{"id":46889,"date":"2023-12-01T10:51:43","date_gmt":"2023-12-01T15:51:43","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/global-regulatory-brief-digital-finance-december-edition\/"},"modified":"2025-12-30T18:17:12","modified_gmt":"2025-12-30T23:17:12","slug":"global-regulatory-brief-digital-finance-december-edition","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/global-regulatory-brief-digital-finance-december-edition\/","title":{"rendered":"Global Regulatory Brief: Digital finance, December edition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0031e1a4c74]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1a4c74'>\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 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <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                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Global Regulatory Brief: Digital finance, December edition<\/h1>\n<\/p>\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-6a0031e1ab378'>\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    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">December 1, 2023<\/p>\n<\/p>\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 bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1ad7cb'>\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&#8217;s Regulatory Affairs Specialists.<\/i><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1afd3f'>\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>Digital finance regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">With technological innovation becoming increasingly central to the financial services industry, regulators and policy-setters are embarking on a range of initiatives to manage risks and set appropriate standards. From the US to the Global AI Safety Summit, the following <\/span><span style=\"font-weight: 400;\">developments from the past month in digital finance stand out:<\/span><\/p>\n<ul>\n<li><b>Global: <\/b><span style=\"font-weight: 400;\">AI Safety Summit Bletchley Declaration signed by attendees<\/span><\/li>\n<li><b>US: <\/b><span style=\"font-weight: 400;\">White House issues executive order on artificial intelligence<\/span><\/li>\n<li><b>China:<\/b><span style=\"font-weight: 400;\"> National Administration of Data launches\u00a0<\/span><\/li>\n<li><b>EU:<\/b><span style=\"font-weight: 400;\"> Commission consults on criticality designation and oversight fees under DORA<\/span><\/li>\n<li><b>EU: <\/b><span style=\"font-weight: 400;\">Commission consults on technical rules to implement the MiCA framework for crypto-assets<\/span><\/li>\n<li><b>Singapore: <\/b><span style=\"font-weight: 400;\">Monetary Authority co-creates generative AI risk framework for the financial sector<\/span><\/li>\n<li><b>Singapore:<\/b><span style=\"font-weight: 400;\"> Monetary Authority expands asset tokenization initiatives\u00a0<\/span><\/li>\n<li><b>UK: <\/b><span style=\"font-weight: 400;\">Policymakers advance range of initiatives to develop crypto-asset regulatory regime<\/span><\/li>\n<\/ul>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1b27bc'>\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>AI Safety Summit Bletchley Declaration signed by attendees<\/h2>\n<p><span style=\"font-weight: 400;\">The countries attending the Artificial Intelligence (AI) Safety Summit in the UK <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/ai-safety-summit-2023-the-bletchley-declaration\/the-bletchley-declaration-by-countries-attending-the-ai-safety-summit-1-2-november-2023\"><span style=\"font-weight: 400;\">signed<\/span><\/a><span style=\"font-weight: 400;\"> the Bletchley Declaration committing to developing a shared understanding of the risks associated with AI.\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The declaration welcomes relevant international efforts to examine and address the potential impact of AI systems and to ensure the protection of principles such as transparency, explainability, accountability, bias mitigation, and data protection.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The declaration also notes the potential for unforeseen risks stemming from the capability to manipulate or generate deceptive content<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Particular safety risks arise at the \u2018frontier\u2019 of AI, understood as being those highly capable general-purpose AI models, including foundation models, that can perform a wide range of tasks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Concern is particularly pronounced in domains such as cybersecurity and biotechnology, as well as where frontier AI systems may amplify risks such as disinformation<\/span><\/li>\n<\/ul>\n<p><b>International backdrop:<\/b><span style=\"font-weight: 400;\"> The declaration states that many risks arising from AI are inherently international in nature, and so are best addressed through international cooperation.