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Feedback Statement to the Consultation Document on Pillar 1 - Regulations
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.

Malta

Statement

2020

In Force

Keywords: FinTech, FinTech Sandbox, Regulatory Framework, Regulatory Sandbox
Communication from the Commission to the European Parliament, et. al. Shaping Europe’s digital future
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.

European Union (EU)

Strategy

2020

In Force

Keywords: Digital Financial Services, Digital / Virtual Asset, Digital Payment, cybersecurity
BPRD Circular Letter No. 01 of 2020
Circular issued noting three amendments to BPRD Circular No. 5 on Regulations for Digital On-boarding of Merchants.

Bangladesh

Circular

2020

In Force

Keywords: Merchant, Merchant Acquisition
Partial Amendment of the Act on the Reporting and Utilization of Specific Financial Transactions Information [2024776]
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.

South Korea

Bill

2020

Adopted

Keywords: Crypto Asset, Crypto Currency, Digital / Virtual Asset, Initial Coin Offering (ICO)
Guidance on Digital ID
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.

FATF

Guidance

2020

In Force

Keywords: Identity, e-KYC - Electronic Know Your Customer, CDD - Customer Due Diligence
Securities and Exchange Commission Guidelines on Cybersecurity Framework for the Insurance Sector, 2020
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.

Pakistan

Guidance

2020

In Force

Keywords: Insurance, Insurance business, cybersecurity
Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019
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.

Malaysia

Statement

2019

In Force

Keywords: Digital Currency, tokens, Securities
Memorandum of Understanding Between State of Vermont Office of Secretary of State and Department of Financial Regulation
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.

USA (United States of America)

Memorandum

2019

In Force

Keywords: Blockchain, Distributed Ledger Technology (DLT), Insurance, Insurance Regulatory Authority
Advice: Initial Coin Offerings and Crypto-Assets
European Securities and Markets Authority (ESMA) advice on initial coin offerings and crypto-assets clarifying EU rules and ESMA position.

European Union (EU)

Guideline

2019

In Force

Keywords: Initial Coin Offering (ICO), Crypto Asset
Proposal for amendment n. 8.0.3 to the DDL n. 989
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.

Italy

Bill

2019

Draft Bill

Keywords: Distributed Ledger Technology (DLT), Time Stamp
Regulations for Electronic Money Institutions (EMIs)
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

Pakistan

Regulation

2019

In Force

Keywords: E-Money, Electronic Money, Digital Currency
Draft Enabling Framework for Regulatory Sandbox
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.

India

Regulation

2019

Draft Document

Keywords: Regulatory Sandbox, FinTech Sandbox, FinTech, Sandbox Framework
Information and Communication Technology Cybersecurity Certification (''Cybersecurity Act'')
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)).

European Union (EU)

Regulation

2019

Adopted

Keywords: cybersecurity
NIST Roadmap for Improving Critical Infrastructure Cybersecurity Version 1.1
A companion document to the National Institute of Standards and Technology (NIST) cybersecurity framework which sets forth the roadmap and agenda for further enhancement and revision of the framework and development, alignment and collaboration of cybersecurity related activities and responses.

NIST

Strategy

2019

In Force

Keywords: cybersecurity, Risk Management Framework
Maryland Senate Bill 136: Corporations - Corporate Records and Electronic Transmission
The state of Maryland bill signed into law provides for the use of "distributed electronic networks" (such as blockchain and distributed ledger technology (DLT) ) to maintain and trainsmit certain corporate information, stock ledgers and specific communications.

USA (United States of America)

Law

2019

In Force

Keywords: Blockchain, Distributed Ledger Technology (DLT), Corporate Records

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