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Licensees would need to assess legal, reputational and market risks of any new coins, and they'd also have to set out how they would reverse the process by de-listing a token, according to the consultation, proposed by NYDFS Superintendent Adrienne Harris. Source
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“Almost three quarters of jurisdictions are only partially compliant or not compliant with the FATF’s requirements” for virtual assets, according to a statement issued following a regular plenary meeting of the watchdog, chaired by Singapore's T. Raja Kumar. Original Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Singapore’s central bank, the Monetary Authority of Singapore, has unveiled a proposed common protocol aimed at establishing clear conditions for the utilization of digital currencies. As financial institutions in the city-state embark on trials involving purpose-bound
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While Bamra said DeFi norms, once released, “could help increase investor confidence, decrease exposure to risks, and encourage more consistent regulation" across jurisdictions, Chris Perkins, president and managing partner at investment firm CoinFund commended IOSCO for not “commingling” DeFi in its policy paper covering crypto asset service providers. Source
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“As the G-7 Finance Ministers and Central Bank communiqué of 13 May has once again reminded us, the time has come to put an end to the regulatory uncertainty that characterizes crypto activities. Today’s consultation paper received unanimous support from the IOSCO Board and is the outcome of an intense
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"The plenary thus agreed on a road map to strengthen implementation of FATF standards on virtual assets and virtual asset service providers, which will include a stocktake of current levels of implementation across the global network," the FATF said, adding that a report on its findings is due in the
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“Recent failures in the crypto market have emphasized the importance of having a clear, consistent contractual framework that spells out the rights and obligations of both parties following a default,” ISDA CEO Scott O’Malia said in a statement, adding that new definitions would help in bankruptcy cases. Original Source
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