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2025-07-20•Jordan•Central Bank of Jordan
The Central Bank of Jordan's ninth annual payment system report highlights record growth in digital payments for 2024, with electronic channels comprising 84% of all payments and cash transactions decreasing to 16%. Key drivers include a 148% increase in instant payment orders and significant rises in electronic bill payments and card-based transactions, attributed to the National Strategy for Electronic Payments 2023-2025.
Data & statisticsPayments and payment systems
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2025-07-20•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) engaged with London institutions to showcase Egypt's non-banking financial sector reforms and investment opportunities, particularly in insurance. Key updates include changes under the Unified Insurance Law, such as revised investment rules for insurers, phased capital increases, and new frameworks for technical provisions. The FRA also highlighted digital transformation initiatives, including electronic policy issuance and FinTech infrastructure enhancements.
Policy & regulationRules & requirementsMarket developmentSupervision process and methodologies
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2025-07-20•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority authorized five companies to expand or initiate fintech-enabled operations in non-banking financial activities. Approvals include Digified's expansion into electronic contracting and digital record management, and the incorporation of Nice Deer Factoring, Daira Microfinance, and iSupply as fintech start-ups. V-Lens' registration as an outsourcing service provider was also renewed.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-20•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported significant progress in digital transformation, with over 90% of banking transactions conducted digitally and non-cash payments reaching nearly VND 140 quadrillion in early 2025. The national interbank electronic payment system processed VND 174.1 quadrillion, a 42.95% increase year on year. The Prime Minister urged swift deployment of the VND 500 trillion credit programme for science, technology, and infrastructure at low rates.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-20•Caribbean•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force has published mutual evaluation reports for Curaçao and Sint Maarten. The reports assess compliance with the FATF 40 Recommendations, evaluate AML/CFT system effectiveness and provide recommendations for improvement. Their publication completes CFATF’s Fourth Round, with the Fifth Round due to start in March 2026.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-07-19•Algeria•Central Bank of Algeria
The Central Bank of Algeria issued an explanatory document for Instruction No. 05-2025 regarding the foreign exchange travel allowance for resident nationals. The process involves reserving funds in advance and collecting foreign currency at exit points, with a maximum allocation of EUR 750 for adults and EUR 300 for minors. The allowance is granted once per reference year, contingent on documentation and minimum trip-duration requirements.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-07-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam met with BNP Paribas to discuss policy priorities, including AI in banking, developing an international financial centre, and a green finance classification system. The central bank is drafting a decree on bank licensing and foreign exchange management to attract strong financial institutions and link Vietnam to global capital. BNP Paribas will continue providing expertise to support Vietnam's legal framework development.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-07-19•China•China Banking and Insurance Regulatory Commission
The Discipline Inspection Commission of the China Banking and Insurance Regulatory Commission's Qingdao Bureau and the Qingdao Municipal Commission announced that Song Yanbian, Party Committee Secretary and Director of the Pingdu Financial Regulatory Branch, is under disciplinary review and investigation for suspected serious violations of discipline and law by the Pingdu City Supervisory Committee in Shandong.
EnforcementInvestigations & enforcement actions
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2025-07-18•Europe•European Securities and Markets Authority
The European Securities and Markets Authority has updated its Q&A materials for the Markets in Crypto-Assets Regulation and the Undertakings for Collective Investment in Transferable Securities Directive. The updates address staking on own account, pre-funding of clients’ orders using clients’ crypto-assets, and performance fees for feeder funds.
Policy & regulationGuidance & interpretationStablecoinsRegulatory reporting
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2025-07-18•Peru•Superintendencia del Mercado de Valores de Peru
Peru's Superintendency of the Securities Market approved amendments to the Lima Stock Exchange rulebook to align equity trading rules with Colombia and Chile and facilitate migration to a Nasdaq trading platform. Changes include new market segmentation, revised closing price calculation, and a "Designated Liquidity Promoter" framework for broker-dealers. Equity instruments will be classified into Global and Local Markets, with trading across Continuous, Auction, and Global segments.
Policy & regulationRules & requirementsMarket development
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2025-07-18•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission, represented by Executive Administrator Vasco Januário, participated in a forum to promote the capital market as a financing alternative for oil sector and local content companies. Januário highlighted Sonangol’s corporate bond and Etu Energias’ commercial paper issuances as successful transactions. The forum, supported by the Ministry of Mineral Resources, Oil and Gas, and the National Agency of Oil, Gas and Biofuels, emphasized regulation and domestic initiatives.
Policy & regulationCooperationMarket development
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2025-07-18•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted its second session for media on the Information Dissemination System, a digital tool for equitable and timely disclosure of issuer information. The session detailed the roles of the Commission and issuers, mandatory disclosure categories, and the communication flow for publishing information. A live demonstration showcased filtering functions and access to issuers’ disclosure history.
