Last week, a Switzerland-based global financial stability regulator proposed a more global approach to the regulation of crypto-assets. The regulator suggested that national authorities responsible for the regulation of crypto-assets need to work toward international coordination and the development of global standards. According to the regulators' reports, the crypto-asset market requires continuous evaluation of risks associated with crypto-assets as potential regulatory gaps emerge due to rapid technological change in the industry. In related news, last week, the board of the International Organization of Securities Commissions solicited comments on a proposal that outlines the issues associated with crypto-asset trading platforms. The proposal also aims to aid regulatory authorities in the evaluation of crypto-asset trading platforms within the context of their regulatory frameworks.

The Japanese House of Representatives recently approved a new bill to amend its crypto-asset laws and regulations. The bill, prepared by Japan's Financial Services Agency, reportedly introduced amendments that promote user protection, tighten regulations on crypto derivatives trading, mitigate trading risks like exchange hacks and establish a more transparent regulatory framework for the new asset class in the Act on Settlement of Funds and the Financial Instruments and Exchange Act. The bill is expected to go into effect in April 2020. In Australia, the Australian Securities & Investments Commission released new guidance for firms involved with initial coin offerings (ICOs) and crypto-assets last week. The new guidance offers information on how the Corporations Act may apply to businesses that raise funds through an ICO or offer services related to crypto-assets. Early this week, the Securities Commission Malaysia announced that three Recognized Market Operators (RMOs) are now authorized to operate digital asset exchanges in Malaysia. While the RMOs may begin operations under such authorization, the RMOs will have nine months to satisfy all regulatory requirements.

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