Donald Day, chief operating officer of fintech start-up firm VDX, and the former in-house cryptocurrency/digital asset expert at Hong Kong’s capital markets regulator, the Securities and Futures Commission, sits down to chat with Regulatory Ramblings host Ajay Shamdasani. They discuss Donald’s time as a regulator, the importance of broadening the policy discussion beyond just being about cryptocurrencies to envisaging a future where virtual assets are a key part of daily commerce, as well as the importance of digitization, and Hong Kong’s ideal position as a global fintech and digital asset hub, the HKSFC’s new virtual asset service provider regulatory regime and its implications for legal and compliance staff, and some of the aims of CFAAR’s local chapter almost a year after its formation.Topic Takeaways| Chapter 1- Bitcoin was created to establish a payment system independent of central entities, but intermediaries are still needed for fiat-to-crypto exchanges.- Regulation is necessary for the involvement of institutional investors and professionals from traditional finance in the crypto industry.|  Chapter 2- Insurance companies and risk management tools are crucial for the growth and stability of the crypto industry.- Proper regulation is needed to facilitate institutional adoption and provide risk mitigation measures. |  Chapter 3- Blockchain technology has the potential to reduce mistakes in the medical field.- Regulations should be implemented to ensure responsible access and modification of medical records on the blockchain.|  Chapter 4- Singapore is seen as a frontrunner in marketing itself as a fintech and digital asset hub.- Hong Kong's stability and accountability make it attractive despite past regulatory criticisms.- Strong regulation is essential for sustainable growth in the digital asset market.|  Chapter 5- Digital assets have broader applications beyond cryptocurrencies.- Tokenizing real-world assets and providing liquidity can create a more accessible market.|  Chapter 6- Fintech encompasses more than just crypto and digital assets.- The focus should be on solving real problems and improving people's lives. | Chapter 7- The new regulatory requirements aim to enhance compliance and prevent money laundering in the crypto industry.- Existing platforms have a grace period to comply with the new licensing regime. |  Chapter 8- Experience in compliance, especially in areas like market surveillance, is invaluable in the digital asset industry.- Building a compliance team with experienced individuals helps engage with regulators and clients effectively.| Chapter 9- CFAAR aims to engage, enhance, and educate the industry and legal system on compliance for digital assets.- Legal professionals need to understand tools available for fraud prevention and detection in the digital asset space.|  Chapter 10- Blockchain and ledger records are helpful but require additional investigation for asset tracing and recovery.- Tracing digital assets involves understanding technical complications, but tools are available for legal and law enforcement agencies. | Chapter 11- Hong Kong's stable regulatory framework for digital assets is commendable and encourages growth in the industry. HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

The “Finansialization of Everything” is a term few have heard of. Yet, personalised financial technology – like cryptocurrencies and blockchain – has the power to alter how people regularly interact. Our guest, Emmanuel Daniel, highlights in his book how emerging FinTech and never-before-seen transactions are fundamentally changing the roles of institutions, markets, and the commanding heights of the world economy. His insights provide fintech players with an out-of-box perspective of how they will bring about disruption and innovation.He talks to Regulatory Ramblings host Ajay Shamdasani about: the weaponisation of money; the next financial crisis and the ensuing global economic order; the nature of decentralised finance (DeFi), the lie of financial inclusion, and why he believes central bank digital currencies (CBDCs) are doomed to fail.Emmanuel is the founder of The Asian Banker (TAB) and his next book is tentatively titled "The Winning Civilization". It follows the theme of financially driven changes covered in his previous work, "The Great Transition", which was released last year. Much of his writing is based on his three decades of experience founding and running TAB Global as a media, research, and consulting house. Emmanuel has extensive contact with leaders in banking and finance around the world. He won the Citibank Excellence in Business Journalism for Asia in 1999 for his work on the Internet in banking.Useful links in this episode:Emmanuel Daniel's website with book and other links - https://www.emmanueldaniel.com/Multi-CBDC mBridge by BIS Innovation Hub's Bénédicte Nolens - podcast.hkufintech.com Stablecoins: Risks, Potential and Regulation - SSRN Link The Financialization of Crypto: Lessons from FTX and the Crypto Winter of 2022-2023 - SSRN Link Financial Data Governance: The Datafication of Finance, the Rise of Open Banking and the End of the Data Centralization Paradigm - SSRN Link HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Central to the United Nations' definition of money laundering is the idea that wherever crime exists, there’s always dirty money. Money laundering is, therefore, the process of handling that dirty money whether from crime or egregious breaches of regulations. It's a definition that Nicholas Gilmour and Tristram Hicks, authors of the new book “The War on Dirty Money, wholeheartedly agree with. They argue that money laundering is not a victimless crime because such funds are often used to finance myriad criminal enterprises.They chat with “Regulatory Ramblings” host Ajay Shamdasani about how financial investigations must take centre-stage before any meaningful criminal justice reform can occur. The authors stress that money laundering is not a series of stages and modalities, because at the most basic level – it is merely the transmission of value. While such transfers are commonly concealed with multiple layers of obfuscation, fundamentally, either a purchase is being made or some other transaction is taking place.Nicholas Gilmour is a consultant to governments and international organizations in the fight against financial crime.Tristram Hicks is a former New Scotland Yard detective superintendent and international criminal justice adviser on the operational effectiveness of anti-money laundering (AML) regimes.HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Regulatory Ramblings episode 17 with Aaron Kamath and Purushotham Kittane of the law firm Nishith Desai Associates.Aaron, Bangalore-based leader of the FinTech Law & Policy Practice at firm Nishith Desai Associates, and his colleague Purushotham, speak to Regulatory Ramblings host Ajay Shamdasani about the following:The evolving landscape of fintech models in India: Contributing factors and investmentsThe traditional role of payment service providers viz card networks and banks: Recent fundamental shift in the licensing regimeDigital lending: Evolving models, buy-now-pay-later, and recent guidelines on lending appsE-wallets: Co-branding and white-labeling issues, and cross-border fund flow issuesUPI and mobile-based banking: Arteries of India’s digital payments ecosystemThe regulatory conundrum around cryptocurrenciesTaxation and virtual digital assetsCBDCs and the move towards ‘E-Rupees’Click on chapters to navigate the topics discussed in this podcast.HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.

Kelly Ann McHugh is the Singapore-based director for MyCompliance Office for the Asia-Pacific, a provider of solutions to manage conflicts of interest. Having grown up in New Zealand, she ventured beyond its tranquil confines to explore what the rest of the region had to offer. It took her to a career at Thomson Reuters as its APAC director for APAC regulatory intelligence and compliance training – and beyond! As someone with a strong passion for continued education – especially in the corporate world – and for providing staff with tailored, relevant and practical training, she talks to Regulatory Ramblings host Ajay Shamdasani about the value of compliance, perceptions of the function, being a woman in a field that is still heavily male-dominated, the challenges of being an entrepreneur and what advances in technology mean for the compliance profession more generally.This podcast is co-hosted by Reg/Tech Lab - HKU FinTech, HKU-SCF Fintech Academy, and the HKU-edX Professional Certificate in FinTech.HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.