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regulation

Issued under its Regulations and Financial Stability area, the new MAS form is a part of the Regulations and Guidance and Licensing function in relation to the securities, futures and funds market segment.

It covers those applying to become a recognised exchange or market operator, including those in the FinTech sector.

BIScom Subsection: 

It's incredible. The European Union has produced five Money Laundering Directives and still in some respects it is not one but two steps behind some countries that are often subject to criticism. Indeed, it is behind many of its own member states. This week, the Council of the European Union "adopted" a "regulation." Politically, the fact that a Regulation has been made is more important than what it does.

The European General Data Protection Regulation is a fantastically complex piece of legislation but it is not an "Act" or, as Acts are called in the EU, a Directive.

It has been brought into law across the EU (and beyond) and will come into force on 25th May 2018.

Most importantly, it proves how domestic law in member states can be written by Europe outside the democratic process.

CoNet Section: 

Aside from giving Digital Currency Exchanges a TLA (three letter acronym) AUSTRAC has sidestepped all the "is it, isn't it?" fuss in so many countries and stated the obvious: because digital currency is "money" in the economists' sense of the word, anyone operating an exchange is subject to the same rules and regulations as anyone operating an exchange in fiat currencies. But here's the surprise: the requirement to register with AUSTRAC and to put in place money laundering, etc compliance and risk management systems comes into force today. And the notice was only published this morning. Moreover, there is an unexpected consequence for the mainstream financial sector.

On 19th March, the USA's Office of Foreign Assets Control, a division of the US Treasury, which publishes lists of persons sanctioned under trade and economic policies, under policies that are political including but not limited to national security plus those under the USA PATRIOT Act announced that it was to include, where it has it, cryptocurrency data relating to subjects. Just what are they planning and what will it mean for crypto-currency holders and exchanges and businesses such as online auctions and advertising platforms?

BIScom Subsection: 

Regulation
Policing
Impact on the conventional sector

"No head-scratching and audible sighs of relief as knickers become untwisted. "

The final part of this article.

Continued from Part IV of this article

Continued from Part III of this article

Continued from Part II of this article

Part I is here

This article, by Nigel Morris-Cotterill, was first published in September 2002. It is, in part based on a briefing to banks, etc, in London in November 2001 and draws attention to the effect of the money laundering, etc. provisions of the just in-force USA PATRIOT Act.

BIScom Subsection: 

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