As someone deeply passionate about crypto regulations and compliance, I am delighted to share the latest global trends in crypto with our readers.

This week, we see more countries taking steps to encourage innovation as well as regulations in the digital assets space, with Indonesia’s Financial Services Authority (OJK) introducing a new roadmap titled “Welcoming the Future of Digital Finance: Laying the Foundation for Effective and Balanced Supervision” for the development and strengthening of financial sector technology innovation, digital financial assets, and crypto assets for the period of 2024-2028. Elsewhere in Ghana, we see efforts from their central bank to develop crypto regulations to safeguard the country's interests while encouraging the growth of crypto.

We also see strong enforcement actions from the Hong Kong SFC, which listed seven crypto trading platforms on its alert lists for operating illegally in the country. The Dubai Court might set a precedent in recognizing crypto as a form of valid remuneration, which might have a lasting positive impact on the country’s drive to grow the crypto industry.

 All in all, regulators and government authorities are balancing the need for strong regulation and support to ensure that their countries have a welcoming but safe environment for crypto to grow.

Warmest Regards,

Desmond Yong

Legal & Compliance Director

ChainUp Singapore

This week's edition highlights:

• Dubai: Court approves crypto salaries in landmark ruling

• Indonesia: OJK Lays Out 2024-2028 Roadmap for Digital Finance, Crypto Assets

• Hong Kong: seven crypto exchanges under investigation by the SFC

• Ghana: Central Bank unveils draft rules for cryptocurrency exchanges
  
  

Dubai: Court approves crypto salaries in landmark ruling

The Dubai Court of First Instance has ruled in favor of a case that affirmed the legality of crypto payments for salaries under employment contracts. The Court ruled that crypto is a valid form of remuneration, and this could set a precedent to encourage broader adoption of digital currencies in various sectors, including employment.

Read more here.

Indonesia: OJK Lays Out 2024-2028 Roadmap for Digital Finance, Crypto Assets

Indonesia’s Financial Services Authority (OJK) has introduced a new roadmap titled “Welcoming the Future of Digital Finance: Laying the Foundation for Effective and Balanced Supervision”for the development and strengthening of financial sector technology innovation, digital financial assets, and crypto assets from 2024 to 2028.

Focusing on four main pillars—Regulation and Development, Supervision and Law Enforcement, Licensing, and Information and Innovation—the roadmap outlines strategic objectives to foster a robust, inclusive, and sustainable IAKD sector.

To find out more, read here.

Hong Kong: seven crypto exchanges under investigation by the SFC

The Securities and Futures Commission (SFC) of Hong Kong has added seven new crypto trading platforms to its alert list for operating illegally without licenses. The SFC has specified that these exchanges are suspected of fraud, including deceiving investors into believing they are registered with the SFC.

To find out more, read here.

Ghana: Central Bank unveils draft rules for cryptocurrency exchanges

The Bank of Ghana (BoG) issued draft digital asset guidelines and is seeking feedback on the upcoming crypto regulations from the public and industry stakeholders. The central bank proposed an eight-pillar framework for crypto regulations, mainly intensifying the registration and reporting requirements of cryptocurrency exchanges or virtual asset service providers (VASPs).

If signed into law, crypto exchanges must register with BoG and enter the sandbox before operating in the country. Crypto exchanges must also adhere to FATF’s travel rules and report suspicious transactions to BoG.

To find out more, read here.