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Germany’s BaFin Announces New Regulatory Framework for Crypto-Asset Service Providers in view of MiCAR
On 21 February 2025, Germany’s Federal Financial Supervisory Authority (BaFin) announced new regulatory measures under the European Union’s Markets in Crypto-Assets Regulation (MiCAR), which has been in force since December 2024. BaFin stated that crypto-asset service providers (CASPs) must submit well-prepared authorisation applications, as strict deadlines under MiCAR limit the time available for supervisory review. MiCAR is the first harmonised European Union framework governing crypto-assets, which provides a structured approach to regulation to enhance investor protection, prevent money laundering and terrorist financing, ensure market integrity, and maintain financial stability. MiCAR establishes a clear legal structure for innovations in distributed ledger technology (DLT). MiCAR introduces transparency requirements for the issuance and trading of crypto-assets, mandates authorisation for CASPs, outlines supervisory requirements, and sets rules for consumer protection, market...
UK FCA and PSR Assess Impact and Competition Concerns in Digital Wallet Market in United Kingdom and Published Feedback Statement
On 19 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) and the United Kingdom Payment Systems Regulator (UK PSR) published a joint Feedback Statement FS25/1: Big tech and digital wallets assessing the impact and growth of digital wallets, in response to the United Kingdom’s Competition and Markets Authority (CMA)’s Invitation to Comment on its Strategic Market Status Investigations. The response assesses competition, innovation, and regulatory concerns in the digital wallets ecosystem, particularly focusing on dominant market players such as Apple and Google, which evaluates the rapid adoption of digital wallets, the benefits to consumers, and the potential competition concerns within the sector. The UK FCA and UK PSR conducted engagement with businesses and industry representatives to analyse the increasing use of digital wallets in the UK. According to the report, digital wallet transactions have surged from 8% of total card transactions in 2019 to 29% in...
US SEC Extends Compliance Dates and Grants Temporary Exemption for U.S. Treasury Securities Clearing Requirements
On 25 February 2025, the United States Securities and Exchange Commission (US SEC) announced the extension of compliance dates and issued a temporary exemption through two documents: "SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities" and "Temporary Exemption Regarding Exchange Act Rule 17ad-22(e)(6)(i)." The compliance deadlines for Rule 17ad-22(e)(18)(iv)(A) and (B) under the United States Securities Exchange Act have been extended to 31 December 2026 for eligible cash market transactions and 30 June 2027 for eligible repo market transactions. US SEC granted temporary exemption for Rule 17ad-22(e)(6)(i), postponing its enforcement until 30 September 2025 instead of the original deadline of 31 March 2025. Relevant Entities which need to consider this compliance requirement is listed below: Covered Clearing Agencies (CCAs): US SEC-registered clearing agencies that provide central counterparty services for U.S....
United States SEC Establishes Cyber and Emerging Technologies Unit to Strengthen Investor Protection
On 20 February 2025, the United States Securities and Exchange Commission (US SEC) announced the creation of the Cyber and Emerging Technologies Unit (CETU). This unit replaces the Crypto Assets and Cyber Unit and will focus on combatting cyber-related misconduct and protecting retail investors from fraudulent activities in the emerging technologies sector. The CETU will be led by Laura D’Allaird and will consist of approximately 30 fraud specialists and attorneys across multiple offices of the United States SEC. The establishment of CETU aims to enhance enforcement measures in response to the increasing risks associated with cyber-related fraud, artificial intelligence (AI), blockchain, and digital finance. The United States SEC’s CETU will leverage specialised expertise in fintech and cybersecurity to tackle securities violations in several high-risk areas. The unit’s enforcement focus includes fraudulent use of emerging technologies, such as artificial intelligence (AI) and...
Hong Kong’s SFC Launches “A-S-P-I-Re” Roadmap to Shape the Future of Virtual Assets
On 19 February 2025, Hong Kong’s Securities and Futures Commission (HK SFC) introduced the "A-S-P-I-Re" roadmap, a virtual asset regulatory blueprint. It aims to develop clear licensing frameworks to enable compliant VASPs, OTC trading and custody services to enter the market efficiently. "A-S-P-I-Re" roadmap expands regulated VA products like token listings and derivatives, and aims to strengthen market surveillance and compliance measures by bridging traditional finance with blockchain innovation. The roadmap, named for its five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, sets out 12 initiatives aiming to promote regulatory clarity, security, and sustainable growth in Hong Kong’s virtual asset market. According to the HK SFC, the roadmap seeks to streamline market access, improve compliance standards, foster product innovation, modernise oversight, and strengthen industry engagement. Under Access, new licensing frameworks will regulate virtual asset...
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...
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