Policy & regulationGuidance & interpretationDisclosuresSupervision process and methodologies
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2025-07-18•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has amended its Issuers Regulation to expedite the authorisation process for prospectuses of corporate bonds and non-equity securities, effective 19 July 2025. Approval powers are generally transferred from the Consob Commission to the head of the Issuers Division, with certain cases retained by the Commission. These changes follow prior measures to reduce review times and costs and allow English for approval requests.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-07-18•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission's National Working Group for benchmark reform has initiated a consultation on a proposed recommendation for standard overnight index swap transactions based on POLSTR. Stakeholders and financial market participants are invited to provide feedback.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-07-18•Global•Bank for International Settlements
The Bank for International Settlements released a paper on CBDC communication in 15 major economies, noting differences in tone between central banks and media. Central bank sentiment influences media more than vice versa, with media often more positive, especially on retail CBDCs. Central bank sentiment also predicts CBDC project progress and affects cryptocurrency returns and stock performance of banking and payment firms, with effects varying by jurisdiction.
ResearchCBDC
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2025-07-18•Global•Bank for International Settlements
The Bank for International Settlements' BIS Bulletin analyzes global trade policy shifts' impact on African economies, noting limited direct exposure to new US tariffs but significant indirect effects from global demand changes. It emphasizes regional trade integration and financial development for resilience and growth, highlighting the African Continental Free Trade Area's potential despite barriers like weak infrastructure and high export concentration. Opportunities lie in Africa's growing working-age population, resource endowments, and digital payment systems.
Research
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2025-07-18•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved the registration of Ohuasi Technologies, S.A. as a Sociedade Distribuidora de Valores Mobiliários (SDVM), a securities distribution company.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-18•Mexico•Central Bank of Mexico
The Central Bank of Mexico issued Circular 6/2025, introducing a framework allowing wages and employment benefits in payroll accounts to back financial services. This enables workers to use their payroll deposits to repay loans with any creditor, expanding credit options beyond the payroll-account managing institution.
Policy & regulationRules & requirementsLending
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2025-07-18•South Africa•National Treasury (South Africa)
South Africa's National Treasury and Reserve Bank summarized the G20 Finance Ministers and Central Bank Governors meeting in Durban, focusing on global economic stability, financial architecture, and sustainable finance. Discussions included strengthening Multilateral Development Banks, sovereign debt restructuring, and scaling adaptation and just transitions. Members reaffirmed commitments to Basel III implementation, non-bank financial institution data, and the G20 Roadmap for cross-border payments.
Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
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2025-07-18•Tanzania•Tanzania Insurance Regulatory Authority
Dr. Baghayo Saqware, Commissioner of Insurance at the Tanzania Insurance Regulatory Authority, met with the Tanzania Insurance Brokers Association to discuss strengthening the insurance sector. Brokers sought improved guidelines, while the Commissioner emphasized opportunities in universal health, agricultural, and compulsory insurance. Concrete steps will focus on expanded education and rural penetration.
Policy & regulationCooperationMarket development
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2025-07-18•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) emphasized innovation's role in expanding inclusive insurance at the Insurance Innovation Showcase in Dar es Salaam. Organized with the United Nations Development Programme, the event featured competitions in multi-cover insurance, health insurance, and climate change solutions. Twende Tech's "Twende Bima" won for enabling motorcycle riders to access health insurance, with UNDP committing to ongoing collaboration and research to support market growth.
Policy & regulationImplementation, projects & pilotsFintech and insurtechSME financing
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2025-07-18•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved regulatory decisions, including amendments to acts and new instructions on access control and XBRL submissions. The Commission registered share issues and prospectuses for JSC ZNVCIF PROCAPITAL INVEST and JSC ZNVCIF SKYFALL, and approved significant participations and leadership roles in various entities. Amendments were made to Commission Decision No. 198 of 24 March 2022.
Policy & regulationRules & requirementsRegulatory reporting
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2025-07-18•Peru•Central Bank of Peru
The Central Bank of Peru reported a 22.8% year-on-year increase in non-traditional agricultural exports for May, reaching USD 754 million, driven by a 35.4% rise in export volumes. Key products contributing to this growth included avocados, cocoa, frozen mangoes, mandarins, and pomegranates. From January to May, exports totaled USD 4,226 million, marking a 28.1% increase supported by a 36.2% rise in volumes.
Data & statisticsBalance of payments and other external statistics
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2025-07-18•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador reported a 12 percentage point increase in financial inclusion since 2021, with 43% of Salvadorans aged 15 and over now holding accounts, according to the World Bank’s Global Findex 2025. This progress is attributed to efforts by the National Council for Financial Inclusion and Education, regulatory measures, and initiatives like the Transfer365 payments platform and "Mi Viaje Financiero" education program. The update also highlights legal reforms to enhance electronic money regulation and simplify account access for low-income and rural populations.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-07-18•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) released a report titled “Role of Insurance in Social Security: Landscape of Pakistan,” highlighting limited insurance coverage and weak enforcement of mandatory requirements. The report proposes a five-part reform roadmap, including strengthening legal frameworks, integrating insurance with social safety nets, and launching a national social insurance scheme for informal workers. SECP urges stakeholder collaboration to implement these recommendations.
