Issue 331 · Sep 30, 2021 Weekly edition · 3 min read

Issue #331

Regulation is what the digital market needs in order to thrive. FAFT recommendations tell us that virtual asset service providers are not becoming less important in the world economy, but at the same time they must be

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SEC’s Gensler Highlights Need for Crypto Regulation

SEC’s Chairman Gary Gensler wants to bring cryptos under SEC regulation. His words during the Code Conference sounded threatening to crypto platforms.

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In this issue · 11 items

India Allows Self-KYC For New Phone Subscribers: How To Get Mobile SIM Home Delivery India Times — The Indian Department of Telecommunications now allows customers to comply with KYC procedures without going to stores when buying a new mobile connection. The new self-KYC is a mix of technology, need for compliance and solutions to counter Covid. Open story ↗ AML/KYC: Obstacle or Opportunity for Banks and FinTechs PYMNTS — PYMNTS and Trulioo reveal that financial institutions were fined more than $10 billion for regulatory non-compliance in 2020. Nevertheless, they all agree on the importance of AML and KYC procedures, especially while moving towards digitalization. Open story ↗ Peak Fintech Withdraws Form 40-F While it Works to Comply with New SEC Disclosure Guidance Peak Fintech Group — Via PR Newswire - To comply with SEC’s recent considerations on China-based issuers, Peak Fintech Group Inc. is voluntarily withdrawing its Form 40-F filed with the SEC. By doing so, the company won’t be able to keep the listing of its shares on the Nasdaq Capital Market. Open story ↗ Fintech regulations must be based on entity, not activity: RBI Dy Governor Business Standard — Deputy Governor T Rabi Sankar said that regulations should adapt to the nature of fintech companies. Avoiding this could make regulations less effective. His words were especially addressed to the RBI (Reserve Bank of India). Open story ↗ That Amazon Insurance Move: Comment & Analysis Insurance Edge — When new players of the size and savvy of Amazon breach our walls, insurers can feel their tea cups rattle. The unsettling problem is that insurers have historically underutilized access to the customer by thinking about their business as books of business and pools of risk rather than looking from the perspective of customer need. Open story ↗ Innovation In Compliance - Money Laundering Regulation and Compliance with Alexander Dill JD Supra — Thomas Fox welcomes Alexander Dill, Lecturer in Law at UCLA and teacher of financial regulation, risk management and compliance at the University of Chicago. They will discuss AML measures and problems encountered by compliance professionals. Open story ↗ Biden’s pick to head OCC favors tighter regulation of FinTech Compliance Week — US President Joe Biden’s nominee for Comptroller of the Currency shows that Democrats are looking for regulators who want stricter control of digital markets. Saule Omarova’s previous work treated fintech and crypto potential risks. Open story ↗ Platform businesses target for innovation, not regulation: minister The Korea Herald — South Korea’s Minister of Science and ICT, Lim Hyesook, addresses regulatory issues during a meeting with top executives: digital platform businesses and services need innovation - not regulation - to thrive. Open story ↗ Tesla CEO Elon Musk says U.S. government should avoid regulating crypto Via CNBC - Elon Musk, CEO of Tesla, said that governments can’t destroy cryptos during the Code Conference in Beverly Hills. But the CEO also admits that governments can slow them down. Open story ↗ Deepfakes: An insurance industry threat InsurTech Insights — If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect. Open story ↗ Fed's Powell faces heated questions on trading, regulation and diversity Reuters — During a meeting that should have been about Fed’s response to Covid, the Fed Chair Jerome Powell was attacked for alleged unethical behavior for what concerns market regulations. Open story ↗

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SEC’s Gensler Highlights Need for Crypto Regulation

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