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A proportionate approach may mean the creation of classifications and categorisations of risk based on national circumstances and applicable legal frameworks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Building risk-based policies will increase transparency by private actors developing frontier AI capabilities and the development of appropriate evaluation metrics, tools for safety testing, and developing relevant public sector capability and scientific research<\/span><\/li>\n<\/ul>\n<p><b>What next:<\/b><span style=\"font-weight: 400;\"> The countries represented at Bletchley Park agreed to support the development of a <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/ai-safety-summit-2023-chairs-statement-state-of-the-science-2-november\"><span style=\"font-weight: 400;\">\u2018State of the Science\u2019 Report<\/span><\/a><span style=\"font-weight: 400;\"> on the capabilities and risks of frontier AI. The report will be published ahead of the next Safety Summit.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The newly launched <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/ai-safety-summit-2023-chairs-statement-safety-testing-2-november\/safety-testing-chairs-statement-of-session-outcomes-2-november-2023\"><span style=\"font-weight: 400;\">AI Safety Institute<\/span><\/a><span style=\"font-weight: 400;\"> will build public sector capability to conduct safety testing and intends to build its evaluations process in time to assess the next generation of models<\/span><\/li>\n<\/ul>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1b4a20'>\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>White House issues executive order on artificial intelligence<\/h2>\n<p><span style=\"font-weight: 400;\">President Biden <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/10\/30\/fact-sheet-president-biden-issues-executive-order-on-safe-secure-and-trustworthy-artificial-intelligence\/#:~:text=The%20Executive%20Order%20establishes%20new,around%20the%20world%2C%20and%20more.\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> an Executive Order on managing the risks with regard to artificial intelligence (AI) and setting out the direction of travel in terms of the Biden administration\u2019s policy approach to AI.\u00a0<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The Executive Order represents a significant intervention when it comes to determining US policy toward AI, namely:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Require that developers of the most powerful AI systems share their safety test results and other critical information with the U.S. government\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Develop standards, tools, and tests to help ensure that AI systems are safe, secure, and trustworthy<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Protect against the risks of using AI to engineer dangerous biological materials by developing strong new standards for biological synthesis screening<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Protect Americans from AI-enabled fraud and deception by establishing standards and best practices for detecting AI-generated content and authenticating official content<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establish an advanced cybersecurity program to develop AI tools to find and fix vulnerabilities in critical software, building on the Biden-Harris Administration\u2019s ongoing AI Cyber Challenge<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Order the development of a National Security Memorandum that directs further actions on AI and security, to be developed by the National Security Council and White House Chief of Staff<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The Biden Administration will continue to work with Congress to pursue bipartisan legislation to help America lead the way in responsible innovation.<\/span><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1b6c89'>\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>China launches new data agency<\/h2>\n<p><span style=\"font-weight: 400;\">China <\/span><a href=\"https:\/\/english.www.gov.cn\/news\/202310\/25\/content_WS6538ae0dc6d0868f4e8e0a30.html\"><span style=\"font-weight: 400;\">inaugurated<\/span><\/a><span style=\"font-weight: 400;\"> the National Administration of Data to advance the \u2018Digital China\u2019 agenda and tighten the framework governing the country\u2019s data reserves.\u00a0<\/span><\/p>\n<p><b>More details: <\/b><span style=\"font-weight: 400;\">The new agency will focus on unifying data sharing standards, especially among Government departments, and on driving the digitization of Chinese public services.\u00a0<\/span><\/p>\n<p><b>Important context:<\/b><span style=\"font-weight: 400;\"> Currently a variety of government organizations are responsible for data regulation and governance, but the recent focus on Artificial Intelligence (AI) is driving the push for greater consolidation.