Policy & regulationReform agendas & prioritiesOther
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2025-07-18•Bermuda•Ministry of Finance (Bermuda)
Bermuda's Ministry of Finance will introduce the Beneficial Ownership Act 2025, transferring the central register of beneficial ownership from the Bermuda Monetary Authority to the Registrar of Companies. The Act aligns with the revised Financial Action Task Force Recommendation 24, broadening the definition of beneficial owner and empowering the Registrar to manage and disclose register information. Regulation-making powers will address information suppression, discrepancy reporting, and securities control.
Policy & regulationRules & requirementsBeneficial ownership
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2025-07-18•Indonesia•Bank Indonesia
Bank of Indonesia's latest Business Survey indicates a rise in business activity in Q2 2025, with the weighted net balance increasing to 11.70% from 7.63% in Q1. Growth was driven by Public Administration, Defence, and Compulsory Social Security, as well as Manufacturing and Accommodation sectors. Respondents anticipate continued growth in Q3 2025, with a projected WNB of 11.98%, supported by Construction and Mining sectors.
Data & statisticsEconomic data and developments
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2025-07-18•Australia•Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) has disqualified Anthony Azizi from managing corporations for five years due to his role in the failure of three construction companies, which owed AUD 93.7 million to over 300 unsecured creditors. ASIC found Azizi failed to meet director obligations, including statutory lodgements and preventing insolvent trading. The disqualification is effective until 14 July 2030, and Azizi may seek a review by the Administrative Appeals Tribunal.
EnforcementSanctions & designationsOther
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2025-07-18•Portugal•Bank of Portugal
The Bank of Portugal's updated balance of payments for May 2025 shows an external surplus of EUR 1.2 billion from January to May, down EUR 1.5 billion from 2024. This decline was due to a EUR 2.0 billion widening of the goods deficit and a EUR 217 million deterioration in the primary income deficit, partially offset by a EUR 759 million increase in the services surplus. The financial account balance was EUR 0.7 billion, with non-monetary financial institutions significantly reducing liabilities.
Data & statisticsBalance of payments and other external statistics
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2025-07-18•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released its 2024 Market Conduct Regulation and Supervision Report, emphasizing health insurance transparency, product comparability, and sustainability disclosures. ASF issued 13 regulatory standards, conducted 2,860 supervisory actions, and addressed 1,937 consumer complaints. For 2025, ASF plans to focus on credit protection insurance value, digital advertising supervision, and integrating anti-money laundering risks.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-07-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance has requested EUR 2.1 billion in grants from the Recovery and Resilience Facility after completing 39 milestones under the "Greece 2.0" plan. Successful assessment would bring total disbursements to EUR 23.4 billion, covering 65% of Greece's allocation. The milestones span sectors such as education, health, and energy, including initiatives like interactive classroom boards and photovoltaic system subsidies.
Policy & regulationImplementation, projects & pilotsRecovery and resolution
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2025-07-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance unveiled a draft National Customs Code to digitalise customs procedures, enhance service, and combat tax evasion and smuggling. Key measures include digitised signatures, electronic notifications, an integrated monitoring system, and stricter smuggling penalties. The draft also proposes tax exemptions, repatriation incentives, and transferring the Financial and Economic Crime Unit to the Independent Authority for Public Revenue.
Policy & regulationRules & requirementsOther
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2025-07-18•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong has reappointed Ms Christina Choi Fung-yee, Mr Rico Leung Chung-yin, and Mr Michael Duignan as Executive Directors of the Securities and Futures Commission for three-year terms starting in August and November 2025. Ms Choi will transition to Executive Director (Corporate Finance) in November 2025. Mr Leung will continue as Executive Director (Supervision of Markets), and Mr Duignan will shift to Executive Director (Enforcement).
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-18•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities & Futures Commission re-appointed Christina Choi, Rico Leung, and Michael Duignan as Executive Directors for three-year terms, with senior portfolio changes planned for 2025. Choi will become Executive Director of Corporate Finance, Leung will continue as Executive Director of Supervision of Markets, and Duignan will be Executive Director of Enforcement. Christopher Wilson, the current Executive Director of Enforcement, will depart at the end of his term on 31 October 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-18•France•Bank of France
The Bank of France reported on its Credit Mediation scheme for H1 2025, noting 546 eligible cases with a 66% favourable outcome rate, despite eligibility declining to 42%. Most requests came from very small enterprises, with mediators supporting 320 companies and preserving 3,245 jobs. The scheme also addressed restructuring State-guaranteed loans, with a 57% success rate, and emphasized improved coordination and proactive information for business support.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-07-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan warned about financial fraud targeting older citizens, emphasizing phone and messenger impersonation schemes. Tactics include posing as bank staff or law enforcement, claiming suspicious account activity, and pressuring victims to transfer funds or share banking details. The agency advises ending suspicious calls, verifying identities through official channels, and discussing financial decisions with trusted relatives.
SupervisionAlertsFraud and scams
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2025-07-18•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan and the Islamic Financial Services Board (IFSB) agreed to enhance collaboration to support Uzbekistan's Islamic finance reforms. Discussions in Kuala Lumpur focused on future cooperation, capacity building, and adapting IFSB standards to national practices. An official visit by IFSB representatives to Uzbekistan is planned to further these efforts.
