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Author: Wei Xiang

  • [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    Wei Xiang

    VASPs face a critical decision: should revenue be recognized on a gross or net basis? This hinges on whether they act as principals or agents, following IFRS 15 guidelines. Accurate revenue reporting ensures compliance and reflects financial performance. Paypal Holdings is a payment service provider, listed as an entity in the United States. According to PayPal’s… Read more

  • Safeheron Partner Jag Foo // Web3 Accountant Radio Ep8 Transcript

    Wei Xiang

    Safeheron Partner Jag Foo // Web3 Accountant Radio Ep8 Transcript Jag Foo is the partner of Safeheron, an Institutional-Grade Self-Custodial Solution for Digital Assets. Safeheron is a leading provider of digital asset self-custody solutions for institutional clients. Our platform utilizes secure multi-party computation (MPC) and trusted execution environment (TEE) technologies to offer a comprehensive and… Read more

  • [BANQUE DE FRANCE] PROJECT VENUS

    [BANQUE DE FRANCE] PROJECT VENUS

    Wei Xiang

    The Venus project is the first successful tokenized bond initiative by the European Investment Bank (EIB) issued using private Distributed Ledger Technology (DLT) and listed on a securities exchange. It utilizes wholesale Central Bank Digital Currency (wCBDC) for settlement. This project demonstrates the potential of wCBDC and DLT in enhancing access, security, and efficiency in… Read more

  • [elven] Deep Dive into Dubai VARA License

    [elven] Deep Dive into Dubai VARA License

    Wei Xiang

    VARA License: The Dubai Virtual Assets Regulatory Authority (VARA) has established moderate and transparent compliance regulations for Virtual Asset Service Providers (VASPs) under Dubai VA Law (Law No. 4 of 2022). As of now, 13 VASPs have obtained licenses, and another 8 are in the application process. Disclosure Requirements: In terms of record-keeping and compliance… Read more

  • [elven] Deep Dive into Hong Kong SFO / AMLO License

    [elven] Deep Dive into Hong Kong SFO / AMLO License

    Wei Xiang

    SFO/AMLO Licenses: The Hong Kong Securities and Futures Commission (SFC) has established strict and transparent compliance regulations for Virtual Asset Trading Platforms (VATPs). The licenses under the Securities and Futures Ordinance (Cap. 571) (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO) are highly applicable to VATPs. Currently, two virtual asset trading… Read more

  • [cryptoworth] The State of crypto back-office 2024

    [cryptoworth] The State of crypto back-office 2024

    Wei Xiang

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  • [BitCompli] Navigating MiCA Compliance: Key Requirements & Actionable Steps for European CASPs

    [BitCompli] Navigating MiCA Compliance: Key Requirements & Actionable Steps for European CASPs

    Wei Xiang

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  • Global Workforce, Local Laws: HR’s Dilemma in Web3

    Global Workforce, Local Laws: HR’s Dilemma in Web3

    Wei Xiang

    As the Web3 ecosystem grows, it brings with it a unique set of opportunities and challenges, particularly in the area of human resources. Web3’s decentralized nature disrupts traditional business models and requires a fresh approach to managing employees, data, and compliance. HR professionals in the Web3 space must navigate a complex legal and regulatory landscape… Read more

  • [TRM] Bridging the Digital Divide: Financial institutions and the future of digital asset compliance

    [TRM] Bridging the Digital Divide: Financial institutions and the future of digital asset compliance

    Wei Xiang

    https://www.trmlabs.com/post/bridging-the-digital-divide-financial-institutions-and-the-future-of-digital-asset-compliance?utm_campaign=Angela%20-%20Policy%20Evergreen&utm_source=linkedin&utm_medium=social&utm_content=ABA Over the last few years, banks have increasingly—if slowly—begun to engage with digital assets, recognizing the growing demand from consumers and the potential for innovation in financial services. This shift is marked by a series of strategic initiatives, including partnerships with crypto firms, launching digital asset custody services, and integrating block-chain technology into operations… Read more

  • ISCA Directory – MAS Payment Services Act

    ISCA Directory – MAS Payment Services Act

    Wei Xiang

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    https://eservices.isca.org.sg/apex/MasPaymentSvsAct MAS Payment Services Act With effect from 26 August 2024, new licence applicants intending to carry on digital payment token (“DPT”) services pursuant to the Payment Services Act 2019 (“PS Act”), as well as PS Act licensees that are applying to add DPT services would be required to submit an Independent External Auditor’s Assessment… Read more