Global Regulation

On 4 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce published her statement titled The Journey Begins, after the launch of the US Crypto Task Force. In her statement she elaborated on the US Crypto Task Force and its goal to create a structured and transparent regulatory framework for the crypto industry while addressing past regulatory inconsistencies and enforcement-driven oversight.

Download PDF | Download Word | Download AudioUS CFTC Commissioner Kristin Johnson calls for Creation of an Interagency Task Force to Oversee AI and Digital Assets at Davos Blockchain Event On 20 January 2025, US CFTC Commissioner Kristin Johnson delivered speech at...

On 16 January 2025, the Hong Kong Securities and Futures Commission (HK SFC) issued new regulatory standards for Virtual Asset Trading Platforms (VATPs) following inspections under the deemed licensing framework. These measures aim to strengthen security, compliance, and operational integrity in the virtual asset sector.

On 10 January 2025, the Hong Kong Securities and Futures Commission (HK SFC) issued a public warning against “iSCAT Exchange,” an unlicensed virtual asset trading platform operating unlawfully under Hong Kong regulations.

On 12 December 2024, the Bank for International Settlements (BIS) published FSI Insights No. 63, titled “Regulating AI in the Financial Sector: Recent Developments and Main Challenges.” The report examines and elaborates on the rapid adoption of AI in banking and insurance sector, highlighting its transformative potential and associated risks. It outlines a regulatory framework to balance innovation with financial stability, addressing governance, ethical concerns, and sustainability challenges.

On 18 December 2024, the Swiss Financial Market Supervisory Authority (FINMA) published Guidance 08/2024 on governance and risk management for supervised financial institutions using artificial intelligence (AI). The guidance addresses operational, legal, and reputational risks posed by AI while reinforcing oversight practices in Switzerland’s financial sector.

On 12 December 2024, the Australian Federal Court, in its judgment Australian Securities and Investments Commission v Bit Trade Pty Ltd 2024 FCA 1422, ordered Bit Trade Pty Ltd, the Australian operator of the Kraken cryptocurrency exchange, to pay AUD 8 million in penalties. The decision followed legal proceedings initiated by the Australian Securities and Investments Commission (ASIC), which found Bit Trade unlawfully issued a margin trading product to over 1,100 retail clients without meeting critical regulatory obligations under the Australian Corporations Act 2001 (Cth).

On 5 December 2024, the Monetary Authority of Singapore (MAS) released an information paper to provide good practices for Artificial Intelligence (AI) and Generative AI risk management in banking. Based on findings from a thematic review conducted in mid-2024, the paper outlines governance frameworks, risk management systems, and development protocols that banks and financial institutions are encouraged to adopt for responsible AI deployment.

On 6 December 2024, the Hong Kong Government announced the publication of the Hong Kong Stablecoins Bill in the Gazette. The Hong Kong Stablecoins Bill is scheduled for its first reading in the Legislative Council of Hong Kong on 18 December 2024.The Hong Kong Stablecoins bill aims to establish regulatory framework for fiat-referenced stablecoins.

On 16 October 2024, Germany’s Federal Financial Supervisory Authority (BaFin) published a study examining the influence of financial influencers (“finfluencers”) on investment decisions among adults aged 18 to 45. The report discusses the role of social media in shaping financial behaviours, especially among GenZ, and addresses the risks associated with this trend.

On 7 November 2024, Latvijas Banka announced updates to 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, aiming to enhance compliance and understanding of financial crime prevention across Latvia’s financial sector.