Policy & regulationCooperationCapacity buildingDomestic cooperation
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2025-07-18•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) outlined supervisory priorities for the insurance sector adapting to Thai Financial Reporting Standards 17, emphasizing an OIC Supervisory Framework and Early Warning System. Insurers must establish a clear risk appetite and demonstrate genuine risk governance in ERM/ORSA reports. The OIC plans to transition to group-wide supervision on a full-consolidation basis from Q1 2026 to accommodate evolving group structures.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-07-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced President Donald J. Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, establishing a regulatory framework for payment stablecoins. Led by Senator Bill Hagerty, the legislation aims to provide regulatory clarity, consumer protection, and national security enhancement. The Senate Banking Committee advanced the bill with bipartisan support, and the House of Representatives passed it on July 17, 2025.
Policy & regulationRules & requirementsStablecoins
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2025-07-18•South Africa•South African Reserve Bank
The South African Reserve Bank and National Treasury released a communiqué from the G20 Finance Ministers and Central Bank Governors meeting, addressing macroeconomic stability, international financial architecture reforms, and financial sector issues. Key points include endorsing Basel III implementation, Financial Stability Board recommendations on non-bank financial institution leverage, and a G20 roadmap for cross-border payments. It also highlights progress on the G20 Multilateral Development Bank Roadmap and sovereign debt restructuring under the Common Framework.
Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
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2025-07-18•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority (IFSCA) announced action against nine Fund Management Entities (FMEs) in GIFT IFSC for repeated breaches of the IFSCA (Fund Management) Regulations, 2025. Violations included premises being closed during operational hours and absence of Key Management Personnel (KMPs), contravening Regulation 7(5) and Regulation 10(1). IFSCA emphasized the need for FMEs to maintain functional offices and ensure KMP presence as per regulatory requirements.
EnforcementInvestigations & enforcement actionsCompliance
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2025-07-18•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Financial Intelligence Unit Annual Report 2023.
Data & statisticsAML and CFTSupervision process and methodologies
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2025-07-18•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines, through the BSP-led Islamic Finance Coordination Forum, hosted a Stakeholders' Forum on Domestic Sukuk Issuance to promote Islamic bonds and expand Shari’ah-compliant funding. Discussions covered the legal and regulatory framework for sukuk, ongoing policy work, and the need for collaboration following the government's USD 1 billion sukuk issuance. Over 100 participants, including public-sector bodies and Islamic finance advisers, attended.
Policy & regulationCooperationMarket development
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2025-07-18•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in an attached notice to pay a VND 1,000,000 fee for the reissuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer or directly, including recipient identification details. Failure to complete the reissuance procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-07-18•Global•Bank for International Settlements
The Bank for International Settlements published a bulletin on Africa’s trade landscape, concluding that direct exposure to prospective new United States tariffs appears limited, but indirect spillovers via weaker global demand and tighter financial conditions could be significant. It highlights Africa’s small share of global goods trade and relatively high tariffs and non-tariff barriers, and argues that deeper regional integration under the African Continental Free Trade Area, higher value-added trade and stronger financial integration are key to resilience and medium-term growth.
Research
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2025-07-18•Serbia•National Bank of Serbia
The National Bank of Serbia's Inflation Expectations Survey shows stable inflation expectations, with the financial sector's short-term expectations within the inflation target for eighteen months. June's short-term expectations were 3.5%, while July's Bloomberg poll indicated a slight decline to 3.4%. Medium-term expectations for the financial sector fell to 3.2%, while the economy's expectations remained at 5.0% for two and three years ahead.
Data & statisticsEconomic data and developments
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2025-07-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Circular Letter CVM/SIN 4/2025 to clarify rules on exchange-traded funds (ETFs), addressing market maker roles, index provider relationships, and naming practices for Brazilian Depositary Receipts of ETFs (BDR-ETFs). The circular prohibits portfolio managers from acting as market makers for their own funds but allows related parties. It clarifies exceptions to index provider relationship restrictions and permits "ETF Global" in BDR-ETF naming, provided compliance with regulations.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-07-18•Brazil•Brazil Securities Commission (CVM)
João Pedro Nascimento has resigned as President of the Brazil Securities Commission (CVM) for personal reasons, concluding his three-year term. His tenure focused on democratizing and modernizing Brazil’s capital markets. Otto Lobo, the most senior director, will assume interim responsibilities until a new nominee is appointed by the Presidency of the Republic.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) reviewed initiatives under President João Pedro Nascimento, highlighting the ABERTO programme to enhance capital market participation. Key developments include increased funding, staffing enhancements, and a Regtech drive with digital upgrades. The CVM issued 70 new resolutions, including sustainability reporting requirements and investment portability rules, and reported significant growth in FIAGRO net assets and agribusiness receivables certificates.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-07-18•Poland•Ministry of Finance (Poland)
Poland's Ministry of Finance reported on the General Inspector of Financial Information's participation in the 30th Egmont Group plenary session in Luxembourg, chaired by Deputy Director Elżbieta Franków-Jaskiewicz. Discussions included enhancing FIU autonomy, operational independence, resourcing, the future of the Egmont Secure Web platform, and establishing an International Day of FIUs. The session admitted four new FIUs, increasing total membership to 181.
