{"id":121181,"date":"2025-07-08T20:20:15","date_gmt":"2025-07-09T00:20:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/june-global-regulatory-brief-digital-finance\/"},"modified":"2025-07-09T12:54:34","modified_gmt":"2025-07-09T16:54:34","slug":"june-global-regulatory-brief-digital-finance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/june-global-regulatory-brief-digital-finance\/","title":{"rendered":"June Global Regulatory Brief: Digital finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a5392409f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">June Global Regulatory Brief: Digital finance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/367131672.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Hands on Keyboard\" title=\"Hands on Keyboard\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a5392fb5b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">July 8, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a539327f2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg\u2019s Regulatory Affairs Specialists.<\/i><\/p>\n<p>As technology continues to reshape financial services, regulators and policy setters are embarking on a range of digital-finance initiatives to manage risks and set appropriate standards. The following digital finance policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more:<\/p>\n<ul>\n<li><strong>EU:<\/strong> ESMA issues principles on third-party risks supervision<\/li>\n<li><strong>Vietnam: <\/strong>National Assembly passes landmark law on digital technology<\/li>\n<li><strong>Nigeria:<\/strong> CBN publishes draft framework to modernise AML standards<\/li>\n<li><strong>UK:<\/strong> Government finalizes updated data protection legislation<\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a09a539347a5'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8768225494458476395\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09a5393a11e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>ESMA issues principles on third-party risks supervision<\/h2>\n<p>ESMA has <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2025-06\/ESMA42-1710566791-6103_Principles_on_third-party_risks.pdf\" target=\"_blank\" rel=\"noopener\">issued<\/a> principles on third-party risks supervision, providing harmonised guidance for supervisory authorities overseeing third-party risk management across EU securities markets.<\/p>\n<p>The non-binding principles address issues such as governance, risk assessment, contractual arrangements and oversight, focusing among others on third-party location, intragroup arrangements, and supply chain risks.<\/p>\n<p><strong>Closely related:<\/strong> While ICT risk management and ICT third-party risk under the EU Digital Resilience Act (DORA) are out of scope of the guidance, alignment with the DORA framework is ensured.<\/p>\n<h2>Vietnam passes landmark law on digital technology industry<\/h2>\n<p>Vietnam&#8217;s National Assembly <a href=\"https:\/\/vir.com.vn\/national-assembly-adopts-law-on-digital-technology-industry-130581.html\" target=\"_blank\" rel=\"noopener\">passed<\/a> the landmark Law on Digital Technology Industry (\u201cDTI Law\u201d), creating a comprehensive legal framework for the nation&#8217;s burgeoning digital economy.<\/p>\n<p><strong>Aims: <\/strong>The law aims to attract investment and regulate key emerging technologies, most notably providing the first formal legal recognition for digital assets, establishing a risk-based regulatory approach for artificial intelligence (AI), and creating policies to support the semiconductor industry.<\/p>\n<p><strong>Timeline: <\/strong>The law will largely take effect on January 1, 2026, with specific incentive policies coming into force earlier on July 1, 2025.<\/p>\n<p><strong>In summary: <\/strong>The DTI Law provides an unprecedented legal foundation for several critical and emerging technology sectors in Vietnam. Key provisions include:<\/p>\n<ul>\n<li><em>Artificial Intelligence (AI): <\/em>The law establishes a comprehensive set of principles for the development and deployment of AI. It introduces a risk-based classification system for AI applications, with the government tasked to detail specific management requirements for high-risk systems. A key provision mandates identification labelling for certain AI-generated content or technologies, with the specific list to be determined by the Minister of Science and Technology. The law also assigns different obligations to various stakeholders in the AI supply chain, such as developers, providers, and users.<\/li>\n<li><em>Digital Assets: <\/em>For the first time, the law formally recognises digital assets \u2014 defined to include virtual and encrypted assets \u2014 as a form of property under Vietnam\u2019s Civil Code. This provides a crucial legal basis for ownership and transfer. The government is also empowered to create further regulations for the classification and management of other types of digital assets in specific sectors.<\/li>\n<li><em>National Database and Incentives:<\/em> The Ministry of Science and Technology (MST) will develop a national database for the digital technology industry. The law imposes a general obligation on all industry participants to provide and update data for this system. Furthermore, the law sets criteria for identifying &#8220;key digital technology products and services,&#8221; which will be eligible for various government incentives to spur growth.