Global Regulation

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.

On 16 October 2024, BaFin published a study examining the influence of financial influencers on investment decisions among adults aged 18 to 45.

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.

On 28 October 2024, HKMA announced a collaboration with Banco Central do Brasil to drive cross-border tokenisation innovation.

On 30 October 2024, MAS introduced updates to Singapore’s Payment Services Act under its National Anti-Money Laundering strategy.

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.

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.

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.

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.

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.

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.