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Category: Compliance

  • [Law Commission] Decentralised autonomous organisations (DAOs)

    [Law Commission] Decentralised autonomous organisations (DAOs)

    Wei Xiang

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    The term decentralised autonomous organisation (“DAO”) describes, in very broad terms, a new type of online organisation using rules set out in computer code. A DAO will generally bring together a community of (human) participants with a shared goal – whether profit-making, social or charitable. At least originally, DAOs were conceived of as an alternative… Read more

  • [Securities Commission Malaysia] PROPOSED REGULATORY FRAMEWORK FOR OFFERING AND DEALING IN TOKENISED CAPITAL MARKET PRODUCTS

    [Securities Commission Malaysia] PROPOSED REGULATORY FRAMEWORK FOR OFFERING AND DEALING IN TOKENISED CAPITAL MARKET PRODUCTS

    Wei Xiang

    The SC is cognisant of the rapid evolution and growth of technology and innovation in relation to various capital market products and services. In this regard, the SC has observed a growing interest among capital market participants who wish to offer tokenised capital market products or carry out regulated activities relating to tokenised capital market… Read more

  • [DREW & NAPIER] Key Updates to the Guidelines on Licensing for Payment Service Providers

    [DREW & NAPIER] Key Updates to the Guidelines on Licensing for Payment Service Providers

    Wei Xiang

    On 26 July 2024, the Monetary Authority of Singapore (“MAS”) published amendments to the Guidelines on Licensing for Payment Service Providers (PS-G01) (“Guidelines”). These amendments affect current and future Standard Payment Institutions (“SPIs”) and Major Payment Institutions (“MPIs”), and will take effect from 26 August 2024. Among others, there were two key categories of amendments.… Read more

  • [Deloitte] 2025 – the year of payment stablecoins

    [Deloitte] 2025 – the year of payment stablecoins

    Wei Xiang

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    How do you want to engage? Companies will encounter multiple opportunities to engage with PSCs and must continuously assess which part of the value chain to participate in. Some entities will aggressively seize market share with a first-mover strategy, while others will react when external use of PSCs demands their involvement. Executives need to evaluate… Read more

  • [The Network Firm] 2025 Crypto Accounting Guide: How to Protect Your Startup from Financial Pitfalls

    [The Network Firm] 2025 Crypto Accounting Guide: How to Protect Your Startup from Financial Pitfalls

    Wei Xiang

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    Bitcoin ETFs have arrived. Token ETFs are next.  Regulatory clarity is improving, and institutional interest in the crypto space is steadily growing.  With these market shifts, expectations for financial transparency and operational rigor are higher than ever—especially for crypto startups. As a crypto founder or CFO, it’s essential to establish sound financial practices early to meet… Read more

  • [BIS] Cryptocurrencies and decentralised finance: functions and financial stability implications

    [BIS] Cryptocurrencies and decentralised finance: functions and financial stability implications

    Wei Xiang

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    1. DeFi mimics traditional finance (TradFi) functions but introduces new risksDeFi aims to provide financial services such as payments, lending, and asset management without intermediaries. However, its design—based on anonymity and automation—exposes users to new forms of market failures, including information asymmetry and systemic vulnerabilities. 2. Smart contracts and composability: innovation and fragilitySmart contracts enable… Read more

  • [FIAU] Administrative Measure Publication Notice – OKCoin Europe Limited

    [FIAU] Administrative Measure Publication Notice – OKCoin Europe Limited

    Wei Xiang

    Date of Sanction: April 1, 2025Entity: OKCoin Europe LimitedSector: Virtual Asset Service Provider (VASP)Supervisory Action: On-site compliance review conducted in April 2023Penalty Imposed: €1,054,269 fine and a follow-up directive under Regulation 21 of the PMLFTR Business Risk Assessment (BRA) Deficiencies: Customer Risk Assessment (CRA) Failures: Customer Profile and Business Relationship Monitoring: Ongoing Monitoring and Enhanced… Read more

  • [SFC] Terms and conditions for providing staking services

    [SFC] Terms and conditions for providing staking services

    Wei Xiang

    Key Purpose To ensure that staking services provided by licensed virtual asset trading platforms are conducted safely, transparently, and with robust investor protections, especially for retail clients. Scope of Staking Services Custody & Safeguards Risk Management Operators must: Client Communication & Transparency Blockchain Protocol & Validator Assessment Recordkeeping & Reporting Read more

  • PwC Global Crypto Regulation Report 2025

    PwC Global Crypto Regulation Report 2025

    Wei Xiang

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    The U.S. moves towards regulatory clarity Asia’s proactive crypto regulations MiCAR’s transitional period creates uncertainty Middle East and emerging market frameworks UK’s cryptoasset regime in progress Integration of crypto into traditional finance Read more

  • [HKMA] Distributed Ledger Technology in the Financial Sector: A Study on the Opportunities and Challenges

    [HKMA] Distributed Ledger Technology in the Financial Sector: A Study on the Opportunities and Challenges

    Wei Xiang

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    In recent years, the financial services industry has witnessed a significant transformation, driven by the emergence of innovative technologies that are redefining the way institutions operate, interact with customers, and manage risk. Among these technological advancements, Distributed Ledger Technology (DLT) has garnered significant attention for its potential to enhance transparency, efficiency, and security in financial… Read more