AML with the takedown of cryptocurrency mixers such as ChipMixer and Bitzlato, which enabled The European Securities and Markets Authority money laundering.23,24 (ESMA) recently published a report, Decentralised Finance in the EU: Developments and Risks, to inform Other outcomes include the growth of inward the future of MiCA.20 Additionally, the European investment into the EU by international di. [...] when banks use DLT-based solutions.37 On investor education, through the publicity Privacy and security campaigns and educational programmes created by the SFC, the Investor and Financial Education Hong Kong’s regulatory approach to virtual/ Council (IFEC) and the HKMA, Hong Kong is digital assets emphasizes robust privacy and strengthening the knowledge and understanding of security measures. [...] and Countering the Financing of Terrorism.61 Digital Assets Regulation: Insights from Jurisdictional Approaches 16 Due to the The country’s KYC requirements include the be kept in a trust, and not allowing service regulatory disclosure by both the originator and the beneficiary providers to “facilitate lending and staking of clarity provided, customer of personally identifiable information (PII) D. [...] (4), Regulating Virtual Assets in the Dhabi Global Market (ADGM) was among the Emirate of Dubai, established VARA with the aim first regulators in the world to require authorized of positioning the country as a pioneering force exchanges to pre-clear any tokens they wished in the digital assets arena.84 The ultimate goal of to list with the regulator first prior to making the VARA is to balance gr. [...] On the latter, the House of Representatives passed the The United States has a fragmented approach to Financial Innovation and Technology for the 21st digital assets regulation, with a host of different Century Act (FIT 21), which provides a regulatory regulatory agencies involved such as the Securities framework for the operation of digital assets and Exchange Commission (SEC), the Commodities ma.
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- 41
- Published in
- Switzerland
Table of Contents
- Preface 3
- Executive summary 4
- Introduction 5
- Regulatory approaches, outcomes and unintended consequences 7
- 1.1 European Union  9
- 1.2 Gibraltar  11
- 1.3 Hong Kong SAR, China  12
- 1.4 Japan  14
- 1.5 Singapore  16
- 1.6 Switzerland  18
- 1.7 United Arab Emirates  20
- 1.8 United Kingdom  22
- 1.9 United States of America  23
- Recommendations 26
- 2.1 Anti-money laundering (AML) and know your customer (KYC) recommendations   27
- 2.2 Regulatory and technical sandbox recommendations  28
- 2.3 Decentralized finance (DeFi) recommendations  29
- 2.4 Privacy and security policy recommendations  30
- Conclusion 31
- Contributors 32
