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On 28 October 2024, the Hong Kong Monetary Authority and the Bank of Thailand announced a strategic collaboration to advance cross-border tokenisation. This partnership, undertaken within the frameworks of Project Ensemble and Project San, is designed to explore innovative applications for tokenised financial transactions between Hong Kong and Thailand. By integrating their digital financial infrastructures, the Hong Kong Monetary Authority and the Bank of Thailand aim to streamline cross-border trade payments, enhance the operation of carbon credit markets, and strengthen interoperability in their respective financial systems through distributed ledger technology. The partnership builds on a longstanding commitment between the Hong Kong Monetary Authority and the Bank of Thailand to foster financial innovation. Since signing a Memorandum of Understanding in 2019, these two central banks have successfully collaborated on several ground-breaking financial technology projects,...

On 28 October 2024, the Hong Kong Monetary Authority (HKMA) announced a pioneering collaboration with the Banco Central do Brasil (BCB) to drive innovation in cross-border tokenisation. This partnership aims to bridge the digital financial infrastructures of Hong Kong and Brazil, uniting their respective central bank digital currency (CBDC) platforms, Project Ensemble’s Sandbox and Brazil’s Drex pilot programme. By jointly exploring cross-border use cases for tokenisation, the HKMA and BCB are set to establish new standards in digital finance, particularly in areas such as trade finance and carbon credit settlement. The partnership builds on a Co-operation Agreement signed between HKMA and BCB in 2018, which laid the groundwork for fostering innovation in financial services across both jurisdictions. Now, as both institutions make significant strides in the development of CBDCs and tokenised assets, they see the collaboration as an opportunity to create a more integrated, secure, and...

On 06 November 2024, WazirX, an Indian cryptocurrency platform, announced a Townhall meeting for its creditors to introduce its latest restructuring tools. The session, conducted by WazirX’s restructuring team, including Zettai Pte. Ltd., will reveal a Rebalancing Calculator and Scheme Timeline Calculator, designed to empower creditors with greater insights into the platform's restructuring efforts. WazirX’s Fourth Townhall will take place from 5:30 to 6:30 PM IST (Indian Standard Time) or 8 PM to 9 PM SGT (Singapore Time) on 06 November 2024. Available on WazirX’s YouTube channel, the live session will include a presentation and a question-and-answer segment, allowing creditors to dial in for direct interactions with the Zettai restructuring team. This meeting forms part of WazirX's commitment to transparency and active creditor engagement. WazirX’s restructuring is conducted under Singapore's Scheme of Arrangement, a framework that legally binds the agreement once creditor and...

On 5 November 2024, OKX, a major global cryptocurrency exchange registered in the Republic of Seychelles, and Komainu, a regulated digital asset service provider and custodian headquartered in Jersey announced an extension of their partnership to provide institutional clients with an improved off-exchange custody solution. This partnership aims to strengthen the security and efficiency of digital asset trading for institutional investors, a group that increasingly seeks secure and compliant solutions in the growing virtual assets market. In June 2023, OKX initially partnered with Komainu by joining Komainu's collateral management platform, Komainu Connect. This collaboration allowed institutional clients to securely trade assets held in segregated custody with Komainu while utilising OKX’s trading infrastructure. This arrangement provided clients with an off-exchange settlement system that mitigates counterparty risk by storing assets with a regulated custodian, thus enabling trading...

On 31 October 2024, the United States Commodity Futures Trading Commission (Commodity Futures Trading Commission) issued a customer advisory warning users of popular messaging applications about the risks of crypto-related fraud schemes. Through this advisory, titled Use Caution Responding to Messaging Apps, the Commodity Futures Trading Commission aims to educate consumers on the tactics fraudsters employ to exploit the default settings of messaging apps, with an emphasis on safeguarding crypto assets. In its announcement, the United States Commodity Futures Trading Commission highlighted the rise of scams on applications like WhatsApp, Telegram, and SMS text messaging, where fraudsters exploit default settings to add users to group chats, often without their consent. The advisory informs users about how these default settings enable scammers to include both targeted and random numbers in fraudulent groups or chats, promoting deceptive schemes such as crypto pump-and-dump tactics....

