Core Viewpoint - The joint initiative aims to combat financial black and gray industries by establishing a comprehensive prevention and control system to create a clear, safe, and trustworthy financial ecosystem [1] Group 1: Regulatory Framework - The financial black and gray industries exploit consumers' urgent need for rights protection, engaging in illegal activities under the guise of "legitimate rights protection" [1] - Despite efforts from regulatory bodies, the effectiveness of combating these industries remains inadequate, necessitating a robust legal framework and enhanced collaboration among various stakeholders [1] Group 2: Social Interaction System - Establishing a social interaction system that standardizes rights protection and enforces responsibilities is crucial for gathering societal support against financial black and gray industries [2] - Strengthening consumer rights protection and ensuring efficient complaint handling can prevent illegal actors from exploiting consumers' urgent need for rights protection [2] Group 3: Public Awareness and Education - A multi-faceted approach involving regular interaction among financial regulators, prosecutorial agencies, and academic institutions is essential for clarifying legal boundaries and enhancing practical applications [3] - Public education initiatives, such as "Financial Knowledge Promotion Month," are vital for improving the public's ability to identify and resist financial black and gray industries [3]

Group 1 - Hong Kong's Securities and Futures Commission (SFC) is outlining a comprehensive regulatory framework for virtual assets, transitioning from a "safety closed-loop" model to a more open "safety connection" model while maintaining a 99.5% safety threshold for traditional finance [1] - The SFC plans to introduce innovative measures such as a "global order book" and an "accelerator program" to address liquidity and innovation efficiency challenges [1] - Upcoming priorities for Hong Kong's regulatory bodies include the swift release of consultation summaries for "digital asset trading licenses" and "custody licenses," with the Monetary Authority expected to announce the first stablecoin issuer licenses by early next year [1] Group 2 - AIMA's survey indicates that the exposure of global hedge funds to the cryptocurrency market is increasing, with 55% of hedge funds holding cryptocurrency-related assets in the first half of 2025, up from 47% the previous year [4] - The average allocation of these funds to cryptocurrencies represents 7% of their total assets [4]

Core Insights - The Bank of Ghana has released a policy document outlining the country's first regulatory framework for virtual assets, including cryptocurrencies and tokens, establishing a Virtual Asset Regulatory Office (VARO) to enhance oversight [1][2] - The new regulatory approach marks a significant shift from previous warnings against cryptocurrencies, moving towards a risk-based regulatory framework that aligns regulatory intensity with the risks associated with different virtual asset services [2] Group 1: Regulatory Framework - The VARO will act as a bridge between government regulation and the virtual asset industry, collaborating with various institutions such as the SEC, FIC, GRA, and NCA to enforce anti-money laundering and counter-terrorism financing standards [1][2] - The policy emphasizes that virtual assets are not recognized as legal tender in Ghana, aiming to promote innovation, protect consumer rights, and maintain financial stability while mitigating risks of money laundering, fraud, and terrorism financing [2] Group 2: Public Awareness and Education - A National Virtual Asset Literacy Initiative (NaVALI) will be developed in collaboration with the SEC and the Ministry of Education to enhance public awareness and financial literacy, particularly among the youth who constitute the majority of cryptocurrency users in Ghana [2] - Ghana's regulatory direction aligns with international standards set by organizations such as FATF, IMF, and BIS, positioning the country among a select few African nations that have implemented systematic measures to regulate digital assets while supporting innovation [2]

