Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

Indian Regulators to Restrict Payments Companies from Handling More than 30% of Transactions in the Country

Governments across the globe are always trying to create a balance between enabling or supporting tech advancements and innovation while preventing large companies such as Google (NASDAQ:GOOG) and Facebook (NASDAQ:FB) from unfairly using their dominant position to eliminate smaller competitors. India is reportedly planning to… Read More

Ethereum Competitor Tron’s Founder Justin Sun Aims to Transform Blockchain Platform into Fast, Ultra-Cost Effective DLT Network

Justin Sun, the Founder of Tron (TRX), a major platform for building blockchain-based decentralized applications (dApps), has announced that TRON is planning to “adjust the incentive mechanism of the entire network with a focus on encouraging long-term holders who stake tokens for voting.” It’s worth… Read More

Chinese Regulators to Introduce “Special” and “Innovative” Regulatory Guidelines for Fintech Giants like Ant Group, Tencent Holdings

China is reportedly planning to introduce “special” and “innovative” regulatory guidelines for  Fintech giants like billionaire Jack Ma’s Ant Group Co., which is a subsidiary of the Alibaba Group Holding (NYSE:BABA). Regulators in China aim to create new policies so they can eliminate monopolistic practices… Read More

Fintech Unicorn TransferWise Acquires Restricted Banking License in Australia as it Expands Operations Globally

Fintech Unicorn TransferWise has reportedly managed to acquire a restricted banking license in Australia. The leading money transfer service provider has been approved to gain direct access to Australia’s real-time payment system. The permit has been issued by Australia’s Prudential Regulatory Authority. Under the license,… Read More

Monetary Authority of Singapore Announces that Non-Bank Financial Institutitions May Access Retail Payments Infrastructure

The Monetary Authority of Singapore (MAS), the nation’s reserve bank and financial regulator, has revealed that eligible non-bank financial institutions (NFIs) will be able to gain direct access to the banking system’s retail payments infrastructure starting from February of next year. NFIs that are authorized to… Read More

New Digital Banking Framework Approved by Regulators in the Philippines

​The Monetary Board in the Philippines has reportedly approved the recognition of digital banking platforms as a new bank category that’s separate and distinct from the traditional bank classifications. Regulators in the country have defined digital banks as an institution or entity that provides financial… Read More

In a Sign of the Importance of Fintech, Switzerland Finance Minister Ueli Maurer to Address Singapore Fintech Festival

Switzerland has emerged as a Fintech friendly jurisdiction and home to many blockchain-focused financial services firms. The country  has long been an important banking center and the Swiss government is keen to maintain its status in a world that is going through a digital transformation…. Read More

US Federal Trade Commission Files Lawsuit Against Fintech Savings App Beam for Allegedly Mismanaging Customer Deposits

The customers of mobile savings app Beam had been complaining that they were able to deposit funds but couldn’t get their money back out. The Fintech also allegedly failed to live up to promised high interest rates. The Federal Trade Commission (FTC ) alleges that… Read More

UK’s Financial Conduct Authority Announces Benefits of Using RegData, a New Data Collection Tool

The UK’s Financial Conduct Authority (FCA) recently announced the benefits of its new data collection platform, called RegData. The FCA noted that RegData would be replacing Gabriel as the regulator’s data collection platform. The FCA confirmed that RegData is “informed by user feedback, is faster,… Read More

Coinbase CEO Expresses Concerns About Potential New Regulations for Self-Hosted Crypto Wallets

Brian Armstrong, Co-founder and CEO at Coinbase, the leading US-based digital asset exchange, notes that this past week, the company heard rumors that the U.S. Treasury and Secretary Mnuchin had been planning to “rush out” some new regulations for self-hosted cryptocurrency wallets  – which would… Read More

Offering Support for Crowdfunding and Broker-Dealers Subject to Transfer-Agent Requirements

On November 2, 2020, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) voted to amend its rules to harmonize, simplify, and improve the exempt offering framework. These amendments will, in general, be effective 60 days after publication in the Federal Register. Bigger is Better An… Read More

Report States that US Intelligence is Worried About China’s Involvement in Cryptocurrency

A report claims that the US Director of National Intelligence (DNI) John Ratcliffe has contacted SEC Chairman Jay Clayton regarding China’s influence in the crypto market including mining. According to the Washington Examiner, the DNI is worried that China has too much control when it… Read More

Chinese Fintechs Must Realize that their Products can Subject Consumers to Financial Risk, Analyst Says following Sector-Wide Crackdown

Alibaba founder Jack Ma’s plans to establish Fintech companies like Ant Group and launch IPOs in China were recently put on hold when the country’s regulators decided to make updates to regulatory requirements. As reported recently, Daniel Zhang, Chairman of Alibaba Group Holding (NYSE:BABA), noted… Read More

The Central Bank of Iceland Partners with SIA on Payment Platform

The Central Bank of Iceland (CBI) and SIA, a technology infrastructure and service provider for financial institutions, has launched a new real-time gross settlement system (RTGS) and a new instant payment platform. CBI is a public institution operating under the auspices of the Prime Minister…. Read More

Digital Asset Exchange Coinbase to Disable Margin Trading as Response to New CFTC Guidance

Paul Grewal, Chief Legal Officer at crypto exchange Coinbase, has confirmed that they’ve disabled margin trading on the platform. Grewal says that the move has come as a response to new guidance provided by the US Commodity Futures Trading Commission (CFTC). Grewal noted in a… Read More

SEC Proposes Exemption for Securities Compensation for Gig Economy Workers

Somewhat unexpectedly, the Securities and Exchange Commission (SEC) has announced a proposed framework for gig economy workers to receive compensation by the issuance of securities. According to the SEC, the framework provides an exemption from registration for the issuance of compensatory securities by non-reporting issuers,… Read More

UK Fintechs Can Establish Stronger Market Presence if they Adopt Better Open Banking Policies, According to Ian Liddell-Grainger

Ian Liddell-Grainger, who’s Chair of the All-Party Parliamentary Group on Open Banking and Payments in the UK, notes that Britain’s financial technology industry has been expanding rapidly with emerging Fintechs such as Monzo, Starling, Revolut and TransferWise. Ian points out that these companies are turning… Read More

Taiwan’s Joint Credit Information Center to Provide Database to Fintech Firms so they Can Access Info on Customer Credit Risk Profiles

Taiwan’s Joint Credit Information Center (JCIC) is reportedly planning to provide a database for local Fintech firms so that they can obtain relevant information on consumers’ credit risk profiles. Taiwan’s Financial Supervisory Commission (FSC) made this announcement after Fintech companies held a meeting in June… Read More

HM Treasury Says it’s the Responsibility of Lenders, Not the Government, to Recover Debts Under COVID-related Loan Schemes

The HM Treasury has stated that it’s ultimately the responsibility of lenders, and not necessarily the nation’s government, to recover debts under the different COVID-19 loan schemes and packages. The UK government’s four main business support schemes, which includes the Coronavirus Business Interruption Loan Scheme… Read More

Daniel Zhang, Chairman of Alibaba Group, Says China’s Move to Create New Fintech Regulations Is “Timely and Necessary”

The management at Alibaba Group Holding (NYSE:BABA) has stated that they are planning to comply with China’s updated Fintech regulations after the nation’s changing regulatory environment led to Ant Group‘s initial public offering (IPO) getting suspended. Daniel Zhang, Chairman of Alibaba Group, noted during a… Read More

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