_CryptoDr

Course 1: Global Regulatory Landscape

1. Question: How is the current state of global cryptocurrency regulation primarily characterized?
- Answer: Varying and rapidly evolving, with countries adopting different approaches.
2. Question: Jurisdictions that move toward comprehensive regulation are primarily focused on protecting investors and ensuring what else?
- Answer: Market integrity.
3. Question: Besides concerns about financial stability, what is another reason cited by countries taking a more cautious stance and disallowing the use of cryptocurrencies altogether?
- Answer: Fraud.
4. Question: Which international body provides global standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) related to crypto assets?
- Answer: The Financial Action Task Force (FATF)
5. Question: Which international organization sets international benchmarks for the regulation of securities markets, including crypto and digital assets?
- Answer: The International Organization of Securities Commissions (IOSCO)
6. Question: Which international body supports central banks in achieving financial stability and has issued papers emphasizing the potential risks and benefits of stablecoins?
- Answer: The Bank of International Settlements (BIS)
7. Question: Current regulatory approaches to the rapidly evolving cryptocurrency landscape remain largely based on what type of regulation?
- Answer: Traditional finance regulations.
8. Question: The lack of alignment and varying categorization of crypto assets across jurisdictions primarily leads to which critical issue?
- Answer: Confusion, inefficiencies, and the potential for regulatory arbitrage.
9. Question: What is the fundamental problem created by the crypto market that is not fully captured by existing regulatory frameworks?
- Answer: Unique risks and opportunities.
10. Question: What is a primary focus for jurisdictions establishing comprehensive regulation through licensing or supervisory frameworks?
- Answer: Protecting investors and ensuring market integrity.
11. Question: Some countries choose to embrace cryptocurrencies by allowing their use for which specific purpose?
- Answer: Payments for goods and services.
12. Question: What is the critical balance that governments are attempting to achieve as the crypto landscape continues to expand?
- Answer: Balancing innovation with the need for oversight.

Course 2: Risks & Challenges

1. Question: The FTX exchange, one of the largest cryptocurrency exchanges, collapsed dramatically in which year?
- Answer: 2022
2. Question: What was identified as the fundamental flaw at the heart of FTX's downfall that led to billions of dollars in losses?
- Answer: The failure to properly safeguard customer assets.
3. Question: What did reports reveal about how FTX misused customer deposits?
- Answer: They were used for risky investments without user consent or knowledge.
4. Question: Following the FTX debacle, what is a crucial lesson that underscores the need for exchanges to segregate?
- Answer: They must segregate customer funds away from company assets.
5. Question: Which two factors were highlighted as being critical to protect investors and ensure exchanges adhere to proper standards, following the FTX collapse?
- Answer: Regulation and oversight.
6. Question: Non-fungible tokens (NFTs) have increasingly become a vehicle for which illicit activity?
- Answer: Money laundering
7. Question: How do criminals complete the final step of "cleaning" the illicit proceeds and making them appear as legitimate earnings?
- Answer: By converting the NFT back into fiat currency through a resale.
8. Question: The growing need for crypto regulation has become more pressing primarily due to the increase in which of the following?
- Answer: The use of digital assets in illicit activities
9. Question: Which of the following is cited as an example of illicit activity involving cryptocurrencies that raises alarm for regulators worldwide?
- Answer: Ransomware attacks
10. Question: What is the critical balance that regulators are attempting to achieve in the crypto market?
- Answer: Balancing fostering innovation with ensuring security and consumer protection
11. Question: What type of NFT is typically purchased first using illicit money in this money laundering typology?
- Answer: Low-value NFTs, often with minimal scrutiny.
12. Question: In the money laundering method described, what is the purpose of selling a low-value NFT at an artificially inflated price to a counterparty?
- Answer: To create the illusion of a legitimate transaction.
13. Question: The use of NFTs for money laundering is aided by which characteristic of the NFT market?
- Answer: Its growing popularity and relatively unregulated status.

Course 3: Singapore as a Case Study

1. Question: The overarching regulatory philosophy of the Monetary Authority of Singapore (MAS) is described as having the twin objectives of creating what kind of financial sector?
- Answer: Sound and progressive.
2. Question: The "twin objectives" of the MAS regulatory philosophy refer to the tension between facilitating sound regulations and what other key goal?
- Answer: Fostering innovation.
3. Question: Which of the following is one of the key objectives of the MAS to protect the integrity of financial markets?
- Answer: Ensuring a stable financial system and maintaining safe and sound intermediaries.
4. Question: What major piece of legislation introduced in January 2020 brought crypto exchanges and dealing platforms under the regulatory oversight of the Monetary Authority of Singapore (MAS)?
- Answer: The Payment Services Act
5. Question: The overarching goal of the MAS Tenets of Effective Regulation is to ensure that regulations achieve what balance?
- Answer: Managing risks effectively while also being conducive to fostering innovation.
6. Question: Which of the following is an emphasized principle in the MAS's Tenets of Effective Regulation to guide its approach?
- Answer: Being outcome-focused.
7. Question: What key principle supports the MAS's Tenets of Effective Regulation by empowering consumers with necessary information?
- Answer: A disclosure-based approach.
8. Question: Which of the following best reflects the Monetary Authority of Singapore (MAS)'s view on cryptocurrency trading for the general public, as noted in January 2022?
- Answer: It is highly risky and not suitable for the general public.
9. Question: What key consumer protection measures, related to client assets and consumer safeguards, were implemented by the MAS in April 2024?
- Answer: Client asset segregation and enhanced consumer protections.
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