Policy & regulationCooperationAML and CFTDomestic cooperation
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2025-07-18•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has amended Modenis LLC’s payment services licence, cancelling its authorization to issue electronic money and execute related transactions. This change, effective from 17 July 2025, follows a request from Modenis LLC. The firm will continue to operate as a payment institution.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-18•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has revoked Kabox LLC's licence to operate as a payment institution due to serious legal violations. The decision, based on Articles 54.1.7 and 54.1.9 of the Law on Payment Services and Payment Systems, was made by the Board on 17 July 2025.
EnforcementSanctions & designationsLicence withdrawal
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2025-07-18•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has cancelled the licence of "TBC Kredit" non-bank credit organisation LLC following the firm's application for withdrawal due to a strategic shift by TBC Bank Group. Effective 17 July 2025, this mandates TBC Kredit's cessation and liquidation under the Civil Code. A recent meeting between First Deputy Governor Aliyar Mammadeyarov and TBC Bank Group's Spartak Tetrashvili discussed financial trends and the group's potential future return to Azerbaijan.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-07-18•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released the agenda for its Board meeting on 25 July 2025, which includes a draft decision to approve the 2024 Supervisory Report and amend Regulation No. 146 on asset administration. The agenda also addresses supervisory and market oversight, including financial analyses of insurance companies and proposed risk-based inspections at Ansig sh.a. and Eurosig sh.a.
Policy & regulationRules & requirementsMandate change
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2025-07-18•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay and the World Bank held a July 14 to 18 workshop on financial risk management for official institutional portfolios. The sessions covered investment policy, liquidity, counterparty risk, limits, backtesting and artificial intelligence in asset management, with additional case studies from the Bank of Spain and the Latin American Reserve Fund. The event was framed as part of the central bank’s broader reserve management modernization under the World Bank’s RAMP program.
Institutional developmentCooperation & capacity buildingRisk management
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2025-07-18•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) attended the inauguration of the Hong Kong Gold Exchange's board and the 115th anniversary of the Chinese Gold & Silver Exchange in Hong Kong. SERC witnessed the signing of memoranda of understanding between the Hong Kong Gold Exchange and Cambodian firms, including Cambodian Derivatives Exchange Co., Ltd, PP Link Securities Co., Ltd, Cambodia Securities Plc, and First Gold.
Policy & regulationCooperationMarket development
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2025-07-18•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia and the Malaysia International Islamic Financial Centre Leadership Council launched the MIFC Global Impact Challenge 2025 to find financial solutions for social resilience and climate challenges. It aims to foster innovation in Islamic finance and support fintech and impact-focused startups. Partners include the Hong Kong Trade Development Council, Islamic Finance Council UK, Islamic Development Bank, and World Bank Group, with winners announced at the Global Islamic Finance Forum 2025.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-07-18•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC held the second Anti-Scam and Illegal Taking of Investments Group (ASTIG) Partners Meeting to enhance collaboration against financial scams. The meeting included 21 representatives from various agencies, discussing the Anti-Financial Account Scamming Act and its regulations. The SEC introduced an "ASTIG One-Pager" to aid public identification and reporting of scams, urging dissemination through partner networks.
Policy & regulationCooperationAML and CFT
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2025-07-18•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario appointed Antoinette Leung as Executive Vice President, Market Conduct, effective 1 August 2025. Leung currently leads conduct supervision for financial institutions and mortgage brokerages and chairs key regulatory groups in Canada.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency released its June 2025 statistics, highlighting growth in mandatory pension funds to EUR 24.6bn and voluntary pension funds to EUR 1.52bn. Insurance premiums rose 8.3% year-on-year to EUR 1.0bn, while claims settled decreased by 9.3% to EUR 594.1m. The Zagreb Stock Exchange saw a turnover of EUR 70.2m, with UCITS net assets increasing to EUR 3.7bn, driven by inflows into money market funds.
Data & statistics
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2025-07-18•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) confirmed the 2026 Dynamic General Insurance Stress Test (DyGIST) will commence in May 2026, maintaining its original objectives and format. Insurers representing over 80% of the PRA-regulated market will participate, with final scenarios revealed during the live phase. Workshops will be held to support logistics and gather feedback.
SupervisionReviews, inspections & stress testsStress testing
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2025-07-18•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission is consulting on draft regulations for ICO portals, focusing on investor communication and service provision. Key proposals include a knowledge test for non-institutional investors and a suitability test for all digital token investors, with updates every two years. The SEC Board approved these proposals in principle in June 2025.
