Adrian JohnsonTLDR: This article provides an update on fintech regulations and highlights the need for sustainable practices in the financial industry in preparation for the Lunar New Year. Some key points include:
- The Monetary Authority of Singapore (MAS) is encouraging the use of environmentally friendly currency notes or e-hong baos during the Lunar New Year.
- The Hong Kong Monetary Authority has launched a pilot for the Interbank Account Data Sharing initiative, allowing customers to share their bank account data with other banks.
- Regulations for the UK Digital Securities Sandbox have come into force, creating a legal framework for the Bank of England and the Financial Conduct Authority to operate the sandbox.
- The Fraud Compensation Fund and the Financial Services Compensation Scheme are working together to facilitate compensation payments for financial losses related to occupational pension schemes.
- The European Council and European Parliament have agreed on an AML package to protect against money laundering and terrorist financing.
- The International Organization of Securities Commissions (IOSCO) has addressed integrity and investor protection issues in decentralized finance (DeFi).
- The Reserve Bank of India has enabled Card-on-File Tokenization (CoFT) for cardholders.
- The Taskforce on Nature-related Financial Disclosures has announced that over 320 organizations from 46 countries have committed to making nature-related disclosures.
These regulatory updates highlight the importance of sustainability and innovation in the financial industry, and the need for continued efforts to align regulations with technological advancements.
Source: Finextra