\u00a0<\/span><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1b90ef'>\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>EU consults on draft rules on criticality designation and oversight fees under DORA<\/h2>\n<p><span style=\"font-weight: 400;\">The EU Commission<\/span><a href=\"https:\/\/ec.europa.eu\/info\/law\/better-regulation\/have-your-say\/initiatives\/13980-Critical-ICT-third-party-service-providers-criteria-fees_en\"> <span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> draft rules for consultation on the oversight framework for critical ICT third-party service providers (CTPPs) established under the Digital Operational Resilience Act (DORA), specifically in relation to the definition of the criticality criteria and oversight fees.<\/span><\/p>\n<p><b>The details:<\/b><span style=\"font-weight: 400;\"> The EU Commission specifies how the EU Supervisory Authorities (ESAs) should assess whether an ICT provider is deemed critical under DORA, based on a staged approach building on a set of quantitative and qualitative criteria.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In order for the ESAs to carry out their oversight tasks, the EU Commission also sets out how to determine the applicable turnover and the methods to be used for the calculation of the annual fees to be charged to the CTPPs<\/span><\/li>\n<\/ul>\n<p><b>Further context:<\/b><span style=\"font-weight: 400;\"> The ESAs are also working on the remaining set of detailed implementing measures under DORA.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The first batch of draft measures (submitted to stakeholder<\/span><a href=\"https:\/\/www.eba.europa.eu\/esas-consult-first-batch-dora-policy-products\"> <span style=\"font-weight: 400;\">consultation<\/span><\/a><span style=\"font-weight: 400;\"> in the summer) is due to be finalized by the ESAs by 17 January 2024, and the remaining batch is expected to be published in December, and due to be finalized by 17 July 2024<\/span><\/li>\n<\/ul>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> Following a stakeholder feedback period (until 14 December), the EU Commission will then finalize the rules and send them to the EU Parliament and Member States for a three month scrutiny period before formal adoption.\u00a0<\/span><\/p>\n<p><b>Key date:<\/b><span style=\"font-weight: 400;\"> The DORA Regulation goes live on January 17, 2025.<\/span><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1bb45b'>\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>EU consults on technical rules to implement the MiCA framework for crypto-assets<\/h2>\n<p><span style=\"font-weight: 400;\">The European Commission <\/span><a href=\"https:\/\/webgate.ec.europa.eu\/regdel\/#\/delegatedActs\/2302?lang=en\"><span style=\"font-weight: 400;\">launched<\/span><\/a><span style=\"font-weight: 400;\"> a consultation on four draft sets of technical rules setting out additional criteria on the supervision of crypto-assets under the Markets in Crypto-assets Regulation (MiCA).\u00a0<\/span><\/p>\n<p><b>What is the Commission doing?<\/b><span style=\"font-weight: 400;\"> The Commission is consulting on:\u00a0<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">i) the procedural rules for the EBA to impose fines or periodic penalty payments on issuers of significant asset-referenced tokens (ARTs) and e-money tokens (EMTs)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ii) The criteria and factors to be taken into account by the EBA, ESMA and competent authorities\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">iii) The criteria for classifying ARTs and EMTs as significant<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\">iv) The supervisory fees charged by the EBA to issuers of significant ARTs and EMTs<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Comments are due by 6 December 2023.\u00a0<\/span><\/p>\n<p><b>Closely related:<\/b><span style=\"font-weight: 400;\"> The European Banking Authority (EBA) is also <\/span><a href=\"https:\/\/www.eba.europa.eu\/homepage\"><span style=\"font-weight: 400;\">consulting<\/span><\/a><span style=\"font-weight: 400;\"> on further guidance regarding recovery plans for issuers of ARTs and EMTs as well as technical rules on own-funds requirements and the stress-testing of issuers. Following industry feedback, the EBA will then submit the draft rules to the EU Commission.<\/span><\/p>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Provisions on asset referenced tokens and e-money tokens will be phased in from June 30, 2024, with a majority of provisions under MiCA starting six months after on December 30, 2024.<\/span><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1bd9a4'>\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>Singapore co-creates generative AI risk framework for the financial sector<\/h2>\n<p><span style=\"font-weight: 400;\">The Monetary Authority of Singapore (MAS) <\/span><a href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2023\/mas-partners-industry-to-develop-generative-ai-risk-framework-for-the-financial-sector\"><span style=\"font-weight: 400;\">concluded<\/span><\/a><span style=\"font-weight: 400;\"> phase one of Project Mindforge, an initiative to identify opportunities for generative AI (genAI) for the financial sector, as well as develop a risk framework for the use of the technology.