Politics, Legal & Regulation

May 7, 2021 @ 11:17 pm By Omar Faridi  |  

UK Finance (a trade association for the UK banking and financial services sector that represents around 300 firms in the UK providing credit, banking, markets and payment-related services), Which? (an organization that reviews products and services, so that you “make the best purchase decisions” for your… Read More

May 7, 2021 @ 4:44 pm By JD Alois  |  

Earlier today, the US Department of Labor Statistics issued data that indicated 266,000 jobs were added during the month of April. This fell far short of expectations as observers anticipated over a million new jobs. The unemployment rate ticked higher to 6.1%. The news undermined… Read More

May 7, 2021 @ 3:00 pm By JD Alois  |  

Senator Elizabeth Warren, a prominent progressive and member of the Senate Banking Committee, doesn’t like Bitcoin it appears. According to a report in Yahoo, Senator Warren took umbrage at the amount of energy Bitcoin consumes in completing transactions. “I also think with bitcoin, and with… Read More

May 7, 2021 @ 10:45 am By JD Alois  |  

When is a bank a bank? While this is a great debate for regulators and existential philosophers, for most people it simply has to do with holding money securely and using it when you want. For years now, Fintechs that have provided bank-like services have… Read More

May 6, 2021 @ 6:30 pm By JD Alois  |  

Today was the 3rd, and perhaps final, hearing held by the House Committee on Financial Services regarding the GameStop (NYSE:GME) sage regarding short selling by traders chatting on Reddit. As most people are aware, investors on subreddits like Wallstreetbets, combined to drive the value of… Read More

May 5, 2021 @ 10:31 pm By JD Alois  |  

The US Federal Reserve Board has proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks. In a public statement, the Fed said the introduction of new financial products, such as products introduced by Fintechs including novel types of banking charters,… Read More

May 5, 2021 @ 10:04 pm By Omar Faridi  |  

Adyen (AMS: ADYEN), a global payments solution provider, reveals that its Singapore-based business entity has managed to acquire approval from the Monetary Authority of Singapore (MAS). The permit will allow Adyen to perform merchant acquisition services under the Payment Services Act 2019 (PSA). Effective from… Read More

May 5, 2021 @ 9:16 pm By JD Alois  |  

The Office of the Advocate for Small Business Capital Formation will host the Securities and Exchange Commission’s (SEC) 40th Annual Government-Business Forum on Small Business Capital Formation in a virtual event this year in light of the ongoing COVID health crisis. This is the 40th… Read More

May 5, 2021 @ 8:21 am By Omar Faridi  |  

UK-based Fintech firm Lanistar, the much-hyped and controversial business venture that has previously claimed it’s owned by some of the “world’s most influential people,” has revealed that it’s managed to acquire the FCA’s approval to serve as an Electronic Money Directive (EMD) agent of payments… Read More

May 4, 2021 @ 11:47 pm By Omar Faridi  |  

Uppsala Security has reportedly conducted the very first “Virtual Assets AML Training Program” for partners and government agency compliance officers. Uppsala Security, the provider of tools for Crypto Risk Management and Cybersecurity, revealed on May 4, 2021, that it has begun its Virtual Assets AML… Read More

May 4, 2021 @ 7:05 pm By JD Alois  |  

The Bank of Thailand has published a paper on central bank digital currency (CBDCs) entitle the Way Forward for Retail Central Bank Digital Currency in Thailand. Thailand has been a fairly innovation-friendly nation in regards to Fintech. Several years ago, Thailand participated in Project Inthanon,… Read More

May 4, 2021 @ 5:51 pm By JD Alois  |  

Last week the Securities and Exchange Commission’s (SECs) Small Business Capital Formation Advisory Committee held a meeting to discuss access to capital in underserved markets. The goal is to improve access to capital for underrepresented founders. The Office of the Advocate for Small Business Capital… Read More

May 3, 2021 @ 10:17 pm By Omar Faridi  |  

Authorities in China have reportedly told 13 of the nation’s largest tech firms to “rectify prominent problems” on their platforms, according to a recent report. These developments appear to be a sign that China continues to increase its regulatory scrutiny and pressure of its Fintech… Read More

May 3, 2021 @ 1:35 pm By JD Alois  |  

The House Committee on Financial Services has disseminated the May 2021 calendar of hearings that cover a wide range of financial services issues. As has been previously reported, this coming Thursday (May 6), beginning at 12Noon ET, will see the GameStop phenomenon discussed once again…. Read More

May 2, 2021 @ 7:27 pm By Omar Faridi  |  

China’s virtual yuan has been in development for the past 7 years (since 2014). Recently, Chinese officials had noted that Bitcoin (BTC) was not really a currency but they do think it’s a form of investment. Regulators in China are also eager to explore the… Read More

May 2, 2021 @ 4:44 pm By Omar Faridi  |  

Turkey has reportedly decided to add digital currency trading platforms to its list of companies that will come under the nation’s anti-money laundering (AML) and terrorism financing regulations. This, according to a presidential decree that was released on Saturday (May 1, 2021). The Official Gazette… Read More

May 2, 2021 @ 1:20 pm By Omar Faridi  |  

Tether (USDT), the world’s largest stablecoin (or digital asset that’s supposed to be backed 1-to-1 with major fiat currencies like USD and cash equivalents) now claims a market cap of over $51.7 billion at the time of writing (according to available data). Notably, Tether (USDT)… Read More

May 1, 2021 @ 9:17 pm By Omar Faridi  |  

The UK has reached a key stage for the ongoing development of Open Data initiatives.  The Open Banking Implementation Entity (OBIE) is now nearing the completion of creating Open Banking guidelines and the Competition and Markets Authority (CMA) has finalized a consultation on the updated… Read More

May 1, 2021 @ 7:39 pm By JD Alois  |  

Later this week, the House Committee on Financial Services will hold a hearing addressing the GameStop trading phenomenon. This will be the third hearing the Committee will have held on the short squeeze that was partly orchestrated by individual chatting on Reddit. Many of the… Read More

May 1, 2021 @ 7:16 pm By Omar Faridi  |  

The Prudential Regulation Authority (PRA), a United Kingdom financial services regulatory body that’s responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms, has released a discussion paper that looks into developing a simpler and resilient prudential… Read More