Newsfeed

On 18 November 2024, the United States Securities and Exchange Commission, under the jurisdiction of United States federal securities laws, initiated cease-and-desist proceedings against BIT Mining Ltd., formerly known as 500.com Limited. The proceedings revealed an alleged bribery scheme perpetrated by the company, involving violations of the United States Foreign Corrupt Practices Act, fraudulent financial practices, and failures in maintaining internal accounting controls. This case exposes misconduct in international business dealings and discusses the consequences of undermining legal and regulatory frameworks. BIT Mining Ltd., previously operating as 500.com Limited, was an online sports lottery service provider incorporated in the Cayman Islands and headquartered in Shenzhen, China. After Chinese regulatory changes in 2015 halted its primary business, the company sought to pivot by entering Japan’s Integrated Resort casino market, which was legalised in 2016. Between 2017 and...

On 15 November 2024, the United States Commodity Futures Trading Commission Division of Clearing and Risk issued an advisory clarifying its position on the clearing of options on spot commodity-based ETFs. The advisory affirms that such ETF shares are likely to be considered securities under the US SEC framework and thus fall outside the US CFTC's jurisdiction. The Options Clearing Corporation (OCC) will continue clearing these options under SEC regulation. The announcement directly impacts the growing ecosystem of ETFs based on cryptocurrencies, such as bitcoin and ethereum, alongside traditional commodity-based ETFs like gold and silver. Beyond its jurisdictional analysis, the advisory clarifies that commodity-based ETFs, including spot crypto ETFs, do not directly engage in commodity interests. Instead, they are structured as securities, providing investors with exposure to the underlying asset's performance. The advisory excludes commodity pool ETFs, which are directly tied to...

On 15 November 2024, the Monetary Authority of Singapore made an update on crisis management exercise, which was conducted by financial regulators from the Asia Pacific region in collaboration with leading global cloud service providers on 6 November 2024. Organised under the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore, this initiative simulated a severe public cloud incident that disrupted multiple financial sectors across the region. This exercise, the first of its kind in Asia Pacific, aims to strengthen the operational resilience of the financial sector as it becomes increasingly reliant on cloud technology. The event focused on fostering collaboration and deepening understanding between financial regulators and cloud service providers regarding incident response mechanisms. Participants explored how to manage the fallout from a significant public cloud disruption, highlighting the need for effective communication, situational...

On 18 November 2024, the Monetary Authority of Singapore, updated a statement on its official website, made by the Financial Action Task Force, in its October 2024 statement, in which the FATF has called attention to the Democratic People’s Republic of Korea and Iran, which remain on its list of high-risk jurisdictions subject to enhanced countermeasures. These jurisdictions have consistently failed to address deficiencies in their anti-money laundering and combating the financing of terrorism frameworks. Myanmar also continues to be monitored closely for its deficiencies, although it has not yet been subjected to the full range of countermeasures applied to the other high-risk jurisdictions. The Democratic People’s Republic of Korea has been flagged for its continued non-compliance with international standards to combat money laundering, terrorist financing, and proliferation financing. The Financial Action Task Force expressed concern over the Democratic People’s Republic of...

On 14 November 2024, the International Platform on Sustainable Finance, in collaboration with the People’s Bank of China, the European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union, and the Monetary Authority of Singapore, unveiled the Multi-Jurisdiction Common Ground Taxonomy (M-CGT). Presented during an event in Baku, Azerbaijan, the taxonomy aims to harmonise sustainable finance criteria across China, the European Union, and Singapore, enhancing global interoperability in green finance taxonomies. The M-CGT builds upon the bilateral EU-China Common Ground Taxonomy (CGT), which was established in 2020 as a joint initiative of the European Commission and the People’s Bank of China. By incorporating the Singapore-Asia Taxonomy into this framework, the M-CGT expands the interoperability of taxonomies to include three major jurisdictions. Its purpose is to facilitate cross-border green financial flows by providing a unified...

On 13 November 2024, the Swiss Financial Market Supervisory Authority (FINMA) announced its strategic goals for the period from 2025 to 2028. The announcement, approved by the Swiss Federal Council, outlines FINMA’s long-term priorities and provides guidance on how it will fulfil its legal mandate. The four strategic goals focus on supervision, resilience, framework conditions, and organisational development, reflecting FINMA’s commitment to enhancing its effectiveness and efficiency as a supervisory authority. The purpose of FINMA’s supervisory activities is to protect depositors, insured persons, and clients while ensuring the proper functioning of the Swiss financial markets. The strategic goals are designed to address ongoing developments and challenges in the financial sector, particularly those associated with financial and operational risks. The Federal Council approved FINMA’s strategic goals on 13 November 2024, granting the authority a clear direction for the next four...