Policy & regulationRules & requirementsFintech and insurtechRegulatory burden
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2025-07-18•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's Q2 2025 Credit Conditions Survey shows increased credit availability for secured, unsecured, and corporate lending. Demand is rising for secured and corporate loans but declining for unsecured loans. Increased credit availability is due to an improved economic outlook for secured and corporate lending and a changing risk appetite for unsecured lending. Default rates have risen across all categories, with loan spreads widening for household lending and narrowing for corporate loans.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-18•Malta•Central Bank of Malta
The Central Bank of Malta, the University of Malta, and the University Research, Innovation and Development Trust have signed a Studies Support Collaboration Agreement. This initiative aims to enhance postgraduate education and research in economics, banking, finance, insurance, and public policy.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-18•Canada•Department of Finance (Canada)
The Department of Finance Canada reported on Minister François-Philippe Champagne’s participation in the G7 and G20 meetings in Durban, focusing on trade, economic policy uncertainty, and global economic discussions. At the G20, Champagne addressed international financial architecture, taxation, and Africa’s growth prospects, while holding bilateral meetings. Co-chairing the G7 session, discussions included trade routes, supply chain resilience, and Russia’s war against Ukraine, with Canada hosting G7 meetings throughout 2025.
Policy & regulationCooperationCross-border cooperation
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2025-07-18•Russia•Central Bank of Russia
The Central Bank of Russia released preliminary June 2025 data showing growth in mortgage lending and a decline in consumer credit, with household deposits rebounding and monthly profitability rising due to a non-recurring factor. Mortgages increased by 0.6% month on month, while consumer loans fell by 0.4%. The sector's monthly profit reached RUB 392 billion, driven by a one-off release of provisions.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-18•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee highlighted bipartisan support for the Digital Asset Market Clarity (CLARITY) Act, H.R. 3633, aiming to establish a clearer regulatory framework for digital asset markets. The bill delineates oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, strengthens disclosures, and safeguards customer funds. Stakeholders emphasize governance, risk management, and investor protections, urging further legislative action as the bill moves to the Senate.
Policy & regulationRules & requirements
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2025-07-18•Europe•European Commission
The European Commission's draft delegated act revises the Solvency II Delegated Regulation, seeking feedback on insurers' liability valuation, solvency requirements, and reporting obligations. Key proposals aim to facilitate long-term equity investments, mitigate short-term market volatility impacts, and ease securitisation investment barriers. The package also suggests simplified reporting for smaller insurers and recalibrated capital requirements for natural catastrophe risks.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-07-18•Europe•European Commission
The European Commission announced the EU's 18th sanctions package against Russia, targeting energy revenues, the financial sector, and the military-industrial complex, while also addressing Belarus. Key actions include lowering the crude Oil Price Cap, imposing transaction bans on Nord Stream pipelines, expanding asset-freeze and travel-ban listings, and converting financial messaging service bans into full transaction bans for 45 entities. The package broadens export restrictions, adds designations related to military supply chains, and introduces protective measures against sanctions-related arbitration risks.
Policy & regulationRules & requirementsNew sanctions designations
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2025-07-18•Chile•Central Bank of Chile
The Central Bank of Chile is consulting on draft rules to extend the derivatives position netting framework to repurchase and reverse repurchase agreements under the Resilience Law. The proposal aims to ensure legal certainty for close-out netting and collateral arrangements in insolvency situations, introducing safeguards to maintain system liquidity. Existing derivatives netting rules remain unchanged.
Policy & regulationRules & requirementsMarket infrastructure
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2025-07-18•Mauritius•Bank of Mauritius
The Bank of Mauritius has issued new MUR 200 polymer banknotes, featuring a transparent window and a dodo image with a SwingTM feature, under section 35 of the Bank of Mauritius Act 2004. These polymer notes will circulate alongside existing paper notes, both remaining legal tender. The Bank is collaborating with financial institutions to ensure a smooth transition.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-07-18•United States•Commodity Futures Trading Commission
CFTC Acting Chairman Caroline D. Pham welcomed the House's progress on digital asset legislation, including the GENIUS Act's passage and the CLARITY Act's advancement. Pham noted the GENIUS Act is now with the President and emphasized the CLARITY Act's importance in market regulation. She affirmed the CFTC's readiness to oversee its markets and acknowledged congressional leaders' efforts.
Policy & regulationRules & requirements
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2025-07-18•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Division of Market Oversight issued a no-action letter extending the no-action positions in CFTC Staff Letter No. 22-09 regarding certain position aggregation requirements.
Policy & regulationGuidance & interpretationOther
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2025-07-18•United States•Commodity Futures Trading Commission
CFTC Commissioner Kristin Johnson led the third annual international financial markets regulation roundtable in London, addressing challenges from emergent technologies like AI, cyber threats, and digital assets. Johnson stressed the need for robust governance, ethical design, and global regulatory coordination in AI use, highlighting cyber resilience as crucial for market integrity. Major regulatory bodies like the Bank of England, Financial Conduct Authority, and European Securities and Markets Authority participated.
Policy & regulationCooperationArtificial intelligenceCyber resilience
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2025-07-18•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission’s Division of Clearing and Risk has withdrawn CFTC Letter No. 23-06, which was a staff advisory on prime brokerage arrangements and derivatives clearing organization registration. Market participants are advised to contact Division staff regarding any potential registration requirements.
