November 2023 – FinTech and Blockchain Law Watch

California is Seeking Industry Input on New Crypto Rules

Nov 21 2023

The California Department of Financial Protection and Innovation (DFPI) is requesting comments on potential rules it will promulgate to implement the state’s recently-enacted Digital Financial Assets Law (DFAL), which establishes a formal licensing regime for digital asset service providers. Please review our client alert for a detailed analysis of the new law, which takes effect 1 July 2025.

Tokenized Products of SFC-Authorized Investment Products Can Be Offered to Retail Customers in Hong Kong

Nov 20 2023

By: Jay Lee and Natalie Chow

The Securities and Futures Commission of Hong Kong (SFC) will now allow tokenized authorized investment products to be offered to retail investors. Recognizing the growing interest in the tokenization of investment products in Hong Kong, on 2 November 2023, the SFC issued a circular outlining the public offering scheme and requirements of tokenized authorized investment products under the Securities and Futures Ordinance for primary dealings. However, secondary trading of such tokenized investment products is not allowed yet.

Singapore to Share Cryptocurrency Tax Information With Other Countries

Nov 14 2023

By: Nicolet-Serra and Josh Durham

Singapore has just become the 48th nation (joining the US) to begin implementing the international Crypto-Asset Reporting Framework (CARF), which is intended to standardize the automatic exchange of personal financial information between countries and to reduce tax evasion by those engaging in cryptocurrency transactions.

CFPB Wants to Oversee Large Nonbank Digital Payment Providers

Nov 08 2023

By Jeremy McLaughlin, Andrew Hinkes, and Josh Durham

Yesterday the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) that, according to the agency, aims to “crack down on [fintech] regulatory arbitrage by ensuring large technology firms and other nonbank payment providers are subjected to appropriate oversight.”

Archive:November 2023