In the last week, several major financial regulators, both national and international, simultaneously produced new guidelines for decentralized assets. The European Banking Authority and the European Securities and Markets Authority proposed guidelines for assessing the suitability of management members in crypto firms, offering standardized criteria for evaluating their knowledge, expertise, integrity and ability to dedicate adequate time to fulfill their responsibilities.
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) proposed to oblige banks to provide both quantitative and qualitative data on exposures to crypto assets and the corresponding capital and liquidity requirements. According to the BIS, using a uniform disclosure format will encourage the application of market discipline and lessen information asymmetry between banks and market participants.
The United States Treasury Department’s Financial Crimes Enforcement Network proposed designating cryptocurrency mixing as an area of “primary money laundering concern” following Hamas’ attack on Israel. It suggests requiring domestic financial institutions and agencies to “implement certain recordkeeping and reporting requirements” for crypto mixers transactions.
The Hong Kong Securities and Futures Commission (SFC) will make certain digital currency products available only to professional investors. The updated requirements consider digital assets “complex products” under the SFC and subject to the same
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Author: David Attlee
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