Policy & regulationGuidance & interpretationLicence withdrawal
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2025-07-18•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets made decisions on securities issuance, insurance conduct, and consumer credit, including removing RENET SA's shares from the register and prohibiting TRANSELIT from aggressive claims practices. TRANSELIT breached consumer protection laws and must comply with previous decisions. AVENTUS FINANCE was directed to reimburse excess consumer credit payments due to a repayment schedule error.
SupervisionInterventionsConsumer and investor protection
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2025-07-18•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission (SEC) released a statement from Chairman Paul S. Atkins on the GENIUS Act, establishing a new framework for payment stablecoins and its impact on the securities industry. The SEC is considering if further guidance or rulemaking is needed to support registrants' use of payment stablecoins. Market participants are encouraged to engage with SEC staff to explore the Act's potential benefits for securities markets.
Policy & regulationGuidance & interpretationStablecoinsBlockchain and distributed ledger technology
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2025-07-18•United States•U.S. Securities & Exchange Commission
U.S. SEC Commissioner Hester M. Peirce stated the GENIUS Act confirms payment stablecoins are not securities, placing oversight with state and federal banking regulators. Peirce urged the SEC to clarify registrants' use of payment stablecoins and invited engagement with the SEC’s Crypto Task Force to enhance customer service. The GENIUS Act aims to protect users and the financial system by establishing a regulatory framework for stablecoins.
Policy & regulationGuidance & interpretationStablecoins
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2025-07-18•Vietnam•State Bank of Vietnam
The State Bank of Vietnam, with GIZ, IFC, and SECO, held a roundtable to advance the banking sector's action plan for Vietnam's 2021–2030 green growth strategy, releasing a handbook on environmental and social risk management for credit activities. Discussions highlighted a USD 250 billion funding shortfall, progress on the national green taxonomy, and the banking sector plan's status. The bank reported outstanding green credit of VND 704.244 trillion by March 2025, with plans to refine the legal framework and explore interest-rate support for green projects.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-18•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision has fined Belfius Banque S.A. €6.94 million for failing to comply with internal-rating-based model requirements for risk measurement. The penalty addresses delays in implementing updated models and inadequate internal audit testing and validation, with the breach classified as "severe." Belfius may contest the decision at the Court of Justice of the European Union.
EnforcementInvestigations & enforcement actionsCapital adequacy
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2025-07-18•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) will expedite the implementation of the GENIUS Act, which extends its regulatory authority to nonbank payment stablecoin issuers, according to Comptroller Jonathan V. Gould.
Policy & regulationImplementation, projects & pilotsStablecoinsTokenization
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2025-07-18•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission's chair, Roberto E. Silva, discussed regulatory challenges of cryptoassets at a Public College of Lawyers event, highlighting CNV's initiatives for Virtual Asset Service Providers and tokenisation. Silva emphasized that these frameworks, developed with industry input, position Argentina as a leader in virtual asset regulation.
Policy & regulationGuidance & interpretationFintech and insurtechRegtech and suptech
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2025-07-18•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission, led by Party Secretary and Commissioner Li Yunze, held a meeting to prioritize embedding Party leadership in supervisory work. The plan emphasizes political development, anti-corruption, reform of small and medium-sized financial institutions, curbing formalism, and enhancing financial consumer protection. Party-building is integral to advancing reform and risk resolution.
Institutional developmentGovernanceOrganizational structure
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2025-07-18•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance issued a notice warning that Organización Cariboni Seguros Generales may be marketing insurance without authorization. The notice specifies two potential operating locations in Ezeiza.
SupervisionAlertsLicence approval
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2025-07-18•India•Securities & Exchange Board of India
The Securities and Exchange Board of India launched a Securities Market Hackathon at Global Fintech Fest 2025 with BSE, CDSL, NSDL, and KFintech. It aims to develop digital-first solutions for securities market challenges, focusing on fraud prevention, retail investor education, liquidity improvement, and compliance monitoring. Cash prizes and mentorship through the SEBI Innovation Sandbox are offered for selected solutions.
Policy & regulationImplementation, projects & pilotsFintech and insurtechMarket development
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2025-07-18•United Arab Emirates•General Pension and Social Security Authority
The UAE's Pension and Social Security Authority and Emirati Talent Competitiveness Council launched Wafra's second phase to enhance financial literacy among Emirati private sector employees. Delivered via the NAFIS platform, Wafra offers training on financial planning, investment strategies, social insurance laws, and debt management. The initiative aims to boost financial planning awareness by 80% and improve understanding of saving, investing, and pension rights.
Financial literacy & educationFinancial literacy and education
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2025-07-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported that cash disbursements from bank cash desks exceeded receipts by MDL 2,383.9 million for January–June 2025. Receipts increased by 5.5%, driven by consumer goods sales and inflows to individuals' accounts, while disbursements rose by 5.9%, mainly due to foreign currency purchases and ATM withdrawals.
