{"id":46911,"date":"2024-01-04T11:12:51","date_gmt":"2024-01-04T16:12:51","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/"},"modified":"2025-12-30T13:35:39","modified_gmt":"2025-12-30T18:35:39","slug":"global-regulatory-brief-digital-finance-january-edition-1","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/","title":{"rendered":"Global Regulatory Brief: Digital finance, January edition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe18b592d77]::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-69fe18b592d77'>\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, January 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-69fe18b5997f2'>\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\">January 4, 2024<\/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-69fe18b59c117'>\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-69fe18b59e0e1'>\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;\">The fast pace of technological innovation in financial services is set to continue in 2024 and regulators and policy-setters are embarking on a range of initiatives to manage risks and set appropriate standards. From the EU to Korea, the following <\/span><span style=\"font-weight: 400;\">developments from the past month in digital finance stand out:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>EU:<\/b><span style=\"font-weight: 400;\"> Lawmakers agree Artificial Intelligence Act\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> Regulators set out detailed rules for critical service providers\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Korea:<\/b><span style=\"font-weight: 400;\"> FSC proposes virtual asset user protection rules<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> CFTC proposes new rules on cybersecurity<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> SEC denies request for new rules on digital asset trading<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU:<\/b><span style=\"font-weight: 400;\"> ESAs consult on detailed policy measures under DORA<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>South Africa:<\/b><span style=\"font-weight: 400;\"> FSCA publish report on crypto market trends<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Switzerland:<\/b><span style=\"font-weight: 400;\"> FINMA issue staking guidance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Abu Dhabi:<\/b><span style=\"font-weight: 400;\"> Government and University of AI sign MoU on AI<\/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-69fe18b5a007f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <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-69fe18b5a1abe'>\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 agrees Artificial Intelligence Act<\/h2>\n<p><span style=\"font-weight: 400;\">European Union (EU) lawmakers reached a <\/span><a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_6473\"><span style=\"font-weight: 400;\">political agreement<\/span><\/a><span style=\"font-weight: 400;\"> on the legal framework for regulating Artificial Intelligence (AI) in the bloc, the first-ever comprehensive set of rules on AI worldwide.\u00a0<\/span><\/p>\n<p><b>Scope: <\/b><span style=\"font-weight: 400;\">The AI Act will apply to AI systems serviced in the EU with the exception of those AI systems solely used for military and research and innovation purposes.\u00a0<\/span><\/p>\n<p><b>Risk-based approach: <\/b><span style=\"font-weight: 400;\">The AI Act will introduce a regulatory regime founded on a risk-based approach along the value chain depending on risk presented by AI applications due to their use cases.<\/span><\/p>\n<p><b>Unacceptable risk: <\/b><span style=\"font-weight: 400;\">AI systems considered a clear threat to fundamental rights will be banned, including systems or applications that manipulate human behavior to circumvent users&#8217; free will, such as \u2018social scoring&#8217;, and certain applications of predictive policing. Some uses of biometric systems will be prohibited, for example emotion recognition systems used at the workplace and some systems for categorizing people or real time remote biometric identification for law enforcement purposes in publicly accessible spaces (with narrow exceptions). AI used to exploit the vulnerabilities of people due to their age, disability, social or economic situation is banned.<\/span><\/p>\n<p><b>High-risk:<\/b><span style=\"font-weight: 400;\"> Strict requirements will apply these systems, including risk-mitigation systems, high quality of training data sets, logging of activity, detailed documentation, clear user information, human oversight, and a high level of robustness, accuracy and cybersecurity. High-risk AI systems include certain critical infrastructures; medical devices; systems to determine access to educational institutions or for recruiting people; or certain systems used in the fields of law enforcement, border control, administration of justice and democratic processes. Biometric identification, categorisation and emotion recognition systems are also considered high-risk.<\/span><\/p>\n<p><b>Specific transparency risk (&#8216;limited risk&#8217;): <\/b><span style=\"font-weight: 400;\">Subject to transparency requirements, so users can know that it is AI generated and make informed decisions. This applies to chatbots, deep fakes and other AI generated content that will have to be labeled as such. Users need to be informed when biometric categorisation or emotion recognition systems are being used. Providers will have to design systems in a way that synthetic audio, video, text and images content is marked in a machine-readable format, and detectable as artificially generated or manipulated.