Core Insights - The Financial Action Task Force (FATF) has removed Burkina Faso, Mozambique, Nigeria, and South Africa from its "grey list" due to significant progress in improving their anti-money laundering and counter-terrorism financing systems [1][2] - Cameroon remains under enhanced monitoring, alongside other countries, indicating ongoing strategic deficiencies in its financial regulatory framework [1][2] Group 1: FATF Actions - FATF commended the four countries for their advancements in anti-money laundering and counter-terrorism financing [1] - Cameroon must continue to implement its action plan to address several strategic deficiencies identified by FATF [2] Group 2: Areas of Focus for Cameroon - Five priority areas have been identified for Cameroon: enhancing financial institution regulation based on risk, improving information exchange among financial intelligence units and authorities, demonstrating capabilities in money laundering investigations and prosecutions, implementing asset seizure and forfeiture policies, and effectively enforcing counter-terrorism financing measures without disrupting legitimate non-profit activities [2] Group 3: Implications for Foreign Investment - Cameroon's status on the "grey list" serves as a negative signal for foreign investors, as jurisdictions on this list are viewed as high-risk areas for international capital flows [2] - Financial institutions are compelled to adopt enhanced due diligence measures, potentially extending financing processes and increasing compliance costs, which may deter some institutional investors [2] Group 4: Reforms and Recommendations - The International Monetary Fund (IMF) has previously recommended that Cameroon modernize its national anti-money laundering framework and enhance coordination among relevant entities [2] - President Paul Biya has allocated additional human and technical resources to the national financial intelligence unit to improve monitoring and prevention of suspicious transactions [2] - Following its inclusion on the FATF grey list in June 2023, Cameroon has initiated several reforms, including establishing inter-agency coordination mechanisms and revising certain regulatory frameworks [2]

香港证监会于2025年7月14日发表《财政资源规则》修订版的英文草拟本以咨询公众，并提及《财政资 源规则》修订版中文草拟本一经备妥，便会另作咨询。此中文版本与已发表的《财政资源规则》修订版 的英文草拟本相对应。 据媒体早前报道，香港证监会就《财政资源规则》修订版草拟本和相关指引展开公众咨询，以实施一套 适用于从事场外衍生工具活动的持牌法团的资本规定，该套规定与国际标准看齐。 11月7日，香港证券及期货事务监察委员会(香港证监会)就《证券及期货(财政资源)规则》(《财政资源 规则》)修订版的中文草拟本展开公众咨询。据了解，公众需于2026年2月6日或之前就此次咨询提交意 见书。 香港证监会中介机构部执行董事叶志衡此前表示，将场外衍生工具资本规定与全球标准接轨，对巩固香 港的国际金融中心地位至关重要。深信这些具前瞻性及包容性的建议将利便创新，并推动香港的离岸人 民币、固定收益、外汇和大宗商品市场，以及数字资产市场的持续发展。 ...

Core Points - The Hong Kong Securities and Futures Commission (SFC) is actively collaborating with the financial industry to transform innovation into sustainable market development [1] - The SFC aims to promote responsible innovation and lead the market towards the future while fulfilling its dual responsibilities of market development and investor protection [1] - The SFC emphasizes the importance of balancing regulatory principles with market integrity and investor protection in the face of technological and digital challenges [1] Group 1 - The SFC is leveraging opportunities from transformation to enhance market resilience and trustworthiness [1] - The President of the International Banking Federation, Hedwige Nuyens, highlighted the importance of openness in evolving ecosystems and the need for cross-border and cross-sector collaboration [1] - Nuyens emphasized that breaking down barriers within the banking industry and partnering with fintech companies can effectively drive innovation and improve customer experience through open banking initiatives [1]

Group 1 - The Central Commission for Discipline Inspection and the National Supervisory Commission has conducted a concentrated training for over 100 new disciplinary inspection and supervision cadres at China Investment Corporation, enhancing their job performance capabilities through a 4-day program focused on theory, discussion, and practical training [1] - The training targets young cadres with less than two years of experience in the discipline inspection and supervision roles within the China Investment Corporation system, covering the characteristics of discipline inspection work in the financial sector and addressing integrity risk points [1] - The training utilized a "group operation + simulated practice" model to tackle the challenges faced by young cadres, allowing them to engage in discussions and write preliminary investigation reports [1] Group 2 - The discipline inspection and supervision group at China Investment Corporation has developed an annual training plan that emphasizes high-quality development in line with the new era's requirements, ensuring the political and quality standards of the courses [2] - A "2+N" training mechanism has been established, organizing two concentrated training sessions annually, supplemented by multiple short and efficient professional training sessions to address new work requirements and challenges [2] - The group has conducted 10 training sessions with over 4,000 participants, focusing on tailored training packages for different groups, including leadership and new cadres [2] Group 3 - The discipline inspection and supervision group has sent over 70 business backbone personnel to participate in important cases and key tasks, enhancing their capabilities in challenging situations [3] - Nearly 30 cadres have been sent to various business training sessions organized by higher authorities to continuously improve their job performance [3] - A mechanism for sharing training outcomes has been established, allowing participants to present their training experiences and suggest improvements based on their roles and responsibilities [3]

