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Regulatory Blog

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FSB releases a public consultation on proposed framework for international regulation of crypto-asset activities
On 11 October 2022, the Financial Stability Board (FSB) published a public consultation on a proposed framework for the international regulation of crypto-asset activities to ensure that these activities are subject to comprehensive regulation, commensurate to the risks they pose, while harnessing potential benefits of the technology behind them.
EU Council approves Digital Services Act
On 4 October 2022, the Council of the European Union approved the Digital Services Act which aims to ensure a safer online environment protecting the digital space against the spread of illegal content and ensuring the protection on users’ fundamental rights.
BVI calls for feedback on proposed Virtual Assets Service Providers Bill 2022
On 9 September 2022, the BVI Financial Services Commission (FSC) issued a draft of the BVI’s proposed new legislative framework governing Virtual Assets Service Providers (VASPs). The proposal is in line with the requirements of the Financial Action Task Force (FATF) on VASP regulation globally.
BVI revises AML regulations covering virtual assets service providers (VASPs)
Following public consultation on proposed amendments to the BVI's Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice (AML Regulations), which commenced in July 2022, the BVI has amended the AML Regulations pursuant to the Anti-Money Laundering (Amendment) Regulations, 2022, gazetted on 19 August 2022, and the Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice, 2022, gazetted on 29 August 2022.
CIMA updates its FAQs on VASP registration process
The Cayman Islands Monetary Authority (CIMA) issued a Notice on 2 May 2022 providing an update to the FAQs relating to the Virtual Asset Service Provider (VASP) registration process to assist industry with improving the completeness and quality of VASPs applications submitted to CIMA.
OECD initiates a public consultation on tax transparency framework for crypto-assets and common reporting standard amendments regarding digital funds
On 22 March 2022, the OECD released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries.
BVI Finance announces Fusang Exchange’s admission to the BVI list of recognised exchanges
On 15 February 2022, BVI Finance published an announcement that the Fusang Exchange, a fully regulated end-to-end digital securities exchange in Asia has been included to the list of BVI recognised exchanges.
CIMA updates on VASP registrations
The Cayman Islands Monetary Authority (CIMA) has published guidance to assist with application under the VASP regime.
CSSF published a white paper on Distributed Ledger Technologies (DTL)
On 21 January 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a non-binding document, a “white paper”, aiming to guide interested professionals in the conduct of their due diligence process related to the Distributed Ledger Technologies (DLT) and its use in the provision of services in the Luxembourg financial sector.
MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
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