On 7 November 2024, Latvijas Banka announced an expansion and update of its Guidelines on the Establishment of the Internal Control System for Anti-Money Laundering and Countering Terrorism and Proliferation Financing and Sanctions Risk Management, and on Customer Due Diligence. The updates in the regulatory framework, clarify sanctions-related procedures, and incorporate new examples relevant to the current financial landscape. The revised guidelines aim to enhance the understanding and application of anti-money laundering and sanctions risk management practices across Latvia's financial sector. Latvijas Banka has introduced updates to the guidelines to address financial crime risks and improve compliance mechanisms within credit institutions and financial institutions. Updated section provides detailed guidance on how credit institutions and financial institutions should identify and manage risks when cooperating with other financial entities. This includes best practice examples...

On 13 November 2024, the United States Securities and Exchange Commission issued an Order appointing fund administrator, setting administrator’s bond amount, and authorizing the approval and payment of fees and expenses of administration. Initially, on 13 September 2023, the United States Securities and Exchange Commission initiated cease-and-desist proceedings against Stoner Cats 2, LLC, a company known for its production and sale of animated series-related non-fungible tokens (NFTs). The United States Securities and Exchange Commission found that Stoner Cats 2 had conducted an unregistered offering of crypto asset securities through the sale of Stoner Cats NFTs on 27 July 2021. Stoner Cats 2, LLC is the entity behind the “Stoner Cats” animated series. To fund the project, Stoner Cats 2 offered 10,320 NFTs to the public, each priced at 0.35 ETH, approximately $800 at the time. The entire offering sold out within 35 minutes, yielding gross proceeds in Ethereum valued at approximately...

On 13 November 2024, The Monetary Authority of Singapore published the updates of the ninth edition of the Singapore FinTech Festival wrapped up on 8 November 2024, attracting a record-breaking 65,000 participants from 134 countries and regions. The annual event has solidified its reputation as one of the world’s premier gatherings for financial technology, bringing together policymakers, regulators, investors, industry leaders, and innovators to discuss critical issues shaping the future of global finance. Singapore FinTech Festival 2024 showcased a range of specialised zones and targeted forums designed to foster insights, innovation, and collaboration across diverse areas of the financial technology landscape. Major highlights included: The invite-only Insights Forum convened over 2,300 influential figures, including policymakers, regulators, investors, and industry leaders, for in-depth discussions across 40 roundtables. This year’s agenda covered topics such as the future of...

On 13 November 2024, in response to a parliamentary question, Mr Alvin Tan, Minister of State for the Ministry of Trade and Industry and the Ministry of Culture, Community and Youth, addressed issues regarding online financial influencers, often known as "finfluencers," who share finance-related content on social media. Speaking on behalf of Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), Mr Gan Kim Yong, Mr Tan outlined regulatory expectations for finfluencers and provided insights into recent complaints, enforcement actions, and possible legislative considerations. Finfluencers, as Mr Tan explained, are individuals who utilise social media to provide tips, advice, and insights on finance-related subjects such as investing, budgeting, and saving. These individuals play a growing role in digital financial education and influence, engaging a wide audience with their content. MAS expects that any financial institutions that employ finfluencers for...

On 12 November 2024, during a parliamentary session, Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, Mr Gan Kim Yong, provided a detailed response to questions raised by Ms He Ting Ru, Member of Parliament for Sengkang GRC. The questions centred on the security protocols and fraud liability protection measures implemented by banks for digital accounts operated by minors under 16 years of age. In his response, Mr Gan clarified the specific safeguards, parental responsibilities, and remediation processes for unauthorised transactions on minor-operated accounts, underscoring a framework designed to protect young account holders. Accounts for children under 16 can only be opened by a parent on behalf of the child, either as a joint account with parental control or a sole account in the child’s name. The parental role is pivotal, with parents authorised to monitor and manage account activities closely: Joint Accounts: In a joint account arrangement, the parent...

On 13 November 2024, ASIC Deputy Chair Sarah Court delivered an address at the Australian Financial Security Authority Summit. In her remarks, she highlighted ASIC's commitment to supporting confidence in the Australian credit system, with an emphasis on protecting financially vulnerable consumers from predatory practices and unfair outcomes. Court underscored ASIC’s regulatory focus on compliance within the credit sector and explained how ASIC’s targeted interventions, particularly in financial hardship cases, serve as key mechanisms to protect consumer interests. ASIC holds a central role in promoting integrity and fair outcomes in the Australian credit system. Its regulatory mandate includes overseeing entities within the consumer credit sector, with the goal of encouraging compliance and accountability across the industry. ASIC accomplishes this by promoting a culture of adherence to the Australian regulatory framework, including compliance with the National Consumer Credit...