Global Regulation
Quantum Updates 23: Gen Z Trusts Finfluencers | November 2024
On 16 October 2024, BaFin published a study examining the influence of financial influencers on investment decisions among adults aged 18 to 45.
Quantum Updates 22: Latvijas Banka Issues AML Guide | November 2024
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.
Quantum Updates 21: HKMA Partners with Brazil’s Central Bank | November 2024
On 28 October 2024, HKMA announced a collaboration with Banco Central do Brasil to drive cross-border tokenisation innovation.
Quantum Updates 20: MAS Reforms Crypto & Payment Rules | November 2024
On 30 October 2024, MAS introduced updates to Singapore’s Payment Services Act under its National Anti-Money Laundering strategy.
Quantum Updates 19: SEC-Ripple Default Notice Issued | October 2024
On 22 October 2024, the U.S. Court of Appeals for the Second Circuit issued a Default Notice concerning procedural non-compliance by Ripple Labs’ legal team.
Quantum Updates 18: Gensler on AI & Investor Protection | October 2024
On 10 October 2024, Gary Gensler, Chair of the US SEC, addressed the growing risks of fraud in relation to AI and its application in finance.
Quantum Updates 17: CFTC Grants Kalshi No-Action Relief | October 2024
On 4 October 2024, US CFTC issued a supplemental no-action letter to KalshiEX LLC and Kalshi Klear LLC, exempting them from specific regulatory requirements as they transition their clearing operations from LedgerX LLC to Kalshi Klear LLC.
Quantum Updates 16: UAE Rolls Out New VAT Rules | October 2024
On 6 September 2024, the UAE Cabinet issued Cabinet Decision No. 100 of 2024, amending the UAE’s Federal Decree-Law No. 8 of 2017 on Value Added Tax. These amendments discuss the VAT treatment of virtual assets such as cryptocurrencies and provide clear guidelines for businesses involved in virtual asset transactions. The new regulations will be effective from 15 November 2024 and requires businesses handling virtual assets to ensure compliance with the updated tax laws.
Quantum Updates 15: SG Court Orders WazirX-Zettai Relief | October 2024
On 25 September 2024, the Singapore High Court, presided over by Judicial Commissioner Kristy Tan, held a moratorium hearing via Zoom regarding Zettai Pte. Ltd. Numerous creditors raised concerns about Zettai’s financial practices, transparency, and fairness in the proposed moratorium, which the company, connected to cryptocurrency platform WazirX, sought to address financial fallout from a significant hack. Creditors voiced opposition to the moratorium and raised allegations of manipulation and mismanagement by both Zettai and WazirX.
Quantum Updates 14: CFTC Targets Unregistered Platforms | September 2024
On 3 September 2024, the U.S. Commodity Futures Trading Commission (US CFTC) filed complaint against four online trading platforms, cryptoiminerstrade.com, FalconForexBot, Expert Stocks Zone, and swiftminingexpert.com, for allegedly operating as unregistered futures commission merchants (FCMs) and misleading the public about their regulatory status. The platforms allegedly falsely claimed to be regulated by the US CFTC, deceiving investors into believing that their funds were protected under U.S. financial laws.
Quantum Updates 13: CFTC Amends Rules for Entities | September 2024
On 12 September 2024, the Commodity Futures Trading Commission (US CFTC) announced amendments to Regulation Part 40, which impact rule submission procedures for designated contract markets (DCMs), swap execution facilities (SEFs), and derivatives clearing organizations (DCOs). These changes aim to improve the certification process, update product certification requirements, and improve transparency for market participants, including those in the digital assets and cryptocurrency sectors.
Quantum Updates 12: WazirX-Zettai Hearing Set Sept 2024 | September 2024
On 3 September 2024, the Singapore High Court held a case conference concerning Zettai Pte. Ltd., the parent entity of WazirX, which had filed for a six-month moratorium due to financial difficulties following a USD 234 million cyberattack on WazirX.