<\/span><\/p>\n<p><b>Minimal risk: <\/b><span style=\"font-weight: 400;\">Voluntary rules will apply to the vast majority of AI apps and systems. Examples of these applications are AI-enabled recommender systems or spam filters. No mandatory rules apply as they present only minimal or no risk for citizens&#8217; rights or safety.\u00a0<\/span><\/p>\n<p><b>Regime for General Purpose AI (GPAI):<\/b><span style=\"font-weight: 400;\"> There is a dedicated set of rules for GPAI models to ensure transparency along the value chain.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Models posing systemic risks must comply with additional obligations related to managing risks and monitoring serious incidents, performing model evaluation and adversarial testing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The obligations will be operationalised through codes of practices developed by industry, the scientific community, civil society and other stakeholders together with the commission<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">GPAIs will be subject to transparency requirements covering technical documentation and compliance with EU copyright law<\/span><\/li>\n<\/ul>\n<p><b>Supervision:<\/b><span style=\"font-weight: 400;\"> National competent market surveillance authorities will supervise the implementation of the new rules at national level.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coordination at EU level will be carried out at the new AI Office within the European Commission, which will also supervise the implementation and enforcement of the new rules on general purpose AI models\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A scientific panel will advise the AI Office, including on classifying and testing the models<\/span><\/li>\n<\/ul>\n<p><b>Fines: <\/b><span style=\"font-weight: 400;\">Firms that are found to be non-compliant could face fines ranging from:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u20ac35 million or 7% of global annual turnover (whichever is higher) for violations of banned AI applications<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u20ac15 million or 3% for violations of other obligations and \u20ac7.5 million or 1.5% for supplying incorrect information<\/span><\/li>\n<\/ul>\n<p><b>Next Steps:<\/b><span style=\"font-weight: 400;\"> Once the final rules are published in the official journal (expected in mid-2024), they will be phased-in progressively over two years.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Unacceptable risk prohibitions will apply 6 months after that, and the rules for GPAI after 12 months<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For the period before rules apply, the commission will be launching an <\/span><a href=\"https:\/\/digital-strategy.ec.europa.eu\/en\/policies\/ai-pact\"><span style=\"font-weight: 400;\">AI Pact<\/span><\/a><span style=\"font-weight: 400;\">, which will convene AI developers from around the world to commit on a voluntary basis to implement key obligations of the AI Act ahead of the legal deadlines\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Some of the provisions might need additional guidance from EU regulators before the rules start kicking in gradually from late 2024<\/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-69fe18b5a412e'>\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 authorities set out detailed rules for critical service providers<\/h2>\n<p><span style=\"font-weight: 400;\">UK supervisors have <\/span><a href=\"https:\/\/www.bankofengland.co.uk\/news\/2023\/november\/boe-pra-fca-issue-joint-proposals-to-increase-resilience-of-financial-sector\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a first set of draft rules under the new Critical Third Parties regime put in place by the Financial Services and Markets Act (2023).<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> The FSMA 2023 gives the UK Treasury the ability to designate &#8216;critical&#8217; service providers and follows concerns over cyber and operational risk spilling over to the UK regulated financial sector. Designated companies would be subject to oversight by the Bank of England, Prudential Regulation Authority, and Financial Conduct Authority.<\/span><\/p>\n<p><b>The rules in detail: <\/b><span style=\"font-weight: 400;\">The three regulators have each published draft &#8216;Handbook&#8217; rules that set out legal obligations on critical third parties, alongside draft &#8216;Supervisory Statements&#8217; that set out in more detail how the regulators would expect critical third parties to comply with their obligations.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The rules cover areas including governance, risk management including supply chain risks, technology and cyber resilience, change management, and scenario testing\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The rules also establish an incident notification framework and specify when and how service providers can share information with both users and regulators<\/span><\/li>\n<\/ul>\n<p><b>Pre-empting abuse:<\/b><span style=\"font-weight: 400;\"> Responding to a key concern raised by industry in an earlier consultation, the regulators have also proposed a rule prohibiting designated critical third parties from marketing their status by making claims that their services are in any way endorsed by the regulators or superior in quality or soundness.<\/span><\/p>\n<p><b>Implementation: <\/b><span style=\"font-weight: 400;\">For public consultation until March 15, 2024, the regulators are expected to publish further guidance documents next year before conducting their assessment of which companies should be designated as &#8216;critical&#8217; by the treasury. Once designated, critical third parties have three months to conduct a first self-assessment against the rules, with most other obligations kicking in within 12 months of designation.