<\/span><\/p>\n<p><b>More on Project Mindforge<\/b><span style=\"font-weight: 400;\">: The initiative aims to develop a framework for the responsible use of genAI in the financial sector, and explore opportunities for a genAI-powered industry utility to solve industry-wide common challenges and enhance risk management. The project is supported by a consortium of banks and technology companies.\u00a0<\/span><\/p>\n<p><b>First phase in detail:<\/b><span style=\"font-weight: 400;\"> Phase 1 of the project concluded with a comprehensive genAI risk framework and the development of a platform-agnostic genAI reference architecture with a list of building blocks that organizations can use to create genAI capabilities. Seven risk dimensions have been articulated in detail:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(i) Accountability and governance;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(ii) Monitoring and stability<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(iii) Transparency and explainability<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(iv) Fairness and bias<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(v) Legal and regulatory<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(vi) Ethics and impact<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(vii) Cyber and data security<\/span><\/p>\n<p><b>Next steps<\/b><span style=\"font-weight: 400;\">: In the next phase, the consortium will expand to include insurance and asset management companies.\u00a0<\/span><\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1bfd4f'>\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>Singapore expands asset tokenisation initiatives<\/h2>\n<p><span style=\"font-weight: 400;\">The Monetary Authority of Singapore (MAS) has <\/span><a href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2023\/mas-partners-financial-industry-to-expand-asset-tokenisation-initiatives\"><span style=\"font-weight: 400;\">expanded<\/span><\/a><span style=\"font-weight: 400;\"> its Project Guardian to catalyze the institutional adoption of digital assets.<\/span><\/p>\n<p><b>Project Guardian<\/b><span style=\"font-weight: 400;\">: Project Guardian is a collaboration between policymakers and the financial industry to test the feasibility of asset tokenization and DeFi while managing risks to financial stability and integrity.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The policymakers include MAS, the UK FCA, Swiss FINMA and Japan FSA\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Industry participants include banks (e.g. Citi, HSBC, UBS), asset managers (e.g. Schroders, Franklin Templeton) and technology companies (e.g. Ant Group)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The objectives of Project Guardian are to understand the opportunities and risk associated with asset tokenization and DeFi, and establish policy guidelines and framework for regulated DeFi<\/span><\/li>\n<\/ul>\n<p><b>Initial pilots<\/b><span style=\"font-weight: 400;\">: Some of the pilots under Project Guardian include issuance of variable capital company funds on digital asset networks, pricing and executing of bilateral digital asset trades, and cross-border FX payment solution using smart contracts which create blockchain interoperability.\u00a0<\/span><\/p>\n<p><b>Expansion of project<\/b><span style=\"font-weight: 400;\">: The project has initiated five additional industry pilots to test promising asset tokenisation use cases.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MAS is also collaborating with policymakers and banks to explore the design of an open, digital infrastructure that will host tokenized financial assets and applications<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This initiative, Global Layer One, aims to facilitate cross border transactions and enable tokenized assets to be traded across global liquidity pools, while meeting regulatory requirements and guidelines\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lastly, the project will develop an interlinked network model to serve as a common framework for exchanging digital assets across independent networks<\/span><\/li>\n<\/ul>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1c203c'>\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>UK advances range of initiatives to develop crypto-asset regulatory regime<\/h2>\n<p><span style=\"font-weight: 400;\">HM Treasury <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/653bd1a180884d0013f71cca\/Future_financial_services_regulatory_regime_for_cryptoassets_RESPONSE.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its response to feedback received on its consultation on the future financial services regulatory framework for crypto-assets.<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">On most aspects of the regulatory framework, HMT has not suggested any changes to its proposed approach while modifying certain aspects of the proposals to take onboard feedback. The eventual framework is expected to cover crypto-asset activities such as issuance, disclosure, trading venues, intermediation, custody, market abuse, and lending platforms.