Director of Bappebti Indonesia: Currently, Bappebti Is Paying More Attention to Financial Derivative Assets, Such As Cryptocurrencies
Didid Noordiatmoko, the director of Indonesia's commodity futures trading regulatory agency (Bappebti), stated that Bappebti will transform and focus on strategic commodities. So far, Bappebti has been more focused on financial derivatives such as cryptocurrencies.
General Counsel of BOCHK: The Hong Kong Securities and Futures Commission Must Take the Initiative to Assume the Responsibility of Monitoring Unlicensed Trading Platforms During the “Transition Period
Carmen Kan Wai Mun, the general counsel of Bank of China (Hong Kong) and a member of the Hong Kong Legislative Council, wrote an article in Sing Tao Daily titled "Developing Virtual Assets with 'Control and Guidance, Teaching and Direction'". The article pointed out that the Hong Kong Securities and Futures Commission lacked efficient channels for information dissemination and insufficient crisis awareness during the JPEX incident.
Coinbase VP: Taxation on DeFi will be 'extremely challenging'
Lawrence Zlatkin, the tax vice president of cryptocurrency exchange Coinbase, said that the proposal by the US Department of the Treasury and the Internal Revenue Service (IRS) for tax reporting requirements on cryptocurrency brokers is ultimately unrealistic. When discussing the new rules proposed by the Biden administration earlier this year, Zlatkin stated that collecting information from decentralized exchange (DEX) users would be "extremely challenging". In addition, tracking the gains and losses of traders and investors should not specifically target DEX.
SEC plans to review crypto trading brokers and transfer agents based on 2024 inspection guidelines
US Securities and Exchange Commission (SEC) released its 2024 examination priorities report on October 16th. The agency's examination division has been publishing similar reports for over a decade, informing its registrants about emerging risks that it will focus on, including cryptocurrency trading brokers.
The report states that the SEC's examination division has expanded its capabilities and established teams in various programs to address cryptocurrency, fintech, artificial intelligence, and cybersecurity issues in 2023. It adds that the SEC continues to monitor broker-dealers and advisors engaged in cryptocurrency work, examining registrants' compliance with conduct standards in customer advice and their understanding of the products offered by registrants, as well as evaluating risk management related to the use of blockchain and distributed ledger technology.
Australia’s Treasury to consult on new approach to regulating tokenized digital assets
Australian Treasury has released a consultation paper on the regulation of digital assets, which is open until December 1. The approach is aimed at intermediaries, especially those holding asset custody, rather than the digital assets themselves. The opinion emphasizes the significant consumer risks posed by intermediaries holding or controlling assets, using FTX as an example. Therefore, intermediaries controlling assets are a key target.
The document classifies digital assets into financial digital assets, securities, bonds, etc. and non-financial digital assets. For financial digital assets, it takes the approach of "same risk, same rules", and all usual intermediaries need to have an Australian Financial Services License (AFSL).
Australian Crypto Exchanges Welcome Proposed Regulations by Treasury for Industry Growth and Consumer Protection
The Australian Treasury has proposed new regulations for cryptocurrency exchanges, which would see them regulated under existing financial services rules and introduce new guidelines for all Australian firms dealing in digital assets. The proposed regulations aim to provide a framework for industry growth and innovation, regulatory certainty for crypto service providers, and protection for everyday consumers and their assets.
Hong Kong Secretary for Security: Maintain Close Cooperation With Law Enforcement Agencies From Foreign Countries and Other Jurisdictions to Arrest JPEX Perpetrators
Hong Kong Security Bureau Chief Chris Tang Ping-keung stated that Hong Kong law enforcement agencies maintain close cooperation with foreign and other jurisdictions, and no matter where the perpetrators flee, law enforcement agencies will arrest them and bring them to justice. He also said that a total of 28 people have been arrested in the JPEX case, with more than 2,500 victims and involving about 1.5 billion yuan. The investigation is still ongoing.
Australia Plans to Regulate Crypto Exchanges
According to a report by Bloomberg on October 16th, the Australian Treasury Department released a consultation paper titled "Regulating Digital Asset Platforms", which states that digital asset platforms holding more than AUD 5 million (USD 3.2 million) or individuals holding more than AUD 1,500 must obtain a license issued by the Australian Securities and Investments Commission (ASIC). The consultation paper proposes to regulate cryptocurrency exchanges under existing financial services laws rather than creating new cryptocurrency-specific rules.
Australian Government Proposes Requiring Cryptocurrency Exchanges to Hold Financial Services License
The Australian government is considering requiring cryptocurrency exchanges to hold a financial services license from the Australian Securities and Investment Commission (ASIC). The new regulatory framework aims to address consumer harms while still supporting innovation in the digital asset sector. The framework will regulate cryptocurrency exchanges and service providers under pre-existing financial services laws, rather than creating new crypto-specific rules. Some industry experts have expressed concerns about the approach and its potential to ignore the nuances of the technology. However, the proposals in the consultation paper are still only suggestions and not legally binding recommendations.
Coinbase Doubles Down on Push for Court Order to Compel SEC Response on Crypto Rulemaking Petition
Coinbase is urging for a court order to be issued within 30 days to compel the U.S. Securities and Exchange Commission (SEC) to respond to its crypto rulemaking petition. The SEC recently provided an update on the matter but did not disclose any further details. Coinbase's Chief Legal Officer, Paul Grewal, has criticized the SEC for its lack of action and called for a mandamus to force the agency to outline its intentions. Coinbase filed the rulemaking petition in July 2022, requesting the SEC to propose and adopt rules to govern the crypto market.
