guides follow a stakeholder consultation process conducted in 2024 under Consultation 11: Proposed...
Brian Young Appointed as United States Commodity Futures Trading Commission Director of Enforcement
On 14 February 2025, the United States Commodity Futures Trading Commission announced the appointment of Brian Young as its Director of Enforcement. Young had been serving in an acting capacity since 22 January 2025 and was previously the Director of the Whistleblower Office. Brain Young is a federal prosecutor with nearly 20 years of service at the United States Department of Justice, where he handled some of the most high-profile financial crime cases. He previously served as the Acting Director of Litigation for the United States Department of Justice Antitrust Division, overseeing criminal prosecutions under the Sherman Act as well as civil antitrust litigation. Before that, he was the Chief of the Litigation Unit in the Fraud Section of the United States Department of Justice Criminal Division. Before joining the US Commodity Futures Trading Commission in 2024, Young spent nearly two decades at the United States Department of Justice. His most recent role was as the Acting...
Hong Kong SFC Convenes First Virtual Asset Consultative Panel Meeting to Develop Virtual Asset Regulatory Framework
On 14 February 2025, Hong Kong Securities and Futures Commission (HK SFC) convened the inaugural meeting of the Hong Kong Virtual Asset Consultative Panel (VACP), a dedicated advisory body for licensed virtual asset trading platforms (VATPs) in Hong Kong. The HK VACP, chaired by Dr. Eric Yip, Executive Director of Intermediaries at the HK SFC, brings together senior management representatives from all HK SFC-licensed VATPs to help shape Hong Kong’s regulatory landscape for virtual assets. The Hong Kong VACP’s primary aim is to contribute to the HK SFC’s regulatory policy development, through close collaboration with industry participants, the panel further aims to identify key policy priorities and guide both market and regulatory developments, while maintaining strong investor protections. The formation of the Hong Kong VACP with a strategy to work closely with licensed platforms, the panel aims to establish clear regulatory policies, enabling secure and transparent market...
BaFin Warns Consumers About Unauthorised Crypto Trading Bots Operating in Germany
On 11 February 2025, the Federal Financial Supervisory Authority (BaFin) of Germany issued a public warning alerting consumers to a series of online platforms offering AI-controlled algorithmic trading for financial instruments and cryptoassets without the required authorisation. The websites under investigation include ZivaProfit7 Ai, Velmo Coin AI, Zolintex AI, LuxiGain AI, GrabCapitaL4u Ai, TivanaFund AI, Brixo Gain AI, BrixoFund AI, Pamborich Ai, Zono Cash AI, Econarix AI, ZorboFund AI, GAINTOMO AI, TrovaFund AI, GlipoRich AI, ViznoFund AI, and GrivoGain AI. Germany’s BaFin in its announcement clarified that the financial and cryptoasset services provided by these platforms appear to be unauthorised. The regulator notes that these websites display a nearly identical text design and layout, providing no clear details regarding the location of any registered office. Under German law, any entity offering financial, investment, or cryptoasset services in Germany must obtain the...
Singapore to Establish New Payments Entity to Strengthen National Payment Schemes
On 12 February 2025, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the establishment of a new payments entity to consolidate the administration and governance of Singapore’s national payment schemes. The initiative, titled "MAS and ABS to Establish New Payments Entity to Position National Payment Schemes for Next Stage of Growth," aims to enhance coordination across the country’s payment infrastructure, ensuring continued innovation and resilience. The new entity will also collaborate with MAS on the development of Singapore’s national payments strategy. Singapore’s national payment schemes, including Fast And Secure Transfers (FAST), Inter-bank GIRO System, PayNow, and the Singapore Quick Response Code (SGQR), play a central role in the daily financial activities of consumers and businesses. These schemes are currently administered by multiple entities, including Singapore Clearing House Association (SCHA), MAS, ABS, and the...
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