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On 31 October 2024, the Central Bank of Argentina (BCRA) held an exhibition at its Historical Museum, bridging the worlds of digital assets and traditional finance through live Bitcoin mining as part of an art display. This exhibit, titled “Art, Artificial Intelligence, and the Future of the Economy,” is a global first for central banks, blending cutting-edge cryptocurrency mining equipment with contemporary art to explore the transformation of money. By daring to showcase decentralized finance within its institution, the BCRA signals a progressive stance, inviting the public to reflect on the future of value as currency moves from physical cash to decentralized, blockchain-driven systems. The centerpiece of the exhibition is the work of Alberto Echegaray, a digital artist whose installations probe the tension between traditional and digital economies. His piece, “Moneyballs,” encapsulates this shift through spheres filled with shredded banknotes, crafted from decommissioned U.S....

On 31 October 2024, the United States Securities and Exchange Commission issued a set of significant enforcement actions against two of J.P. Morgan’s core entities, J.P. Morgan Investment Management Incorporated and J.P. Morgan Securities Limited Liability Company, addressing a number of compliance failures, undisclosed conflicts of interest, and regulatory breaches across the company’s investment advisory practices. These orders, which require immediate cease-and-desist actions, substantial penalties, financial restitution, and extensive compliance reforms, are aimed at upholding strict standards within the financial sector, particularly in areas of investor protection and regulatory transparency. The actions target violations under the United States Investment Company Act of 1940, the United States Investment Advisers Act of 1940, the United States Securities Act of 1933, the United States Securities Exchange Act of 1934, and the United States Securities and Exchange Commission’s...

On 30 October 2024, the Monetary Authority of Singapore published the National Anti Money Laundering strategy which made waves in the world of digital finance. Monetary Authority of Singapore announced updates to the Singapore’s Payment Services Act (PSA), which introduce stricter regulations for digital payment token (DPT) service providers and payment institutions. These updates aims to safeguard consumer assets, enforce transparency, and promote responsible advertising in digital finance, reinforcing Singapore’s reputation as a trusted financial center that prioritizes security and consumer confidence. The project to update the SG PSA has been a year in the making, spearheaded by a team of MAS regulators, compliance professionals, and industry experts who have worked together to design a framework that meets both the demands of a rapidly advancing market and the need for robust consumer protection. Since its inception, this project has focused on ensuring that consumers engaging...

On 28 October 2024, the Bank for International Settlements (BIS), in collaboration with central bank partners from Australia, Korea, Malaysia, and Singapore, announced a development with Project Mandala, which demonstrated the feasibility of embedding regulatory compliance directly into cross-border transaction systems. This proof-of-concept milestone shows that compliance procedures can be automated within payment flows, potentially transforming cross-border financial transactions by reducing costs, increasing speed, and maintaining adherence to varied regulatory frameworks. Project Mandala, spearheaded by the BIS Innovation Hub Singapore Centre in cooperation with the Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM), and Monetary Authority of Singapore (MAS), addresses the complex compliance challenges involved in managing regulatory requirements across jurisdictions. By implementing a “compliance-by-design” model, the project automates compliance...

On 28 October 2024, the Hong Kong Securities and Futures Commission (HK SFC) has announced a development within the Project Ensemble Sandbox, a financial technology testing environment established in collaboration with the Hong Kong Monetary Authority (HKMA). In a first-of-its-kind simulation within the Sandbox, a local financial institution successfully completed a trial involving a tokenised money market fund (MMF) underpinned by tokenised deposits (TD). This test covers the full lifecycle of asset management processes and represents an early step in evaluating how tokenisation might streamline operations and reduce costs across the asset management sector. Launched in August 2024, Project Ensemble Sandbox was designed to provide a controlled regulatory environment for financial institutions to experiment with digital innovations in a way that is both safe and compliant. Here, participants are given the latitude to test tokenisation and blockchain models across various financial...

On 23 October 2024, Latvijas Banka announced the upcoming Latvia Fintech Forum 2024, set to take place on 5 November 2024 in Riga. The forum, now in its third year, will bring together an anticipated 250 representatives from across the financial technology sector, including prominent figures from the Baltics and other European countries. Organised by Latvijas Banka in cooperation with the Investment and Development Agency of Latvia (LIAA) and the Investment and Tourism Agency of Riga (RITA), this year’s forum seeks to provide an in-depth exploration of Latvia’s fintech sector, focusing on both local developments and key global trends shaping the industry. The event will serve as a crucial platform for discussion, networking, and innovation, fostering connections among fintech entrepreneurs, policymakers, and investors who aim to drive economic growth through technological advancements in finance. The 2024 Fintech Forum will be inaugurated by Latvia’s Minister of Economics, Viktors...