<\/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-69fe18b5a612b'>\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>Korea proposes virtual asset user protection rules<\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Services Commission (FSC) <\/span><a href=\"https:\/\/www.fsc.go.kr\/eng\/pr010101\/81217?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=\"><span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> detailed rules under the Act on the Protection of Virtual Asset Users, which is scheduled to take effect on July 19, 2024.\u00a0<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">The act is designed to protect virtual asset users and establish a sound order in virtual asset transactions by defining the scope of virtual assets subject to the law and requiring virtual asset service providers (VASPs) to safely manage and store their customers\u2019 deposits and virtual assets.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It also provides statutory grounds for sanctions, including criminal penalty, and fines to punish unfair trading activities using virtual assets<\/span><\/li>\n<\/ul>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The proposals are intended to specify important details, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Specification of more types of tokens not currently covered by the Act, such as electronic bonds, mobile gift certificates, deposit tokens linked to CBDC, and non-fungible tokens (NFTs). Under the Act, virtual assets are defined as electronic tokens with economic value which can be traded or transferred electronically, and this excludes game money, electronic money, electronic stocks, electronic bills, electronic B\/L and central bank digital currency (CBDC)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prescription of what kind of financial institutions should be a custodian for VASP customers\u2019 money and how customers\u2019 funds should be managed\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">VASPs are required to store 80% or more of their customers\u2019 virtual assets in cold wallets and calculate the economic value of their customers\u2019 virtual assets on a monthly basis<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establishment of criteria for insurance deductibles or reserves for VASPs to fulfill liability in the event of incidents such as hacking or computer failures\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Specification of the timing for material nonpublic information to be deemed public to prevent unfair trading activities\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prohibition of VASPs from arbitrarily blocking user&#8217;s deposits and withdrawals in principle without justifiable grounds. Under the Act, VASPs are prohibited from arbitrarily blocking their customers\u2019 deposits and withdrawals without justifiable grounds<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The duty of monitoring abnormal transactions on VASPs and establishes a procedure for imposing fines for unfair trading activities<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">The proposed rules are open for public comments until January 22, 2024 and are expected to be implemented from July 19, 2024 after going through legislative proceedings.<\/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-69fe18b5a8400'>\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>CFTC proposes new rules on cybersecurity<\/h2>\n<p><b><\/b><span style=\"font-weight: 400;\">The US CFTC<\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8838-23\"> <span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> a cybersecurity rule for futures commissions merchants and swaps dealers in response to this year\u2019s highly disruptive ransomware attack on software company, Ion Trading UK.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> The proposal outlines how firms the Commission oversees should handle security risks posed by outside vendors, following a cyber incident in February 2023 at Ion Trading which forced traders to process transactions manually for days.\u00a0<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">Under the plan, CFTC-regulated companies would have to identify, monitor and manage their critical third-party service providers for potential risks.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Futures brokers and swap dealers would also have to assess and monitor risks related to possible disruptions from natural disasters or other events<\/span><\/li>\n<\/ul>\n<p><b>Deadline for comments: <\/b><span style=\"font-weight: 400;\">The comment period will be open for 75 days after publication, with a closing date of March 2, 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-69fe18b5aa6af'>\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>SEC denies request for new rules on digital asset trading<\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission <\/span><a href=\"https:\/\/www.sec.gov\/news\/statement\/gensler-coinbase-petition-121523\"><span style=\"font-weight: 400;\">denied<\/span><\/a><span style=\"font-weight: 400;\"> Coinbase Global Inc\u2018s request for new rules around the trading of digital assets.<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">Maintaining the stance Chair, Gary Gensler has held, the commission argued that existing federal securities laws and regulations work for digital assets, contrary to Coinbase\u2019s contentions.