FinTech Global FS Regulatory Round-up - W/e 10 April 2026

HM Treasury: Joint statement on U.S.-UK Financial Regulatory Working Group, February 2026

HM Treasury has published the joint statement on the U.S.-UK Financial Regulatory Working Group, following its twelfth meeting in February 2026. The Working Group emphasised close, ongoing U.S. and UK cooperation and focused on several key themes, including: the economic and financial stability outlook; the Transatlantic Taskforce for Markets of the Future (TTMF); digital finance and innovation; and regulatory modernisation and developments. The Working Group plans to reconvene in Summer 2026. [8 Apr 2026]  #DigitalFinance

EBA issues decision concerning reporting of SEPA data by NCAs

The EBA has published a decision harmonising how national competent authorities (NCAs) report under the Single Euro Payments Area (SEPA) Regulation. It complements the existing EC implementing regulation which requires all payment service providers (PSPs) to report data on charges for credit transfers and payment accounts, as well as the shares of transactions rejected due to EU sanctions. The decision also stipulates that NCAs will now report this information only to the EBA, which will then make it available to the EC.

The decision takes effect immediately. [10 Apr 2026]  #Payments

ASIC ramps up action to protect consumers from AI-powered online investment scams

ASIC has announced that it is removing record numbers of harmful social media phishing and investment scam websites. There has been a 90% increase in takedowns in 2025 compared to 2024, averaging at 32 websites being taken down per day. ASIC is warning consumers to watch out for scammers who are increasingly using AI in social media advertisements to lure them into providing their personal details.

ASIC refers suspicious investment scam websites to a third-party specialising in cybercrime detection and disruption. The company also proactively detects investment scam websites and investment scam ads on social media that direct consumers to scam websites. This collaboration is helping ASIC monitor for scams on a 24/7 basis.  [8 Apr 2026]  #AI #SocialMedia #Cybercrime

HKMA grants first two stablecoin issuer licences under new regulatory regime

The HKMA has granted its first two stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and the Hongkong and Shanghai Banking Corporation Limited respectively. 

The granting of the licences marks a significant milestone in the implementation of Hong Kong’s stablecoin regulatory regime.  The licences were granted after reviewing the first batch of 36 applications which were required to be submitted by 30 September 2025 (see our previous update).  The two licences were awarded based on the applicants’ (1) capability and experience in risk management as well as the commitment to comply with relevant rules and regulations in Hong Kong and other jurisdictions; and (2) ability to propose distinct use cases with viable business plans.  

In the initial phase, the licensees plan to issue HKD‑referenced stablecoins.  Proposed use cases include cross‑border and local payments, tokenised asset trading, and innovative programmable applications such as conditional payments and supply chain financing.  Both licensees are also actively involved in the HKMA’s pilot projects on central bank digital currencies and tokenised deposits.

Prior to the official launch of regulated stablecoins, the licensees must complete their preparatory work, such as the testing of technology platforms and systems, and the implementation of risk management measures and human resource arrangements.  Based on their current proposed business plans, the launch of the regulated stablecoins is expected to take place in mid to the second half of 2026.

Upon the rollout of the regulated stablecoins, the HKMA will conduct ongoing supervision through on-site examinations, off-site reviews, independent assessments and direct communications with senior management teams of licensees to evaluate business progress against the plans submitted.

The HKMA will also continue to engage the remaining applicants and potential applicants. The HKMA emphasises that given the risk inherent in stablecoin activity, the need for user protection, and considerations of market capacity and sustainable development, the licensing threshold will remain high.  The overall number of additional licences to be granted in the future (if any) will remain very limited. [10 Apr 2026]  #DigitalAsset #Stablecoin #CBDC

MAS: Reply to PQ on safeguards for GIRO transactions

The Monetary Authority of Singapore (MAS) has has published the response to Parliamentary questions on GIRO transactions which addressed:

• the safeguards that exist within the GIRO framework to prevent duplicate or erroneous debits;
• whether there will be a review the framework to strengthen consumer protections, including mandatory pre-debit notifications and consumer set limits on variable deductions;
• the due diligence checks are banks required to conduct when onboarding corporate customers for GIRO billing;
• whether banks are required to have suspicious transactions alerts when a billing organisation deducts multiple GIRO transactions from a customer in a short time span; and
• whether MAS will consider requiring banks to allow customers to set optional limits on the number or cumulative amount of deductions per billing period for individual GIRO arrangements, so as to improve customer control against bad actors or technical failure in company payment systems.