Data & statisticsCurrency and cash management
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2025-07-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported that new loans in June 2025 totaled MDL 6,952.8 million, a 6.0% increase from May, with leu-denominated loans comprising 75.6% of the total. The average nominal interest rate on new leu loans rose to 9.04%, while the rate on foreign-currency loans decreased to 5.20%. Households primarily borrowed for consumption, and legal entities saw a significant rise in foreign-currency and exchange-rate-indexed lending.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 15.2% decrease in new term deposits to MDL 3,445.0 million in June 2025, with Moldovan lei deposits falling 20.7% and foreign-currency deposits rising 4.6%. The average nominal rate on new MDL deposits decreased to 4.66%, while foreign-currency deposit rates increased to 1.47%. Household deposits saw a 66.3% year-on-year increase in MDL and a 12.3% rise in foreign currency, while corporate MDL deposits more than doubled and foreign-currency deposits rose 22.6% compared to June 2024.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-18•United States•The White House
President Donald J. Trump signed the GENIUS Act, creating the first federal regulatory framework for stablecoins. The Act mandates 100% reserve backing in liquid assets, monthly reserve disclosures, and marketing restrictions, aligning State and Federal frameworks. It prioritizes stablecoin holders in insolvency and subjects issuers to the Bank Secrecy Act, requiring technical capabilities to seize, freeze, or burn stablecoins as legally necessary.
Policy & regulationRules & requirementsStablecoins
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2025-07-18•United States•The White House
The White House announced that the President signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) into law. This legislation establishes a regulatory framework for payment stablecoins.
Policy & regulationRules & requirementsStablecoins
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2025-07-18•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced the GENIUS Act, signed by the President, to provide regulatory clarity for the stablecoin market and bolster the USD's role in digital finance. Treasury Secretary Scott Bessent highlighted stablecoins as a potential global payment rail that could enhance access to the dollar economy and increase demand for U.S. Treasuries. The Act is expected to support the stablecoin market's growth into a multitrillion-dollar industry.
Policy & regulationGuidance & interpretationStablecoins
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2025-07-18•United Kingdom•The Pensions Regulator
The Pensions Regulator (TPR) fined NOW: Pensions Ltd and NOW: Pension Trustee Ltd GBP 50,000 each for failing to promptly report significant events and breaches of law, affecting over 80,000 statutory communications. The enforcement highlights deficiencies in reporting processes under the significant event regime, impacting members' rights under automatic enrolment legislation. TPR's report details the actions taken and notes improvements in NOW's reporting processes.
EnforcementInvestigations & enforcement actionsOperational risk and resilience
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2025-07-18•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority will withdraw its COVID-19-era allowance permitting fund operators to submit operator letters instead of notarised affidavits for registration and licensing applications under the Mutual Funds Law and Private Funds Law, effective 15 October 2025. Applications must include duly notarised affidavits per standard requirements, with non-compliance potentially delaying processing.
Policy & regulationRules & requirementsLicensing framework and process
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2025-07-18•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK Sanctions List under the UK cyber sanctions regime, adding nineteen new entries and amending two, all subject to an asset freeze. The amended entries pertain to Russian military intelligence cyber units, with updated identifying information and reasons for designation. Institutions must comply with asset freeze requirements, manage false positives, and report to the Financial Intelligence Unit.
Policy & regulationRules & requirementsSanctions list update
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2025-07-18•Australia•Department of Treasury (Australia)
Australia's Treasury released a consultation paper on a Sustainable Financial Product Labelling framework to help retail investors identify sustainable investments. It addresses investor confusion and greenwashing risks, proposing design choices, mandatory labelling triggers, and substantiation methods. It references existing disclosure obligations and ASIC's greenwashing enforcement, including an AUD 11.3 million penalty against Mercer Superannuation (Australia) Limited.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-07-18•Montserrat•Ministry of Finance & Economic Management (Montserrat)
Montserrat's Ministry of Finance & Economic Management announced Premier Reuben T. Meade's participation in the 111th ECCB Monetary Council meeting in Barbuda. The meeting, chaired by Antigua and Barbuda’s Finance Minister Gaston Browne, included a report by ECCB Governor Timothy N.J. Antoine on global economic developments, the ECCU economic outlook, and updates on regional projects.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-07-17•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved a prospectus for FS Holding AD's BGN 18 million bond issue and registered Green Innovation AD's share issue for trading. Additionally, the FSC granted authorisations and approvals affecting an asset manager, a REIT, and a feeder fund structure. Manikyan Capital AD was notified of a pending management company licence contingent on capital certification.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-07-17•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved TECNOESTRUTURA-Engenharia e Gestão de Projectos, Lda. as a Real Estate Valuation Expert for Collective Investment Undertakings. Additionally, individual valuers Manuel José Pascoal and Terêncio Culhinga Muandumba Araújo are registered to act exclusively for TECNOESTRUTURA. The firm is authorized to value real estate assets in collective investment portfolios.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-17•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission approved the Standard Rendimento+ Fundo Especial de Investimento em Valores Mobiliários Fechado, a closed-end special investment fund. The fund aims for portfolio diversification with competitive returns compared to traditional short-term placements. Its strategy includes Treasury bonds, corporate debt, and short-term instruments in Angola's money and capital markets.
SupervisionAuthorisations & approvalsLicence approval