\u00a0<\/span><\/p>\n<p><b>Stablecoins:<\/b><span style=\"font-weight: 400;\"> The FCA and Bank of England published discussion papers on their proposed approaches to stablecoin regulation.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Bank of England\u2019s <\/span><a href=\"https:\/\/www.bankofengland.co.uk\/paper\/2023\/dp\/regulatory-regime-for-systemic-payment-systems-using-stablecoins-and-related-service-providers\"><span style=\"font-weight: 400;\">discussion paper<\/span><\/a><span style=\"font-weight: 400;\"> focuses on a potential regulatory regime for systemic payment systems that use stablecoins and related service providers\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA\u2019s <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/discussion-papers\/dp23-4-regulating-cryptoassets-phase-1-stablecoins\"><span style=\"font-weight: 400;\">discussion paper<\/span><\/a><span style=\"font-weight: 400;\"> focuses on its regulatory approach to issuers and custodians of fiat-backed stablecoins and their use as a means of payment\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The papers are open for comment until February 6, 2024 and the regulators have said they will consult on detailed rules in H2 2024 with the new regime set to go live in 2025<\/span><\/li>\n<\/ul>\n<p><b>Digital Securities Sandbox:<\/b><span style=\"font-weight: 400;\"> The UK Government <\/span><a href=\"https:\/\/www.gov.uk\/government\/consultations\/consultation-on-the-digital-securities-sandbox\"><span style=\"font-weight: 400;\">confirmed<\/span><\/a><span style=\"font-weight: 400;\"> its final approach to implementing the Digital Securities Sandbox, which will facilitate the use of digital assets in financial markets.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">HMT summarizes the feedback on the consultation and sets out the government\u2019s response\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Legislation implementing the DSS will be laid before Parliament in due course<\/span><\/li>\n<\/ul>\n<p><b>Fund tokenization:<\/b><span style=\"font-weight: 400;\"> The technology working group of the UK Government\u2019s Asset Management Taskforce has <\/span><a href=\"https:\/\/www.theia.org\/sites\/default\/files\/2023-11\/UK%20Fund%20Tokenisation%20-%20A%20Blueprint%20for%20Implementation.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its interim report on UK Fund Tokenisation that focuses on the application of distributed ledger technology (DLT) to investment fund tokenization.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA <\/span><a href=\"https:\/\/www.fca.org.uk\/news\/statements\/fca-welcomes-industry-report-fund-tokenisation\"><span style=\"font-weight: 400;\">welcomed<\/span><\/a><span style=\"font-weight: 400;\"> the report and set out various considerations in a <\/span><a href=\"https:\/\/www.fca.org.uk\/publication\/correspondence\/letter-to-technology-working-group.pdf\"><span style=\"font-weight: 400;\">letter<\/span><\/a><span style=\"font-weight: 400;\"> to taskforce members<\/span><\/li>\n<\/ul>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1c48d6'>\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>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-trading-and-markets-december-edition\/?tactic-page=747199\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-risk-capital-and-financial-stability-december-edition\/?tactic-page=747199\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-green-finance-december-edition\/?tactic-page=747199\">Green finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1c6b0a'>\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>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\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-none bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1c8aa8'>\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    \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    <style>section[data-anchor=row-6a0031e1ca4ee]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0031e1ca4ee'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0031e1cdc15'] = 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order on AI, and more. <\/p>\n","protected":false},"author":1679,"featured_media":44941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[435,453,486,3661],"tags":[843,581,437,543],"series":[],"class_list":["post-46889","post","type-post","status-publish","format-standard","hentry","category-data","category-markets","category-regulation","category-technology","tag-843","tag-cryptocurrency","tag-data-governance-and-management","tag-technology","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Regulatory Brief: Digital finance, December edition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The Bloomberg Regulatory Brief on digital finance covers: EU implements the MiCA framework, China launches a 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