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In his statement supporting the decision, Chair Gensler wrote: \u201cThe existing securities regime appropriately governs crypto asset securities\u201d<\/span><\/li>\n<\/ul>\n<p><b>Why it matters:<\/b><span style=\"font-weight: 400;\"> This decision is consistent with the approach Chair Gensler has advocated for throughout his tenure, underpinned by his view that most digital assets are securities, and that crypto exchanges should register with the agency. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><b>Republican dissension:<\/b><span style=\"font-weight: 400;\"> Republican SEC commissioners Hester Peirce and Mark Uyeda dissented from the decision to deny Coinbase\u2019s petition. Peirce and Uyeda argued that Coinbase\u2019s petition raised important questions that would benefit from engagement with market participants.\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-69fe18b5ac73c'>\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 detailed policy measures under DORA<\/h2>\n<p><span style=\"font-weight: 400;\">The EU Supervisory Authorities (ESAs) <\/span><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esas-launch-joint-consultation-second-batch-policy-mandates-under-digital\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> a second batch of draft policy measures under the Digital Operational Resilience Act (DORA).\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> These draft policy measures cover the draft rules (regulatory technical standards and implementing technical standards, as well as guidelines), which according to the DORA Regulation need to be finalized by July 17, 2024. Specifically, these cover:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Draft rules on the harmonization of conditions enabling the conduct of the oversight activities of critical providers (CTPPs) by the ESAs, in addition to draft guidance on cooperation and information exchange between the ESAs and national authorities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Draft rules on major ICT incidents reporting by financial entities, and draft guidance on costs and losses caused by major ICT incidents<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Draft rules on subcontracting ICT services supporting critical or important functions\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Draft rules on threat-led penetration testing (TLPT)<\/span><\/li>\n<\/ul>\n<p><b>Timeline:<\/b><span style=\"font-weight: 400;\"> The draft rules are submitted to a three-month stakeholder consultation, until March 4, 2024. Once the consultation period concludes, the ESAs will submit the final drafts to the EU Commission for endorsement by July 17, 2024.\u00a0<\/span><\/p>\n<p><b>Closely related:<\/b><span style=\"font-weight: 400;\"> The ESAs have also released and consulted on their first batch of policy measures under DORA focusing on the areas of ICT risk management, major ICT-related incident classification and ICT third-party risk management. These are due to be finalized and sent to the EU Commission by January 17, 2024.\u00a0<\/span><\/p>\n<p><b>Go-live:<\/b><span style=\"font-weight: 400;\"> DORA is set to apply in the EU from 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-69fe18b5ae66e'>\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>South African FSCA releases findings of crypto-assets market study<\/h2>\n<p><span style=\"font-weight: 400;\">The South African Financial Sector Conduct Authority (FSCA) <\/span><a href=\"https:\/\/www.fsca.co.za\/Documents\/Crypto%20Market%20Study.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> the findings of its Crypto Market Study to assist the FSCA better understand crypto-asset related activities in South Africa.\u00a0<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">In October 2022, the FSCA officially declared crypto assets as a financial product in terms of the Financial Advisory and Intermediary Services Act (FAIS).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">South African consumers are increasingly engaging in financial activities involving crypto assets, including investing in derivative instruments with crypto as the underlying asset, especially given the proliferation of online trading platforms<\/span><\/li>\n<\/ul>\n<p><b>Key findings:<\/b><span style=\"font-weight: 400;\"> The study finds that most crypto-asset Financial Service Providers (FSPs) in South Africa provide financial services by making use of unbacked crypto assets (60%), followed by stablecoins (26%) such as USD Coin and Binance Coin. This is followed by security tokens (7%) and Non-Fungible Tokens (NFT) (4%).\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Another key finding in the study, is the fact that some of the financial services in respect of crypto assets and technical activities inherent to the provision of crypto assets financial services, are outsourced.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Financial services related to crypto-assets will likely be included in the licensing activities under the Conduct of Financial Institutions (COFI) Bill, potentially expanding the scope of crypto asset activities that are currently regulated under the FAIS Act.\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-69fe18b5b0951'>\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>Abu Dhabi and MBZUAI sign MoU on AI<\/h2>\n<p><span style=\"font-weight: 400;\">The Abu Dhabi Department of Economic Development (ADDED) and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) <\/span><a href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-department-of-economic-development-partners-with-mohamed-bin-zayed-university-for-artificial-intelligence-to-support-sustainable-growth-of-smes\/\"><span style=\"font-weight: 400;\">signed<\/span><\/a><span style=\"font-weight: 400;\"> a Memorandum of Understanding (MoU) to jointly pioneer artificial intelligence (AI)-driven solutions for small and medium enterprises (SMEs).