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The MFSA received 18 responses from a wide range of industry participants and interested parties including regulated firms, associations, technology providers, law firms and consultancy firms with regard to its Consultation Document regarding Pillar 1 - Regulations.This Feedback Statement summarises the feedback the Authority received and sets out the MFSA's response and position thereto.
In Force
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The European Commission unveils its ideas and actions for a digital transformation that works for all, reflecting the best of Europe: open, fair, diverse, democratic and confident. It presents a European society powered by digital solutions that put people first, opens up new opportunities for businesses, and boosts the development of trustworthy technology to foster an open and democratic society and a vibrant and sustainable economy.
In Force
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Circular issued noting three amendments to BPRD Circular No. 5 on Regulations for Digital On-boarding of Merchants.
In Force
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The South Korean government passed an amendment to the Act on Reporting and Use of Specific Financial Information, adding regulation for entities dealing with cryptocurrency trading and holding, imposing KYC, AML and CFT requirements, which are also applicable to virtual asset / cryptocurrency service providers.
Adopted
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This Guidance is intended to assist governments, regulated entities and other relevant stakeholders in determining how digital ID systems can be used to conduct certain elements of customer due diligence (CDD) under FATF Recommendation 10.
In Force
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The guidelines, applicable to technology relating to the insurance sector of Pakistan, specify guiding principles for adoption of suitable cybersecurity measures for threat reduction, vulnerability reduction, deterrence and other cyber security measures. Effective July 1, 2020.
In Force
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A Bill to govern the collection, processing, use and disclosure of personal data and to establish and making provisions about offenses relating to violation of the right to data privacy of individuals by collecting, obtaining or processing of personal data by any means.
Draft Bill
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Created by the Intergovernmental Fintech Working Group (IFWG), this position paper presents the South African policy position on crypto assets. Such policy stances should enable the development of a regulatory framework, including suggestions on the required regulatory changes to be implemented. This position paper focuses exclusively on non-government, or non-centralbank-issued, crypto assets. It does not address central-bank-issued digital currencies, including central-bank crypto currencies.
In Force
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The Order, in force as of January 15, 2019, announces that digital currencies and digital tokens are prescribed to be securities as per definitions set forth herein.
In Force
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USA (United States of America), State of Vermont, memorandum between the Secretary of State and Department of Financial Regulation to collaborate on an initiative to potentially implement digital ledger technology or blockchain technology for the purposes of digital record keeping within the captive insurance industry.
In Force
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European Securities and Markets Authority (ESMA) advice on initial coin offerings and crypto-assets clarifying EU rules and ESMA position.
In Force
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Proposed amendment to regulations (Senate Act no. 989) to recognize Distributed Ledger Technology (DLT) and blockchain timestamping and validation protocols to digital documents and as referred to in EU Regulation 910/2014, Article 41.
Draft Bill
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The central bank of Pakistan issued regulations for Electronic Money Institutions which are non-banking entities duly authorized to issue means of payments in the form of electronic money, which follows recommendations from the FATF
In Force
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The Reserve Bank of India (RBI) first draft of its "Enabling Framework for Regulatory Sandbox" available for public comment, to be submitted by May 08, 2019.
Draft Document
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The European Parliament's approved Proposal for its Cybersecurity Act. Under the Act, the European Union Agency for Cybersecurity (“ENISA”) is granted a permanent mandate and is tasked to perform as the central provider of cybersecurity expertise and advice including the development of EU policy and law, engage in capacity building, support and cooperation on cybersecurity practices and response to the EU and its Member States, publish guidelines and best practices for cyrbersecurity and promote international cooperation as well as other duties. The Act also establishes the European cybersecurity certification framework (applicable across the EU) in an effort to create a common, certified cybersecurity approach throughout the EU which will also apply to Information and Communications Technologies (ICT) products and services (including the Internet of Things (IoT)).
Adopted
