Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

SEC in Thailand Is Reportedly Backing off its Initial Plan to Set 1M Baht Minimum Annual Income Requirement for Crypto Investors

The Securities and Exchange Commission (SEC) in Thailand is reportedly backing off its initial draft plan that would have required a 1-million-baht (appr. $32,800) minimum annual income and various other requirements for local crypto investors. The Thai SEC clarified that the draft bill was meant… Read More

Crypto Advocate John McAfee Indicted for Fraud and Money Laundering. McAfee Allegedly Engaged in Crypto Pump and Dump Scams

John David McAfee, a well-known crypto proponent and founder of the McAfee antivirus firm, has been indicted in Federal court for fraud and money laundering. According to the United States Attorney’s Office for the Southern District of New York, McAfee and Jimmy Gale Watson, Jr,… Read More

Crypto Fraud: Roger Nils-Jonas Karlsson Pleads Guilty to Securites Fraud, Money Laundering in Scam that Pilfered Over $16 Million

Roger Nils-Jonas Karlsson, 47, has pleaded guilty to securities fraud and money laundering pertaining to a scam that defrauded more than 3,500 victims of more than $16 million, according to the US Department of Justice. Karlsson apparently directed his victims to make investments using virtual… Read More

Philippines’ Securities and Exchange Commission Introduces Digital Payments Portal for Securely Paying Registration Fees

The Philippines’ Securities and Exchange Commission (SEC) has introduced its online payment system for firms so they can easily pay their registration fees. The new SEC Payment Portal is a web-based system that can accept payment for registrations, transaction fees, and penalties by simply using… Read More

MyMy, which aims to Become Shariah-Compliant Digital Bank, Partners Sukaniaga to Apply for Malaysian Virtual Bank License

MyMy, which aims to become the world’s first Shariah-compliant digital bank, and digital loan platform Sukaniaga Sdn Bhd recently confirmed their partnership which focuses on establishing a virtual banking consortium. They’re also planning to apply for one of the five digital banking licenses that will… Read More

San Francisco based Financial Services Firm Fairmint Introduces Continuous Agreement for Future Equity (CAFE)

In 2020, Fairmint had introduced the Continuous Agreement for Future Equity (CAFE). The company recently announced that Fairmint’s own CAFE offering had gone live on Thursday, February 18, 2021. Fairmint explains that making stakeholder capitalism “a reality” is quite bold objective and the firm plans… Read More

Ripple Prepares Motion to Dismiss in Lawsuit by SEC Pertaining to XRP

Ripple is preparing to file a motion to dismiss in its ongoing legal battle with the Securities and Exchange Commission (SEC). Last December, it was reported that the SEC had filed a complaint charging Ripple with the sale of an unregistered security. Included in the… Read More

BitMEX CEO Arthur Hayes Might Surrender to US Authorities as Exchange Is Facing CFTC Enforcement Action for Illegal Crypto Derivatives Trading

Arthur Hayes, the former CEO of digital currency derivatives exchange BitMEX, is reportedly holding discussions which would involve his surrender to US authorities as early as next month (April 2021). As reported in October of last year, Hayes and several other senior managers at the… Read More

British Business Bank Provides More Info on Recovery Loan Scheme and Future Fund Following Budget Announcement

The British Business Bank has distributed a response following the Budget presentation by the Chancellor of the Exchequer Rishi Sunik. The Bank has been a key factor in supporting UK businesses as it has managed a series of programs designed to backstop the economy. Within… Read More

Iran Is Reportedly Planning to Bypass International Sanctions by Engaging in Bitcoin Mining and BTC Transactions

Iran’s Presidential Center for Strategic Studies, which is a thinktank that is attached with President Rouhani’s office, has released an extensive report which emphasizes the need for the so-called rogue State to use decentralized cryptocurrencies to generate additional revenue. Extracting these virtual currencies, the report… Read More

UK Budget Includes Support for Tech, Special Economic Zones and More. Government Seeks to Attract Scientific Superstars

Earlier today, Chancellor of the Exchequer Rishi Sunak presented the budget for 2021. Obviously, the government policy on spending comes at a difficult time as COVID-19 is still very much with us yet glimmers of relief are showing as the vaccine takes hold. The Chancellor… Read More

SEC Division of Examinations Includes Fintech and Digital Assets as 2021 Priorities

The Securities and Exchange Commission (SEC), Division of Examinations, has posted the examination priorities for 2021. The Division publishes its examination priorities annually to provide insights into its mission. According to the Division, they will add greater focus on climate-related risks as well as on… Read More

UK Finance Publishes Open Banking Blueprint Including “Future Entity”

UK Finance has published a proposal for a “new service company” that will support the UK’s open banking infrastructure, according to a public statement. UK Finance is described as the collective voice for the banking and finance industry representing over 250 firms in the UK…. Read More

New York Attorney General Cautions on Crypto Risk

New York Attorney General Letitia James has issued several alerts pertaining to investors purchasing cryptocurrencies. The AG said that investors should exercise “extreme caution when investing in virtual currencies.” Attorney General James also issued an alert to industry members, reminding brokers, dealers, salespersons, and investment… Read More

Nomination Hearing Today for Gary Gensler for SEC Chairman, in Prepared Remarks Gensler States: “Markets—and technology—are always changing. Our rules have to change along with them”

Gary Gensler, selected by President Joe Biden to become the Chairman of the Securities and Exchange Commission (SEC), is having his nomination hearing today in the Senate Banking Committee. If approved, Gensler will take the helm of the Commission and perhaps see it through a… Read More

European Securities and Markets Authority Drafts Standards for Pan European Crowdfunding Rules: Industry Prepares to Provide Feedback

This past week the European Securities and Markets Authority (ESMA) issued a consultation paper addressing standards for the previously approved pan-European crowdfunding regulation. As covered in the past, the European Union has passed legislation to enable online securities offerings across its member nations. After many… Read More

Comments on SEC’s Proposal on Custody of Digital Asset Securities Trickle in as Document Hits Federal Register

At the end of 2020, the Securities and Exchange Commission (SEC) issued a statement on the custody of digital assets by “special purpose broker-dealers.” At that time, the SEC said that they were seeking to “encourage innovation around the application of Securities Exchange Act Rule… Read More

Currencycloud Says the Days of Unrestricted EU Market Access for UK Firms are Over, Explains how to Approach New Business Environment

Currencycloud, a cross-border payment platform, notes in a blog post that UK businesses have been struggling to deal with various issues ever since the country voted in 2016 to leave the European Union (EU). While the agreement reached between the United Kingdom and European Union… Read More

Robinhood being Investigated by US Regulators over Trading Restrictions, Options Trading Policies

Robinhood Markets Inc, the leading zero-fee stock trading app provider, stated on Friday (February 26, 2021) that US regulatory authorities were investigating the firm’s temporary trading restrictions on these so-called “meme stocks” earlier in 2021. These activities have come under increased scrutiny as the shares… Read More

SEC Investor Advisory Committee Adds SPACs to Agenda of Next Meeting

The Securities and Exchange Commission (SEC) Investor Advisory Committee has scheduled a meeting for March 11, 2021. Included on the agenda is a panel discussion on the hot Special Acquisition Company (SPAC) market. According to the agenda, the panel will be moderated by Christopher Mirabile,… Read More

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