\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> ADDED and MBZUAI, the world\u2019s first graduate-level AI university dedicated to research, and Wio Bank PJSC, the region\u2019s first platform bank, will partner to create a virtual assistant (chatbot) to help streamline SMEs access to Abu Dhabi\u2019s resources and programmes.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The chatbot will connect SMEs with stakeholders across the business journey, from ideation to growth, expansion, and long-term success<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The AI-powered chatbot will be curated to assist SMEs in navigating business complexities by providing valuable insights, guidance, and references to resources to help SMEs streamline operations, identify opportunities, and make informed business decisions<\/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-69fe18b5b27aa'>\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\/insights\/markets\/global-regulatory-brief-trading-and-markets-january-edition-1\/?tactic-page=747199\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/global-regulatory-brief-risk-capital-and-financial-stability-january-edition-1\/?tactic-page=747199\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/global-regulatory-brief-green-finance-january-edition-1\/?tactic-page=747199\">Green finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/global-regulation\/\">Sign up to receive these updates<\/a> 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-69fe18b5b43b3'>\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\/insights\/regulation\/regulatory-insights\/#form\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/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-69fe18b5b5f7a'>\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-69fe18b5b79ce]::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-69fe18b5b79ce'>\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['69fe18b5baeb8'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":{},\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":{},\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":{},\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"post_format\",\"terms\":[{\"term_id\":33,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":33,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":12,\"filter\":\"raw\"},{\"term_id\":666,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":666,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":2,\"filter\":\"raw\"}]},{\"taxonomy\":\"post_series\",\"terms\":{\"0\":{\"term_id\":3751,\"name\":\"Asia Centric\",\"slug\":\"asia-centric\",\"term_group\":0,\"term_taxonomy_id\":3751,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":51,\"filter\":\"raw\"},\"1\":{\"term_id\":3741,\"name\":\"Bloomberg Expert Access\",\"slug\":\"bloomberg-expert-access\",\"term_group\":0,\"term_taxonomy_id\":3741,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":10,\"filter\":\"raw\"},\"2\":{\"term_id\":3739,\"name\":\"Bloomberg Pro Tips\",\"slug\":\"bloomberg-pro-tips\",\"term_group\":0,\"term_taxonomy_id\":3739,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":58,\"filter\":\"raw\"},\"4\":{\"term_id\":3743,\"name\":\"Functions for the Market\",\"slug\":\"ffm\",\"term_group\":0,\"term_taxonomy_id\":3743,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":7,\"filter\":\"raw\"},\"5\":{\"term_id\":3770,\"name\":\"Market Dialogues\",\"slug\":\"market-dialogues\",\"term_group\":0,\"term_taxonomy_id\":3770,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":11,\"filter\":\"raw\"},\"6\":{\"term_id\":3742,\"name\":\"Need to Know\",\"slug\":\"need-to-know\",\"term_group\":0,\"term_taxonomy_id\":3742,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":15,\"filter\":\"raw\"},\"7\":{\"term_id\":3798,\"name\":\"Pricing Insights\",\"slug\":\"pricing-insights\",\"term_group\":0,\"term_taxonomy_id\":3798,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"},\"8\":{\"term_id\":3740,\"name\":\"Terminal Essentials\",\"slug\":\"terminal-essentials\",\"term_group\":0,\"term_taxonomy_id\":3740,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"}}},{\"taxonomy\":\"type\",\"terms\":{\"0\":{\"term_id\":3762,\"name\":\"Article\",\"slug\":\"article\",\"term_group\":0,\"term_taxonomy_id\":3762,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":1640,\"filter\":\"raw\"},\"1\":{\"term_id\":3763,\"name\":\"Case Study\",\"slug\":\"case-study\",\"term_group\":0,\"term_taxonomy_id\":3763,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":41,\"filter\":\"raw\"},\"3\":{\"term_id\":3765,\"name\":\"Podcast\",\"slug\":\"podcast\",\"term_group\":0,\"term_taxonomy_id\":3765,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":504,\"filter\":\"raw\"},\"4\":{\"term_id\":3815,\"name\":\"Press Release\",\"slug\":\"press-release\",\"term_group\":0,\"term_taxonomy_id\":3815,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":81,\"filter\":\"raw\"},\"5\":{\"term_id\":3766,\"name\":\"Q&amp;A\",\"slug\":\"qa\",\"term_group\":0,\"term_taxonomy_id\":3766,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":101,\"filter\":\"raw\"},\"6\":{\"term_id\":3767,\"name\":\"Report\",\"slug\":\"report\",\"term_group\":0,\"term_taxonomy_id\":3767,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":77,\"filter\":\"raw\"},\"8\":{\"term_id\":3768,\"name\":\"Video\",\"slug\":\"video\",\"term_group\":0,\"term_taxonomy_id\":3768,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":134,\"filter\":\"raw\"}}}],\"excluded_taxonomies\":{\"\":[]},\"post_id\":46911};\n<\/script>\n<div