On 5 November 2024, the Banque de France and the Monetary Authority of Singapore announced the successful conclusion of a joint experiment in post-quantum cryptography. This experiment, conducted remotely using conventional Internet infrastructure is a advancement in safeguarding communication and data security against the emerging cybersecurity threats posed by quantum computing. The project aims to secure future communication channels against potential decryption capabilities of quantum technology, marking a vital step towards a “quantum-safe” global financial system. The announcement emphasises the urgent need to adopt quantum-resistant cryptographic measures to protect sensitive information, particularly in digital communications. The experiment introduced the use of quantum-resistant cryptographic algorithms for signing and encrypting emails—a application due to the confidential nature of the information typically exchanged via email. By proving that these algorithms can operate...

On 4 November 2024, the Financial Conduct Authority welcomed the inaugural report on tokenisation in the asset management sector from Project Guardian, an international collaboration spearheaded by the Monetary Authority of Singapore. This report, developed through Project Guardian’s asset and wealth management workstream, outlines an ambitious roadmap for the implementation of distributed ledger technology within asset management, aiming to facilitate more efficient, transparent, and accessible investment solutions for firms and investors alike. The announcement from the Financial Conduct Authority highlights the significance of the report in setting the foundation for an industry-wide shift towards the use of distributed ledger technology and tokenisation. As part of this initiative, the Financial Conduct Authority is committed to collaborating with Project Guardian members in exploring regulatory considerations around tokenisation in asset management. This work will examine...

On 4 November 2024, Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) announced an extension of their bilateral financial arrangement, now set to last until 1 November 2027. The extended three-year period, a shift from the previous one-year renewal cycle, shows the deep financial cooperation between the two central banks as they work together to support monetary and financial stability amid global economic uncertainties. This decision highlights the resilience of the financial partnership between Indonesia and Singapore, positioning both nations to better withstand potential macroeconomic challenges. The bilateral arrangement consists of two core agreements. The first is a local currency bilateral swap agreement that enables the exchange of local currencies, allowing each central bank to access up to SGD9.5 billion or IDR100 trillion from the other. This arrangement provides both central banks with flexibility in managing local currency needs, bolstering financial...

On 4 November 2024, the Monetary Authority of Singapore announced a strategic initiative to accelerate the commercialisation of asset tokenisation within the financial sector, with plans to establish foundational infrastructure, deepen liquidity, and develop industry frameworks. This move is part of Singapore’s broader effort to position itself as a leader in the digital finance space, with the initiative becoming effective immediately. MAS’s announcement is backed by Project Guardian, an industry consortium involving more than 40 financial institutions, industry associations, and international policymakers. Since its inception, Project Guardian has conducted over 15 industry trials in six currencies, examining asset tokenisation’s role across multiple financial products. In light of these trials, MAS aims to create coordinated networks that connect various market participants and currencies, thereby enhancing capital raising, trading, and settlement processes for tokenised assets....

On 4 November 2024, the United States Securities and Exchange Commission vide its order granted an extension of time for Pinnacle Investments, LLC, to comply with the Commission’s requirements regarding a Proposed Plan of Distribution. This extension, requested by the SEC’s Division of Enforcement, now sets a deadline of 1 July 2025 for the plan’s submission. The extension order underscores the SEC’s commitment to ensuring full regulatory compliance in the distribution of funds to affected investors. The case against Pinnacle Investments began on 5 May 2023, when the US SEC issued an Order Instituting Administrative and Cease-and-Desist Proceedings against the firm. According to the US SEC, from January 2015 to October 2022, Pinnacle Investments, a registered investment adviser and broker-dealer, engaged in multiple regulatory violations. These violations included making false and misleading statements in US SEC filings concerning advisory client account reviews, failing to disclose...

On 4 November 2024, the Securities and Futures Commission of Hong Kong concluded its Anti-Money Laundering and Counter-Financing of Terrorism Regulatory Technology Forum 2024. This forum was held to encourage the financial services sector to adopt regulatory technology responsibly to combat money laundering and terrorism financing. With over 300 participants, including government officials, industry experts, and financial sector representatives, the forum marked a significant step toward enhancing regulatory compliance and risk management through advanced technology. The central aim of the forum was to promote the widespread and responsible adoption of regulatory technology, commonly referred to as Regtech, within Hong Kong’s financial services industry. This aligns with the Securities and Futures Commission’s goal of building a resilient financial sector with robust anti-money laundering and counter-financing of terrorism practices. In conjunction with the event, the Hong Kong...