On 22 October 2024, the U.S. Court of Appeals for the Second Circuit issued a Default Notice pursuant to its Local Rule 12.3. According to this rule, the appellee’s counsel (in this case, representing Ripple Labs or related parties) was required to file an Acknowledgment and Notice of Appearance by 18 October 2024. This case, listed under Docket #24-2648, is on appeal from the Southern District of New York under District Court Docket #1:20-cv-10832, where Judge Analisa Torres presided. This document is legal representation in appellate proceedings for all parties to comply with court protocols for continued involvement in the appeal. As of the date of the notice, however, the court had not received this filing from the appellee’s counsel. The notice serves as a procedural enforcement measure, reminding the counsel to meet the requirements set by the court, and outlines potential consequences if the filing is not submitted in a timely manner. The court’s notice specifies that if the...

On 28 October 2024, US CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), announced that the committee will hold a virtual public meeting on Thursday, 21 November 2024, from 9:30 a.m. to 10:30 a.m. EST. This meeting, accessible via a live webcast on the US CFTC website or through a listen-only audio feed, will address advancements in digital asset markets, including tokenised collateral and regulatory frameworks for utility tokens. Commissioner Pham discussed the GMAC's role in navigating innovations in market structure, focusing on the application of existing regulatory frameworks to emerging technologies. She expressed anticipation for the committee’s discussions on tokenised collateral, which aim to enhance operational efficiency and risk mitigation, and on establishing a regulatory approach for utility tokens, a growing sector in digital assets. The first major event on the agenda is an open US CFTC meeting scheduled for 29 October 2024....

On 28 October 2024, Dr. Eric Yip, Executive Director of Intermediaries at the Securities and Futures Commission (HK SFC) in Hong Kong, in his speech addressed the Hong Kong FinTech Week audience, laying out a comprehensive roadmap for virtual asset regulation. His speech emphasized the critical balance between fostering market development and ensuring investor protection, showcasing a pragmatic approach toward integrating virtual assets into Hong Kong's financial landscape. In his opening remarks, Dr. Yip recognized virtual assets as a pivotal focus for financial regulators, given their significant trading volumes and the rising need to safeguard investors. He highlighted three key factors propelling the market's growth: the influx of talent, the robust economic footprint of the industry, and a predominantly young investor demographic. Dr. Yip emphasized the need for Hong Kong to navigate a technologically advanced, borderless market often characterized by regulatory gaps and...

On 28 October 2024, the Monetary Authority of Singapore (MAS) announced the 42 finalists for the 2024 Global FinTech Hackcelerator and the SFF FinTech Excellence Awards. The highly anticipated awards will celebrate transformative FinTech innovations, with winners to be revealed at the SFF FinTech Excellence Awards dinner on 7 November 2024. The 2024 Global FinTech Hackcelerator and FinTech Excellence Awards, aims to spotlight innovative solutions transforming financial health and advancing FinTech. This year’s Global FinTech Hackcelerator theme, "Improving Financial Health," attracted global participation, with finalists from over 10 countries. Their solutions leverage AI, blockchain, and other digital tools to enhance financial resilience, accessibility, and efficiency. These 18 finalists, who tackle challenges such as open banking, financial literacy, and cross-border payments, will pitch their projects at the Singapore FinTech Festival, with top winners receiving cash prizes. The...

On 24 October 2024, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) introduced Shared Responsibility Framework (SRF), instituting clear obligations for Financial Institutions (FIs) and Telecommunication operators (Telcos) to bolster consumer protection against phishing scams. The SRF assigns specific duties to these entities, mandating that they bear the financial consequences of scam losses when they fail to meet prescribed standards. This structured framework aims to ensure consumers have avenues for recourse while also strengthening anti-scam efforts across Singapore’s digital ecosystem. The SRF framework comes after a lengthy consultation process that began in October 2023, during which MAS and IMDA gathered input from various stakeholders on how to improve accountability in the face of rising phishing attacks. Designed to protect consumers specifically from phishing scams with a clear Singapore nexus, the SRF outlines obligations for FIs...