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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...

On 24 October 2024, U.S. SEC Commissioner Mark T. Uyeda addressed the AIMA APAC Annual Forum in Hong Kong, discussing the Indo-Pacific’s expanding role in global economic dynamics and the importance of fostering strong economic ties with this rapidly growing region. Mark T. Uyeda in her speech talked about how the increased integration among Indo-Pacific nations could drive mutually beneficial investment, while putting emphasis on how cross-border cooperation could fuel economic growth, raise living standards, and enhance stability across the region. He put forth the idea that maintaining high regulatory standards, upholding free-market principles, and ensuring strong protections for intellectual property rights are essential for building the trust that becomes the cornerstone of sustainable financial development. Mark T. Uyeda talked about growing skepticism surrounding alternative investments, challenging the portrayal of private funds as shadow banking entities that could threaten...

On 22 October 2024, the United Kingdom’s Financial Conduct Authority (UK FCA) escalated its efforts to combat financial misconduct on social media, targeting 20 so-called “finfluencers” as part of a new initiative to curb illegal financial promotions. These social media influencers, popular among young followers, are being interviewed under caution by the UK FCA. The authority also issued 38 alerts against various social media accounts suspected of promoting financial products unlawfully. Finfluencers, a term used to describe influencers who promote financial services and products to their online followers, have come under the scrutiny of UK FCA after they gained popularity in recent years. Many finfluencers present themselves as successful investors, flaunting luxurious lifestyles and encouraging their audiences to follow their investment strategies. With nearly two-thirds (62%) of 18- to 29-year-olds following influencers and 74% of those expressing trust in their advice, the...

On 23 October 2024, the Danish Tax Law Council published a comprehensive report recommending changes to the taxation of crypto assets in Denmark. The report, titled "Finansielle Kryptoaktiver", focuses on standardising the taxation framework to align with the growing prevalence of crypto investments among Danish citizens. With an estimated 300,000 Danes owning some form of crypto asset, the report addresses the need for more consistent and transparent tax regulations that reflect the unique nature of these digital assets. The recommendations outlined in the report are expected to lead to a legislative proposal in early 2025. The report discusses the importance of addressing the current tax system's limitations, particularly concerning the inconsistent application of tax laws to crypto assets. Presently, crypto investments fall under various tax regimes, depending on how they are classified. This fragmented approach has caused confusion among investors, many of whom struggle to...

On 22 October 2024, the U.S. Commodity Futures Trading Commission (US CFTC) announced that it will conduct an open meeting on 29 October 2024, from 10:00 a.m. to 4:30 p.m. EDT at its Washington, D.C. headquarters, located at Three Lafayette Centre, 1155 21st Street N.W. This meeting will provide an opportunity for the public to attend in person or virtually through a live stream on the US CFTC website or its YouTube channel. During the session, US CFTC will discuss important regulatory matters, including final rules related to operational resilience for futures commission merchants, swap dealers, and major swap participants. The agenda also includes the investment of customer funds by futures commission merchants and derivatives clearing organisations, the development of recovery and orderly wind-down plans for derivatives clearing organisations, and updates on the Commission’s Fall 2024 Unified Agenda. The meeting will cover compensation structures for US CFTC executives and...

On 22 October 2024, the United Kingdom’s Financial Conduct Authority (UK FCA "the Authority") imposed restrictions on Business Agent Limited, preventing the firm from conducting any regulated activities. These actions are based on the concerns over the firm's handling of client funds and non-compliance with regulatory standards, particularly in relation to its Nextcrowd platform. The restrictions are imposed after the Second Supervisory Notice issued on 10 September 2024 deals with serious failings in the firm's management of client money, violations of UK ISA regulations, and due diligence, prompting the UK FCA to intervene to protect consumers and maintain financial market integrity. This notice was the result of ongoing regulatory concerns and followed an earlier First Supervisory Notice issued on 22 July 2024. The UK FCA's review of Business Agent Limited revealed several significant failings in its operations, prompting the imposition of strict requirements to protect consumers....

On 18 October 2024, Val Smith, Head of Payments and Digital Assets at the UK’s Financial Conduct Authority (UK FCA), published a blog discussing the UK FCA’s approach to registering crypto firms and the importance of maintaining high standards under the Money Laundering Regulations. Smith addressed concerns that the UK FCA’s rigorous registration process could be stifling innovation, while also reinforcing the need to protect consumers and ensure the integrity of financial markets. In her blog, Val Smith began by acknowledging criticisms that the UK FCA’s standards for crypto firms may be perceived as overly strict. However, she stated that the UK FCA's commitment to tackling financial crime is paramount. Allowing firms with lax controls could pave the way for money laundering, terrorism financing, and other illicit activities. She made it clear that the UK FCA never rejects applications without due consideration, but remains firm in its dedication to protecting the financial system...

On 18 October 2024, the Hong Kong Securities and Futures Commission (HK SFC) and The Stock Exchange of Hong Kong Limited (HKEX), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announced the introduction of an Enhanced Timeframe for the New Listing application process aimed to strengthen and improve the clarity, transparency, and efficiency of the application process for prospective issuers. Over recent years, the HK SFC and the Exchange have made progress in enhancing the New Listing application process by offering greater transparency. Since 2023, additional vetting statistics have been published, and all relevant guidance has been consolidated into a Guide for New Listing Applicants to streamline the application process and ensure quality listings on the Hong Kong Exchange, while upholding public interest. The Enhanced Application Timeframe now provides a more defined schedule for regulatory review of New Listing applications submitted by applicants and their...

On 18 October 2024, Edward Robinson, Deputy Managing Director (Economic Policy) and Chief Economist at the Monetary Authority of Singapore (MAS), delivered a speech at the 2024 Beijing Financial Street Forum, focusing on the theme of "Improving Modern Central Bank Systems, Enhancing Macro-Governance." His remarks addressed the evolving challenges and opportunities that Asia’s economies face in managing external shocks, particularly in relation to global capital flows. Robinson began by reflecting on the shifting dynamics in the global economy, especially following recent negative shocks such as the Covid-19 pandemic, supply chain disruptions, and interest rate hikes in advanced economies. He pointed out that Asia now faces the prospect of easing interest rates, particularly in the U.S. and Europe, which could boost local economies and potentially open up policy space for central banks across Asia to loosen monetary policies if necessary. He warned that opportunities come with risks,...