<\/li>\n<\/ul>\n<p><strong>Next steps: <\/strong>Following the passage of the law, several key implementation phases and government actions are expected:<\/p>\n<ul>\n<li>July 1, 2025: The incentive policies outlined in the DTI Law for key digital products and services will come into force, providing early support for the industry.<\/li>\n<li>January 1, 2026: The full Law on Digital Technology Industry will take effect, making the broader regulatory frameworks for AI, digital assets, and data reporting legally binding.<\/li>\n<\/ul>\n<p><strong>Future government action:<\/strong> Key ministries, particularly the MST and the broader government, are now tasked with developing detailed implementing regulations. This will include specifying the list of AI-generated technologies that require labelling, detailing the risk-management requirements for different AI tiers, and further clarifying the management rules for various digital assets.<\/p>\n<h2>Nigeria publishes draft framework to modernise AML standards<\/h2>\n<p>The Central Bank of Nigeria (CBN) has <a href=\"https:\/\/www.cbn.gov.ng\/Out\/2025\/CCD\/Exposure%20Draft%20on%20Baseline%20Standards%20for%20Automated%20AML%20Solutions.pdf\" target=\"_blank\" rel=\"noopener\">issued<\/a> a directive mandating real-time anti-money laundering (AML) transaction alerts across all financial institutions. This move, reinforced by its draft \u201cBaseline Standards for Automated AML Solutions,\u201d marks a significant regulatory shift aimed at enhancing financial system integrity.<\/p>\n<p><strong>In sum:<\/strong> Banks must now deploy systems that enable real-time monitoring, customer risk profiling, and automated suspicious activity alerts.<\/p>\n<p><strong>Key revisions:<\/strong><\/p>\n<ul>\n<li><em>Mandatory Risk-Based Approach Implementation: <\/em>Institutions must integrate a risk-based approach into AML systems to ensure resource allocation aligns with risk levels associated with different customers, products, and services.<\/li>\n<li><em>Automation of Customer Due Diligence (CDD): <\/em>Automated systems must support initial and ongoing CDD, including identity verification, risk scoring, and periodic reviews, ensuring dynamic and real-time updates.<\/li>\n<li><em>Enhanced Transaction Monitoring Requirements:<\/em> New standards require automated, rule-based, and machine learning-supported transaction monitoring that captures unusual patterns and generates alerts with minimal false positives.<\/li>\n<li><em>System Audit and Validation Protocols:<\/em> Institutions must establish regular validation and audit protocols for AML systems to verify effectiveness, accuracy, and compliance, including third-party audits where applicable.<\/li>\n<li><em>Data Quality and Integrity Assurance:<\/em> There is an emphasis on ensuring that data used by AML systems is accurate, complete, and timely. Institutions must implement controls for data integrity and reconciliation.<\/li>\n<\/ul>\n<p><strong>Implementation timeline and oversight:<\/strong> Financial institutions are required to align their automated AML solutions with the revised baseline standards within 12 months of the issuance date.<\/p>\n<ul>\n<li>The CBN will conduct follow-up reviews and periodic industry-wide assessments to monitor compliance and system effectiveness.<\/li>\n<li>Institutions must deliver regular training to AML personnel on the usage of automated systems and on evolving money laundering risks and typologies.<\/li>\n<\/ul>\n<h2>UK finalizes updated data protection legislation<\/h2>\n<p>The Data (Use and Access) Bill has <a href=\"https:\/\/www.gov.uk\/government\/news\/new-data-laws-will-make-life-easier-for-british-people-cutting-life-admin-easing-traffic-and-speeding-up-roadworks\" target=\"_blank\" rel=\"noopener\">received<\/a> Royal Assent, making it the Data (Use and Access) Act, amending elements of the UK&#8217;s data protection regime.<\/p>\n<p><strong>In summary: <\/strong>This new Act updates key aspects of UK data protection law, including:<\/p>\n<ul>\n<li>clarifying how personal information can be used for research;<\/li>\n<li>lifting restrictions on some automated decision making;<\/li>\n<li>setting out how to use some cookies without consent;<\/li>\n<li>allowing charities to send people electronic mail marketing without consent in certain circumstances;<\/li>\n<li>requiring organisations to have a data protection complaints procedure; and<\/li>\n<li>introducing a new lawful basis of recognised legitimate interests.<\/li>\n<\/ul>\n<p>The UK Government is recruiting for seven non-executive members to the board of the new Information Commission, which will replace the Information Commissioner&#8217;s Office (ICO) as the UK&#8217;s data regulator.<\/p>\n<p><strong>Looking ahead: <\/strong>The Government will phase implementation of the new law, commencing different changes using secondary legislation. While most provisions are expected to come into force either two or six months after Royal Assent, some may take up to 12 months.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09a5393c70d]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09a5393c70d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_7022335648242861581\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  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