The Central Bank of Nigeria (CBN) is proposing the establishment of Payment Service Banks and has issued the Exposure Draft Guidelines For Licensing and Regulation of Payment Service Banks in Nigeria for comment and observation.
The FATF Recommendations are 'a comprehensive and consistent framework of measures' - an international set of standards - which jurisdictions are recommended to implement and adopt as part of their efforts of anti-money laundering and countering the financing of terrorism.
The Monetary Authority of Singapore (“MAS”) has issued a consultation paper seeking feedback on the creation of it's 'express sandbox' to expedite the process of approvals of financial technology (FInTech) innovations to enter the MAS regulatory sandbox. Primary evaluation criteria assessed for that which is eligible (generally lower risk applications) include the level of technical innovation of the invention and the fitness and suitability of the key stakeholders of the applicant.
Acting pursuant to Article 42(4)(1) of the Republic of Lithuania Law on the Bank of Lithuania (central bank), the Board of the Bank of Lithuania has approved Regulatory Sandbox Framework of the Bank of Lithuania (included within this document), entering in force on 15 October 2018.
Every 'licensed undertaking' in Bermuda shall file annually a written report assessing the availability, functionality and integrity of its electronic systems which shall include identifying associated risks arising from a digital asset business and a cybersecurity policy and a detailed response plan. A quarterly penetration testing and vulnerability assessment must also take place, which includes maintaining the integrity of an adequate audit trail.
The Digital Financial Innovation in the Financial Services Sector regulation is an initiative to stimulate innovation in the digital financial services ecosystem such as through crowdfunding, settlements, investment management, insurance and other categories that fall under the purview of the regulator, the OJK, which covers registration of companies as digital financial innovation operators (inovasi keuangan digital or 'IKD') who become eligible to apply to the OJK regulatory sandbox.
Amendment to the Samoa Money Laundering Prevention Act 2007 to implement obligations of anti-money laundering and countering terrorist financing (AML / CFT) international standards under Samoa’s Mutual Evaluation Report 2015.
Reserve Bank of India (RBI) Circular bans all entities under the purview of the RBI from dealing in virtual currencies or provide services for facilitating any person or entity in dealing with or settling virtual currencies.
Abu Dhabi Global Market, the financial services regulator, has released guidance which is its approach to regulation of Crypto Asset activities (which includes exchanges, custodians and intermediaries and also initial coin offerings or ICOs) and is collectively referred to as the “Spot Crypto Asset Framework”.
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