The response confirmed that customers can set transaction limits on their GIRO payments.

Banks do apply due diligence checks on GIRO billing organisations. These include checking that they are properly registered businesses, and are not linked to any sanctioned or other criminal activities. However, such checks may not always be able to prevent errors and potential misuse of GIRO. While such cases have been uncommon, MAS is working with the Association of Banks in Singapore (ABS) to strengthen safeguards. The review will consider measures including enabling customers to set monthly limits on the value and number of transactions, and enhancing transaction monitoring and due diligence on billing organisations. [8 Apr 2026]  #Payments

SECT proposes approval requirements for funding providers as major shareholders of securities and digital asset business operators

The Securities and Exchange Commission Thailand (SECT) has proposed approval requirements for funding providers as major shareholders of securities and digital asset business operators to strengthen measures against illicit funding.

Feedback is requested by 22 April 2026. [7 Apr 2026]   #DigitalAsset

RBI discussion paper on safeguards in digital payments

The Reserve Bank of India (RBI) has issued a discussion paper on potential safeguards to curb fraud in digital payments. The RBI explains that, following its intervention, frauds attributed to account take-over are now negligible, with most fraudulent activity being instead authorised push payment (APP) frauds. The discussion paper sets out options to address APP fraud, including lagged credit, requiring additional authentication for high-value digital transactions, aggregate transaction limits for receiving entities, and other customer-managed controls. For each option, the RBI sets out international comparisons, and the pros and cons of adopting approaches in India.

Feedback is requested by 8 May 2026.  [9 Apr 2026]  #Payments #APPFraud

RBI releases guidelines on faster cross-border inward payments

The RBI has issued a circular containing Guidelines to facilitate faster cross-border inward payments. The circular is intended to address certain frictions identified in inward cross-border payments to facilitate the timely intimation of payment information and crediting of funds to the beneficiary’s account. [9 Apr 2026]  #Payments

OCCIP launches cybersecurity information sharing initiative for the digital asset industry

The U.S. Department of Treasury's Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) has announced a new initiative to strengthen cybersecurity across the digital asset industry. The initiative will provide timely, actionable cybersecurity information to eligible U.S. digital asset firms and industry organizations. The aim is to assist these entities to better identify, prevent, and respond to cyber threats targeting their customers and networks. The effort advances a key recommendation from the President’s Working Group on Digital Asset Markets report, Strengthening American Leadership in Digital Financial Technology. [Apr 9, 2026]  #Cybersecurity

FinCEN proposes rule to implement the GENIUS Act's requirements to counter illicit finance

Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) have issued a joint proposed rule to implement the anti-money laundering (AML) and sanctions compliance provisions of the GENIUS Act.

Responses are requested by 9 June. [Apr 8, 2026]  #DigitalAsset #Stablecoin #GENIUSAct

FDIC approves proposal to implement GENIUS Act requirements and standards

The FDIC has approved a notice of proposed rulemaking that would implement certain requirements and standards under the GENIUS Act. The proposed rule would establish a prudential framework for FDIC-supervised permitted payment stablecoin issuers, including requirements related to reserve assets; redemption; capital; and risk management standards.

The proposed rule would also establish requirements for FDIC-supervised permitted payment stablecoin issuers and insured depository institutions (IDIs) that provide certain payment stablecoin related custodial and safekeeping services. In addition, the proposed rule would address the applicability of pass-through insurance to deposits held as reserves backing payment stablecoins and would clarify that tokenized deposits that satisfy the statutory definition of “deposit” would be treated no differently under the Federal Deposit Insurance Act than any other types of deposits.

Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register. [Apr 7, 2026]  #DigitalAsset #Stablecoin #GENIUSAct

Treasury seeks comment on determining "substantial similarity" of state-level regulation under the GENIUS Act

The U.S. Department of the Treasury has issued a notice of proposed rulemaking seeking regarding its implementation of the GENIUS Act. Under the GENIUS Act, payment stablecoin issuers with a consolidated total outstanding issuance of not more than $10m may opt for regulation under a state-level regulatory regime, provided that regime is substantially similar to the federal regulatory framework. The GENIUS Act directs Treasury to establish broad-based principles for determining whether a state-level regime is substantially similar to the federal regulatory framework under the GENIUS Act.

Responses are requested within 60 days of publication in the Federal Register. [Apr 1, 2026]  #DigitalAsset #Stablecoin #GENIUSAct