Politics, Legal & Regulation

Policy and regulations impacting innovations in Finance.

UK’s Financial Conduct Authority Issues Warning Against Unauthorized Fintech Firm Lanistar

The UK’s Financial Conduct Authority (FCA) recently issued a warning regarding Fintech firm Lanistar Ltd. The financial regulator has cautioned that they believe the company has been offering financial products or services in the UK without its authorization. The FCA noted that would-be investors must… Read More

Here is the SEC’s Small Business Capital Formation Advisory Committee Recommendations on Finders

As was previously reported, the Securities and Exchange Commission, Small Business Capital Formation Advisory Committee met earlier this month to discuss the topic of Finders. Finders are individuals who match investors with firms in need of capital, perhaps for a fee. As there is a… Read More

IMVU Receives SEC No Action Letter for Digital Asset VCOIN [u]

IMVU, an avatar-based social network, has received a No-Action Letter (NOL) from the Securities and Exchange Commission (SEC) pertaining to a blockchain-based digital asset – VCOIN. The NOL states that the SEC will not take action on the digital asset because of the following: IMVU… Read More

Open Banking Fintech Nordic API Gateway Launches Aiia Platform to Meet PSD2 Opportunities for Secure Payments

Open Banking Fintech firm Nordic API Gateway has launched a platform, called Aiia, that aims to meet the opportunities of PSD2, which is a European regulation for digital payment services. PSD2 aims to make electronic payments more secure in Europe, support innovation and assist banking… Read More

Digital Banking: Revolut to Support Open Banking for Customers in Germany

Prominent digital bank Revolut has confirmed that it will support Open Banking for its customers in Germany. According to a release, the new Open Banking features will allow Revolut’s German customers to easily connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with… Read More

FATF Travel Rule Solution Sygna Bridge Completes Assessment by Association of Cryptocurrency Enterprises and Startups, Singapore

Sygna Bridge, the “market-ready” solution developed for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has reportedly become the very first FATF Travel Rule solution to go through an independent assessment by The Association of Cryptocurrency… Read More

CFTC Selects Nakamoto Terminal as Winner of Project Streetlamp Competition

The Commodity Futures Trading Commission (CFTC) has selected Nakamoto Terminal (NTerminal) as the winner of Project Streetlamp, the CFTC’s first competition under the Science Prize Competition Act of 2015. The CFTC states that as part of the competition NTerminal will also be recognized as the… Read More

Former Tencent Exec and Huobi Co-Founder Du Jun Returns, Says Crypto Exchange Remains Focused on Compliance

After a three-year leave, co-founder Du Jun has returned to Huobi, a leading cryptocurrency exchange that reported $877.88 billion in trading volume during H1 2020. Jun had left Tencent and founded Huobi with Leon Li back in 2013. But then a few years later in… Read More

Chairman Jay Clayton Announces His Departure from SEC at End of Year

The Securities and Exchange Commission (SEC) has announced that Chairman Jay Clayton will depart the agency at the end of the year. The exit by Clayton has long been expected regardless of the outcome of the Presidential election. Clayton joined the SEC on May 4,… Read More

Chinese Official Says Country Must Ensure Financial Innovation Maintains Fair Competition and Doesn’t Create Oligopolies

China must ensure that financial innovation is able to maintain fair competition and doesn’t lead to the formation of oligopolies or entry barriers, according to Xiao Yuanqi, chief risk officer at the China Banking and Insurance Regulatory Commission (CBRIC). Xiao, whose comments came during the… Read More

China: WeiyangX Fintech Review

China Releases Draft Version of “Online Micro-loan Operations Provisional Administrative Measures” On November 2nd, the People’s Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly released the draft version of “Online Micro-loan Operations Provisional Administrative Measures” (hereinafter referred to as… Read More

Number of Virtual Asset Transactions Triggering Travel Rule Thresholds Could Increase Significantly Under FinCEN’s New Rules: Report

Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More

NASAA Slams SEC Move to Clarify Rules Surrounding Finders

The North American Securities Administrators Association (NASAA) distributed a comment letter today outlining its opposition to the proposal by the Securities and Exchange Commission’s move to clarify the role of Finders. A Finder is an individual that finds investors for smaller firms. A lack of… Read More

UK’s FCA Announces Changes Aimed at Limiting “Risk of Disruption” to Open Banking Services after Brexit

The UK’s Financial Conduct Authority (FCA) has announced certain changes that are aimed at limiting the “risk of disruption” to Open Banking services after Brexit. The FCA’s changes are intended to allow UK-headquartered third-party providers (TPPs) to use an alternative to eIDAS certificates to gain… Read More

Chile: Financial Regulator CMF Publishes Draft Fintech Rules Including Crowdfunding, Digital Assets and More

The Chilean securities regulator, the Comision Para El Mercado Financiero (CMF), has posted draft regulations for Fintech including investment crowdfunding rules. The objective is to provide a regulatory framework for online capital formation. The CMF believes that a proportional, tech-neutral, framework will promote innovation in… Read More

If You Are Interested, the FDIC is Looking to Hire Fintech Counsel

The Federal Deposit Insurance Corporation (FDIC) is looking to boost its Fintech bench by hiring three individuals to help with legal issues regarding Fintech. According to a post on USAJOBS, responsibilities include: Analyzing and advising on the interpretation of statutes, common law, regulations, and legal… Read More

UK Competition and Markets Authority Agrees to Fast Track Seedrs Crowdcube Merger

  The UK Competition and Markets Authority (CMA) has agreed to fast track the merger of Seedrs and Crowdcube – the two largest investment crowdfunding platforms based in the UK. The merging companies requested the fast track of the review to a Phase 2 stage… Read More

FINMA Regulated Dukascopy Bank to Join Sygna Bridge which Helps Virtual Asset Firms Meet FATF Travel Rule Requirements

Sygna Bridge, the “market-ready” solution provider developed specifically for Virtual Asset Service Providers (VASPs) to fulfill the Financial Action Task Force (FATF) Recommendation 16’s “Travel Rule,” has confirmed that Switzerland-based online bank Dukascopy Bank SA has joined its network of over 20 VASPs operating across… Read More

India’s Antitrust Body to Investigate whether Google Is Abusing Market Position to Promote its Payments App

India’s antitrust body has reportedly ordered an investigation that will look into whether Alphabet Inc’s Google has been taking unfair advantage of its market position in the country to promote its digital payments app. The tech giant has also been accused of forcing application developers… Read More

SEC Small Business Capital Formation Advisory Committee Prepares Recommendations on Finders

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met this week to discuss the topic of “Finders.” A Finder is an individual who helps a small business find investors and may be paid a fee for this service. Under existing rules,… Read More

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