MyComplianceOffice Blog

Europe has been at the forefront regarding crypto asset regulation with its recently approved Markets in Crypto Assets (MiCA) legislation, which goes into effect in phases starting in 2024. It represents the most significant attempt by global governments to regulate the growing market for digital assets.  

Hong Kong has become one of the most corruption-free nations in the world. The Transparency International 2022 Corruption Perceptions Index (CPI), the most widely used global corruption ranking system, lists Hong Kong as the 12th most ‘clean’ nation out of 180. The system measures how corrupt a country’s public sector is perceived to be, according to experts and businesspeople.

A while back “build vs. buy” was a hot topic when firms were looking to implement new or updated compliance technology. That debate has faded into the background a bit as the industry has shifted to the adoption of SaaS technology as the standard for compliance software.

But for firms that still have systems that were internally built embedded within their organization, the question of when it’s time to sunset their legacy platform and move to a more modern SaaS-based solution remains.

A consistent theme across sessions at the 2023 SIFMA Compliance and Law Annual Seminar was change. Change is constant in the financial services industry. And when you're dealing with constant change, there’s no time for complacency

The virtual asset market has seen its share of upheaval recently. By the end of 2022, the global decentralised virtual asset (cryptocurrency) market had slumped by 64.1% to $829 billion, down from $2.3 trillion at the start of the year, according to a 2023 report by CoinGecko.