Core Insights - The International Financial Leaders Investment Summit held in Hong Kong on November 4, 2023, gathered around 300 international financial leaders to discuss the latest developments in China's economic and financial landscape, as well as measures to enhance Hong Kong's status as an international financial center [1][3]. Group 1: Financial Cooperation and Development - The Financial Regulatory Administration aims to deepen financial cooperation between mainland China and Hong Kong, promoting Hong Kong's integration into national development and enhancing its international financial center status [3][5]. - There is a focus on steadily expanding high-level financial openness, aligning with international trade rules, and responding to the financial needs of Hong Kong and Macau [3][4]. - The initiative includes enhancing connectivity between mainland and Hong Kong financial markets, supporting the issuance of catastrophe bonds by mainland insurance companies in Hong Kong, and improving financial services in the Greater Bay Area [3][4]. Group 2: Financial Innovation and Risk Management - Emphasis is placed on collaboration in technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging Hong Kong's strengths in innovation and intellectual property protection [4][5]. - The People's Bank of China is committed to strengthening the offshore RMB market in Hong Kong and enhancing cross-border payment services through financial technology innovations [6]. - The China Securities Regulatory Commission (CSRC) is focused on risk prevention and regulatory strengthening while promoting high-quality development and enhancing cross-border investment facilitation [7]. Group 3: International Engagement - The CSRC welcomes more international institutions and long-term capital to engage in business in China, aiming for mutual development and win-win outcomes [7]. - The summit serves as a platform for discussing macroeconomic trends, trade, and digital developments, highlighting opportunities and risks in various financial markets and asset classes [1].

Core Insights - The Hong Kong Monetary Authority (HKMA) has launched the "FinTech 2030" vision to establish Hong Kong as a robust, resilient, and forward-looking international fintech hub [1][2] - The initiative focuses on four key areas: building a new generation of data and payment infrastructure, supporting comprehensive AI applications, enhancing business and technological resilience, and promoting financial tokenization, encompassing over 40 specific projects [1][2] Group 1 - HKMA aims to strengthen cross-border payment connectivity, creating new opportunities for businesses, such as expanding credit channels, promoting trade financing, and providing personalized financial services and convenient cross-border remittances for citizens [1] - The authority plans to collaborate with the industry to develop a shared and scalable AI infrastructure and specialized models for the financial sector to ensure responsible AI application [1][2] Group 2 - HKMA is preparing for the quantum computing era by taking proactive measures to enhance the resilience of the financial system [2] - To build a thriving tokenization ecosystem in Hong Kong, HKMA will advance the tokenization of real-world assets, with settlements on the blockchain facilitated by new digital currencies, including the digital Hong Kong dollar, tokenized deposits, and regulated stablecoins [2] - The "FinTech 2030" strategy framework is interconnected, where data serves as the lifeblood of the digital economy, AI acts as the engine, resilience functions as the safety net, and tokenization serves as the channel, all working together to create a smarter, more inclusive, efficient, and secure financial ecosystem in Hong Kong [2]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has announced the next phase of its fintech development blueprint, "Fintech 2030," focusing on the preparation for post-quantum cryptography (PQC) to address potential threats posed by quantum computing to current data protection and online verification methods [1] Group 1: Quantum Computing and Cryptography - The HKMA recognizes the potential impact of quantum computing on modern encryption methods, particularly in identity authentication and privacy data [1] - The HKMA is proactively preparing for these changes by collaborating with banks and technology companies to discuss the transition process to new encryption methods [1] - The authority aims to assist the industry in understanding related risks and developing early response strategies for the transition to post-quantum cryptography [1] Group 2: Cross-Border Payments - The HKMA plans to continue close cooperation with the People's Bank of China to optimize cross-border payment services [1] - There are discussions to expand the range of entities eligible for personal remittance services and to explore new remittance application scenarios relevant to residents of both regions [1] Group 3: Digital Bond Issuance - The HKMA acknowledges that the transition from traditional to digital processes for bond issuance cannot be achieved overnight [1] - Future plans include further automation in the digital issuance of bonds, with the third batch of bonds expected to see more digitalization [1]