Regulatory Update
1st June 2021
The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries. Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the… Read More
1st June 2021
The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies. This came in the form a clarification issued by the RBI the wake of media reports concerning Virtual Currencies… Read More
31st May 2021
The accounting watchdog has strengthened requirements for auditors to detect fraud in company accounts after a series of scandals. The Financial Reporting Council (FRC) has published tougher rules around assessing fraud risks when auditing financial accounts. It is the first time the rules have been substantively revised in more than… Read More
28th May 2021
Artists will not be subject to the UK’s new anti-money laundering regulations when they come into full force on 10 June, the UK Treasury has confirmed today. It had previously been unclear whether artists selling their works directly to collectors would be classified as Art Market Participants (AMPs)… Read More
26th May 2021
Crypto-exchanges and start-ups welcomed Hong Kong’s move to introduce mandatory licensing for all virtual asset service providers and jail time for rogue players, saying that the proposal will likely deter non-compliant players and reduce competition. The city’s Financial Services and Treasury Bureau published its conclusion on legislative proposals last… Read More
24th May 2021
Cryptocurrency mining operators, including Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on Bitcoin mining and trading, sending the digital currency tumbling. A State Council committee led by Vice Premier Liu He announced the efforts late on Friday – the… Read More
21st May 2021
The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements. The department detailed in a report Thursday the… Read More
19th May 2021
The government may form a fresh panel of experts to study the possibility of regulating cryptocurrency in India, three sources privy of the discussions told ET. This comes amid the prevailing view that the… Read More
18th May 2021
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such… Read More
12th May 2021
The Government will create new laws to target flashy gang leaders and violent criminals, in a crackdown on organised crime and firearm ownership. Police Minister Poto Williams and Justice Minister Kris Faafoi announced the Government’s plan to introduce Firearm Prohibition Orders and bolster police powers to seize the assets of… Read More