class=\"feed\" data-id=\"69fe18b5baeb8\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--white bbg-row--full-bg-bleed\" data-anchor='row-69fe18b5bc08f'>\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\">Request a Demo<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7339683578362434121\"\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\/request-demo\/\"\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","protected":false},"excerpt":{"rendered":"<p>The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more. <\/p>\n","protected":false},"author":1679,"featured_media":45288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[435,453,486,3661],"tags":[843,581,437,543],"series":[],"class_list":["post-46911","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, January edition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Regulatory Brief: Digital finance, January edition | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-04T16:12:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-30T18:35:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BPS-og-image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"fgiacco\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"fgiacco\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\"},\"author\":{\"name\":\"fgiacco\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/13fc771c8972a4c622b87e4830da005a\"},\"headline\":\"Global Regulatory Brief: Digital finance, January edition\",\"datePublished\":\"2024-01-04T16:12:51+00:00\",\"dateModified\":\"2025-12-30T18:35:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\"},\"wordCount\":\"2952\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"keywords\":[\"747199\",\"Cryptocurrency\",\"Data Governance and Management\",\"Technology\"],\"articleSection\":[\"Data\",\"Markets\",\"Regulation\",\"Technology\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\",\"name\":\"Global Regulatory Brief: Digital finance, January edition | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\"},\"datePublished\":\"2024-01-04T16:12:51+00:00\",\"dateModified\":\"2025-12-30T18:35:39+00:00\",\"description\":\"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/13fc771c8972a4c622b87e4830da005a\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Global Regulatory Brief: Digital finance, January edition | Insights | Bloomberg Professional Services","description":"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/","og_locale":"en_US","og_type":"article","og_title":"Global Regulatory Brief: Digital finance, January edition | Insights | Bloomberg Professional Services","og_description":"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.","og_url":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2024-01-04T16:12:51+00:00","article_modified_time":"2025-12-30T18:35:39+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/BPS-og-image.png","type":"image\/png"}],"author":"fgiacco","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"fgiacco","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/#article","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/"},"author":{"name":"fgiacco","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/13fc771c8972a4c622b87e4830da005a"},"headline":"Global Regulatory Brief: Digital finance, January edition","datePublished":"2024-01-04T16:12:51+00:00","dateModified":"2025-12-30T18:35:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/"},"wordCount":"2952","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"keywords":["747199","Cryptocurrency","Data Governance and Management","Technology"],"articleSection":["Data","Markets","Regulation","Technology"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/","url":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/","name":"Global Regulatory Brief: Digital finance, January edition | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/#website"},"datePublished":"2024-01-04T16:12:51+00:00","dateModified":"2025-12-30T18:35:39+00:00","description":"The Bloomberg Regulatory Brief on digital finance covers: SEC denies request for new rules on digital asset trading, EU consults on detailed policy measures under DORA, Abu Dhabi and MBZUAI sign MoU on AI, and more.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-digital-finance-january-edition-1\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.bloomberg.com\/professional\/#website","url":"https:\/\/www.bloomberg.com\/professional\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bloomberg.com\/professional\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/13fc771c8972a4c622b87e4830da005a","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional"}]}},"_links":{"self":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/46911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/users\/1679"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/comments?post=46911"}],"version-history":[{"count":4,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/46911\/revisions"}],"predecessor-version":[{"id":133584,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/46911\/revisions\/133584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media\/45288"}],"wp:attachment":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media?parent=46911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/categories?post=46911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/tags?post=46911"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/series?post=46911"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/type?post=46911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}