Bitcoin (BTC) hit another all-time high ($29,626) at around 12pm UTC on January 1, according to CoinMarketCap.com.
FinCEN is now interested in offshore crypto holdings, proposes new regulation
The U.S. Financial Crimes Enforcement Network (FinCEN) announced its intention to propose a change in the Bank Secrecy Act, regarding reporting of foreign financial accounts holding virtual currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts regulations. However, the notice indicates that FinCEN wishes to amend these regulations to require the reporting of virtual asset accounts of more than $10,000 held with foreign institutions by all U.S. citizens, residents, corporations, partnerships, limited liability companies, trusts and estates.
Money in programmable applications: Cross-sector perspectives from the German economy
A joint study by the German Federal Ministry of Finance and the Deutsche Bundesbank concluded that demand for programmable payments is rising in Germany. Smart contracts could be incorporated into conventional payment systems, but the extent to which they can be implemented and applied is limited. However, tokenized commercial bank money and central bank digital currency could bring the greatest functional benefit in terms of settling programmable payments. Both options are well-suited settlement solutions for programmable payments on account of the expected credibility of their issuers and their use within a binding legal framework.
Bank Negara Malaysia Issued a New Licensing Framework for Digital Banks
The Bank Negara Malaysia’s new digital bank licensing framework for digital banks will apply a simplified regulatory framework during the initial stage of operations, commensurate with an asset threshold of not more than RM3 billion for three to five years. This functions as a foundational phase for the licensees to demonstrate their viability and sound operations, and for the central bank to observe the performance of the licensed digital banks and attendant risks that arises from their operations.
