HKEX plans to create a blockchain platform, Taiwan implements new amendments to AML and CFT laws, SEC ceased over dozen illegal ICOs, RFB demands monthly reports from crypto exchanges, Petro recognized as a legal tender, crypto industry to regulate itself in Japan, HSBC and RIL settle India’s first LoC transaction on blockchain, ASB settles New Zealand’s first export deal using blockchain
- Hong Kong Exchange and Clearing Limited plan to create a blockchain platform to speed-up the post-trade process and reduce the settlement risk among traders. The partnership was done under the Stock Connect programme and was revealed by HKEX CEO Charles Li during a tech event in Hong Kong.
- As per Taiwan’s latest amendments to anti-money laundering and counter-terrorism financing laws, the Financial Supervisory Commission now has the right to restrain anonymous crypto transactions. Crypto users will now have to present their true identities to the crypto exchanges, and the inability to comply with this might result in the blocking, and in some suspicious cases, reporting of their transactions.
- SEC enforced actions upon over a dozen illegal ICOs, of which, it is estimated that at least three ICOs collectively raised over $68 million in investments. During fiscal 2018, SEC reported having collected $3.945 billion in form of disgorgement and penalties. The Cyber Unit of SEC, formed at the end of 2017, helped it significantly in controlling cyber-misconduct in the crypto industry.
- Department of Federal Revenue of Brazil orders the cryptocurrency exchanges to send the monthly reports of their crypto operations — the identity of users and the number of transactions. Additionally, exchanges that fail to comply with the law will be charged with a penalty of $400, and in cases of misrepresented data, as high as 3% of the total transaction value will be levied as a penalty.
- After all the postponement, Petro is finally recognized as a legal tender by Venezuela's Supreme Court of Justice and is ready for trade. The launch of Petro was done on October 1st, however, it wasn’t until November 5th that the crypto users could successfully trade them.
- Japan takes a leap of faith and renders the crypto industry the power to regulate itself. According to Japan, the blockchain and crypto industry is growing too fast for regulators to understand and catch up with it in order to regulate it. Hence, Japan Virtual Currency Exchange Association (JVCEA) now stands responsible to act as the watchdog for the crypto markets.
- HSBC, global banking and financial services firm of India, along with Reliance Industries completed a letter of credit (LoC) transaction using the blockchain, making it the first of its kind in the country. RIL’s chief financial officer mentioned that the blockchain transaction reduced the time of processing the documentation from a span of 7-10 days to less than a day.
- New Zealand private bank ASB successfully settled the nation’s first ever export deal using the distributed ledger technology. The transaction took place between Greenlea Premier Meats and a South Korean importer along with a local export insurer Vero and documentation processing distributor Prodoc. Jack Vollebregt, CFO of the Kiwi meat exporter, said that using DLT not only reduced the time taken for export but also the risk of fraud and cyber attacks.