“A Regulatory Review Earlier this Year Found Weaknesses in Some Exchanges’ Cyber Defenses, Prompting The SFC to Set New Custody Standards for Licensed Platforms.”, – WRITE: www.coindesk.com
In a circular lisied friday, the securities and Futures Commission (SFC) Set Minimum Standards for Licensed Virtual Asset Trading Platforms (Vatps) Covering Senior Management Responsponsponsponsponsponsponspons. of Third-Party Wallet Solutions and Real-Time Threat Monitoring.
The Move ComESS After the Regulator’s Targeted Review Earlier this Year Found “Inadequacies” in Some Current Exchanges’ Cybersecity and Custom. The Guidelines Also Form the Basis of Expectations for Virtual Asset Custodians More Broadly.
By Coupling Product Expancing with Hard Rules on Asset Protection, Hong Kong Is Looking to Digraterentiate Iteldf From Regional Rival Singapore, Which Has Taken ASERRICIVE.
The Announcement Ties Directly Into the Infrastructure and Safuards Pillars of the SFC’s Aspire Strategy, Unveiled In February at Condesk’s CONSESSSSENSSSSSSSSENSSSSSSSSSSSSSUSSUS Five-Pronged Plan to Address Liquidity Fragmentation, Regulatory Arbitrage, and Market Volatility While Expanding the Range of Regulated Products and Services.
The Custody Push Follows a Series of Regulatory Moves This Year Aimed at Widening Market Access While Tigtening Oversight.
In February, The Regulator AnnounCed New Licensing Regimes for Over-The-Counter Trading and Custody Services, Alongside A Review of Derivatives and Margin Trading for Virtual Aps. In april, It Greenlit Staking Services for Licensed Exchanges and Funds, Albeit Under Strify Asset Control and Risk Disclosure Requirements.
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US Bankers Are Pushing Hard for Revisions of the New Stablecoin Law Even Beng Regulators have the first steps of writing the rules.
- US BANKING GRUPS ARE PETINGING LAWMAKERS TO MAKE CHANKS TO THE STABLECOIN LAW KNOWN as the Genius Act, and Consumer Groups Joined Them for One of the Requests – Aligning Association of Policy Issues.
- In One Letter, Bank Lobbyists and the Consumer Groups Asked to Cut A Provision in the Law that Could COURLD ALLOW STATE-CHARARATED UNINSURED DEPOSITORY INSTITATIONS that stablecoin affiliates be stopped from shooting yield.
- The lobbyists are asking that Future Crypto Market Structure Legislation Be Used to Overhaul The New Stablecoin Law.
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