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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 These updates aim to simplify guidance for applicants by centralising relevant information and addressing outdated references of seeking regulatory relief or no-action letters from ASIC.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...
India’s Union Budget 2025-26 Introduces Stricter Cryptocurrency Regulations and Compliance Measures
On 1 February 2025, the Indian government released the Union Budget for the financial year 2025-26, addressing various economic sectors, including cryptocurrency regulation. The budget reaffirmed the government's cautious stance on digital assets by maintaining the 30% tax on cryptocurrency income while introducing new compliance requirements and penalties for unreported gains. The government continues to classify cryptocurrency as a high-risk speculative asset, disallowing investors from offsetting losses against other income sources. Cryptocurrency entities are now mandated to report transaction details under Section 285BAA of the Indian Income Tax Act, a requirement that brings them under scrutiny, akin to traditional financial institutions. The Indian budget 2025-26 introduced a 70% penalty on undisclosed gains from cryptocurrency transactions, retroactively applying to profits made over the past 48 months. This provision specifically targets unreported earnings from the...
US Federal Court Orders Florida Resident to Pay $7.6 Million for Digital Asset Fraud
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the District of Massachusetts had entered a consent order dated 6 February 2025 against Randall Crater, a resident of Heathrow, Florida, in connection with a fraudulent digital asset scheme. The consent order for permanent injunction and other equitable relief against Randall Crater, requires Crater to pay over $7.6 million in restitution to defrauded victims, with a dollar-for-dollar credit for payments made under a parallel criminal action. The court also permanently enjoined him from trading in US CFTC-regulated markets, engaging in transactions involving commodity interests or digital asset commodities, and registering with the US CFTC. The order resolves the US CFTC’s enforcement action against Crater in relation to his role in My Big Coin, a fraudulent virtual currency scheme that misled investors about the legitimacy, backing, and...
US Federal Court Orders New York Resident to Pay Over $1.5 Million in Digital Assets Fraud Case
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the Eastern District of New York had entered an order dated 16 January 2025, against Rashawn Russell, a New York resident, in a US CFTC enforcement action. The order finds Russell liable for fraudulent solicitation and misappropriation of investor funds intended for digital assets trading and requires him to pay over $1.5 million in restitution to victims. The order permanently enjoins Russell from engaging in activities that violate the Commodity Exchange Act and CFTC regulations. Additionally, it imposes an eight-year trading ban on him and prohibits him from registering with the CFTC, soliciting investments, or trading in any CFTC-regulated markets on behalf of third parties. The order resolves the CFTC’s enforcement action against Russell, originally filed on 11 April 2023. According to the order, the US SEC alleges that between November 2020...
US SEC Grants Temporary Exemption from Rule 13f-2 Compliance and Form SHO Reporting of US Securities Exchange Act
On 07 February 2025, the United States Securities and Exchange Commission (US SEC) issued an order titled Order Granting Temporary Exemption Pursuant to Section 13(f)(3) of the United States Securities Exchange Act of 1934 from Compliance with Rule 13f-2 and Form SHO. This exemption delays the requirement for institutional investment managers to comply with US SEC Rule 13f-2 and report on US SEC Form SHO until 02 January 2026, extending the original deadline of 02 January 2025. The first required US SEC Form SHO filings, initially due by 14 February 2025, will now be due by 17 February 2026, covering the January 2026 reporting period. The order provides relief to institutional investment managers that meet or exceed certain reporting thresholds, giving them additional time to implement necessary technical updates and address compliance challenges. US SEC Rule 13f-2, adopted on 13 October 2023, mandates institutional investment managers meeting specified thresholds to file US SEC Form...
US CFTC to Hold CEO Forum to Discuss Launch of Digital Asset Markets Pilot
On 07 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced to hold a CEO Forum of industry-leading firms to discuss the launch of US CFTC’S Digital Asset Markets Pilot, which will focus on integrating tokenized non-cash collateral, such as stablecoins, into the regulated financial ecosystem. The initiative will bring together industry leaders, including Circle, Coinbase, Crypto.com, MoonPay, and Ripple, to discuss the framework and implementation of the US CFTC’s digital asset markets pilot program. Further details regarding the CEO Forum will be provided as they are finalised. The pilot program is designed to act as a US regulatory sandbox, allowing digital asset markets to operate within a structured framework while ensuring compliance with existing financial regulations. Acting Chairman Pham had previously proposed such a US CFTC pilot program to provide regulatory clarity and establish guardrails for digital asset markets. The US CFTC has...
UK FCA Intensifies Crackdown on Misleading Financial Adverts with Crypto Asset, Debt Solutions, and Claims Management Company
On 07 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) published its report detailing its regulatory actions in 2024. The report states that nearly 20,000 financial promotions were withdrawn or amended, marking a 97.5% increase from 2023. The UK FCA stated its concerns surrounding cryptoasset promotions. The UK FCA identified 9,197 CMC-related promotions in 2024 that were subsequently withdrawn. Many of these promotions pertained to housing disrepair and motor finance claims, which were flagged as misleading. The regulator also issued 2,240 warnings about unauthorised or potentially fraudulent firms. Social media influencers, commonly referred to as ‘finfluencers’, came under increased scrutiny, leading to 20 individuals being interviewed under caution for their involvement in illegal financial promotions. As part of its enhanced regulatory framework, the UK FCA introduced the Section 21 Gateway, which requires firms to obtain permission before approving...
IMF Explores Tokenisation’s Impact on Financial Market Inefficiencies
The International Monetary Fund (IMF) has released its latest Fintech Note, ‘Tokenization and Financial Market Inefficiencies (Note 2025/001)’, authored by Itai Agur, Germán Villegas-Bauer, Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, and Brandon Tan. This report presents an in-depth analysis of how tokenization: a financial innovation driven by digital ledger technology may influence inefficiencies in financial markets. The study provides a conceptual framework grounded in economic principles, evaluating potential changes in transaction frictions, externalities, and market structures resulting from tokenization. The note by IMF examines tokenisation’s role in mitigating financial market inefficiencies, which include asymmetric information, search frictions, transaction costs, and counterparty risks. While recognising its benefits, the report elaborates on potential risks, such as increased financial interconnectedness and market volatility, relevant for policymakers...
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