Yesterday, the Securities and Futures Commission (SFC) published a statement (Statement), together with a press release, setting out its new regulatory framework for virtual assets (also known as cryptocurrencies, crypto-assets and digital tokens). Continue reading
The extraordinary returns generated by cryptocurrencies have led to a frenzy of investment activity and interest from investors. Several new crypto hedge funds have emerged, and cryptocurrency is fast establishing itself as a mainstream asset class.
However, numerous operational and regulatory concerns remain. While regulators are increasing oversight, established players and startups are moving to address the current gaps in infrastructure, control and compliance.
Read our latest article for Regulation Asia to learn more about overcoming the challenges to make the most of the opportunities of this new asset class.
On 16 July 2018, the Financial Stability Board (FSB) published a report to the G20 on its work with the Committee on Payments and Market Infrastructures (CPMI) to develop a framework and identify metrics for the monitoring of financial stability risks posed by crypto-assets. The report also provided a helpful overview of the work being done by the other standard-setting bodies (SSBs), including the International Organisation of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS) on crypto-assets. Continue reading