August 29, 2022

Veriscope Weekly Recap — 22nd August to 28th August

Veriscope Weekly Recap — 22nd August to 28th August

Welcome to another edition of Veriscope’s weekly regulatory recap. Australia announced its intention to regulate the crypto market with the first ever “Token Mapping” globally, whereas the Philippines discussed crypto regulation with input from Binance.

The International Monetary Fund (IMF) red-flagged the growing interdependence of the crypto & equities market, especially in the emerging markets. Singapore, popularly referred to as the “Lion City’ upped the ante against crypto firms in the country. So, without further ado, let’s dive straight into it.

Don’t forget to subscribe to our weekly recap post, comment, and share!

Australia Focused on “Token Mapping”

Australia will begin a review of how crypto assets are managed, said Australian Treasurer Jim Chalmers in a statement.

According to him, there is a digital revolution in the Australian economy, but “regulation is struggling to keep pace and adapt with the crypto asset sector.”

As part of the reform agenda, the Treasury will prioritize ‘token mapping’ in 2022, which will help identify how digital assets and related services should be regulated.

Token Mapping will uncover all crypto tokens’ characteristics, including charting the type of crypto asset, its underlying code, and other defining technological features.

Currently, the crypto sector is mostly unregulated and Australia’s new government, led by Prime Minister Anthony Albanese, wants to get the right balance so that “we can embrace new and innovative technologies while safeguarding consumers,” Chalmers said.

Read more here

IMF: Crypto’s Correlation with Equities on Rise in Asia

The International Monetary Fund (IMF) calls for urgent regulation in Asia, especially in India, Thailand, and Vietnam, due to co-movement in crypto and equalities markets.

In a blog post, the global financial institution observed that retail and institutional investors in these countries are among the top adopters of crypto. As such, it is high time for the regulators to integrate the crypto and financial markets.

The IMF noted that while crypto offers modest risk diversification benefits, the 3x increase in volatility correlations indicates “possible risk emotion spillovers between the crypto and equities markets.”

The increasing interconnectedness between the two asset classes can also impact financial markets, as such regulators “should establish clear guidelines on regulated financial institutions and seek to inform and protect retail investors,” the IMF said.

At the same time, the digitization of money would accelerate the financial inclusion of people, it added.

Read more here

Singapore’s Central Bank Steps Up Crypto Questioning

The Monetary Authority of Singapore (MAS) is asking certain crypto firms to submit data about their business activity, including top tokens owned, the amount loaned, top lending and borrowing counterparties, and top tokens staked via DeFi, according to a Bloomberg report.

Singapore’s central bank has sent detailed questionnaires asking for “highly granular information” about business activity and holdings to certain applicants and holders of the MAS’ Digital Payment Token licenses.

The data suggests that out of the 200 crypto firms that have applied for the license, MAS has only issued 10.

This latest move comes as the MAS looks to bring more safeguards for retail customers following the collapse of Singapore-based crypto hedge fund 3AC, Terraform Labs, and Vauld.

Read more here

Philippines Discussing Crypto Regulation

The SEC and the central bank of the Philippines discussed crypto regulation in a Senate hearing with several executives from the crypto industry, including from leading crypto exchange Binance.

In the Senate Committee on Banks, Financial Institutions, and Currencies hearing, the regulators and industry participants covered initiatives to establish policies and guidelines for fintech and digital assets.

SEC Chairman called for the need to actively enforce security measures against misconduct related to crypto assets, while the Binance manager for the Philippines said, Crypto can greatly help bank the 78% of unbanked Filipinos.

Read more here


VASPs need a Travel Rule Solution to begin complying with the FATF Travel Rule. So, have you zeroed on it yet? We have the best solution to suggest: Veriscope! Veriscope is the only frictionless Crypto Travel Rule compliance solution.

Visit our website to read more: and contact our BizDev team for a discussion here:

Also, follow us on Twitter, LinkedIn, Discord, Telegram, and Medium for up-to-date news from the world of crypto regulations.