Category: Compliance

Preparation for MiCA: Data will be at the heart of your preparation for MiCA. We created this guide to help you understand the upcoming requirements and adapt your data strategy. We will outline MiCA’s scope, requirements, and challenges and at the end provide several case studies showing how Crypto Asset Service Providers (CASPs) and regulators… Read more

Singapore has strict and clear compliance regulations by the Monetary Authority of Singapore (MAS) in place for digital payment token service providers (DPTsp). The major payment institution (MPI) license is required by digital payment token service providers (DPTsp). In April 2024, Monetary Authority of Singapore (MAS) expanded the MPI’s coverage of digital payment tokens to… Read more

Stablecoin holders can usually make a payment request to the issuer at any time. These requests are generally classified as deposits under banking law or collective investment schemes under the Banking Act. To distinguish between a deposit under banking law and a collective investment scheme it is important whether the underlying assets are managed for… Read more

The two-month consultation period ended on 29 February 2024. A total of 108 submissions were received from a wide variety of respondents comprising market participants, industry associations, business and professional organizations, individuals, etc. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have also been actively engaging in discussions… Read more

Financial institutions, corporates and regulatory bodies seek efficient solutions to cope with the increasingly complex regulatory landscape. The SFA community has played a crucial role in driving the growth and adoption of RegTech solutions as the members of our community bring deep domain expertise and a comprehensive understanding of regulatory requirements. Below are the member… Read more

📝 Reporting Requirements for Digital Asset Brokers: Custodial brokers must report digital asset disposition to sellers and the U.S. Internal Revenue Service (IRS) using Form 1099-DA. 📜 Definition and Inclusion of Non-Custodial Actors: The IRS intends to issue further regulations for non-custodial actors, such as decentralized finance (DeFi) platforms. 💵 Stablecoin Reporting Requirements: Qualifying stablecoin… Read more

The report found that while some jurisdictions have made progress in implementing anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, global implementation is still lagging. Several countries have yet to take significant steps to regulate this area, and these countries need to urgently prioritize the full implementation of these standards. Based on 130 Financial Action… Read more

📜 The VASP Travel Rule, an extension of the Financial Action Task Force (FATF) Recommendation 16, mandates that Virtual Asset Service Providers (VASPs) collect and transmit sender and beneficiary information for transactions exceeding a certain threshold, typically $1,000 or its equivalent. This includes names, account numbers, physical addresses, and identification details, akin to traditional financial… Read more