Politics, Legal & Regulation

January 13, 2021 @ 8:09 pm By JD Alois  |  

Acting Comptroller of the Currency Brian P. Brooks will step down from the Office of the Comptroller of the Currency (OCC) on January 14, 2021. OCC Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency, according to a statement by the bank… Read More

January 13, 2021 @ 7:38 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) has conditionally approved Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. Founded in 2017, Anchorage has emerged as a top digital asset platform serving institutions investing in the crypto… Read More

January 13, 2021 @ 12:27 pm By JD Alois  |  

The US Department of  Justice has announced that Visa’s acquisition of Plaid, an open banking Fintech, has been called off. The decision to abandon the $5.3 billion acquisition was due to a civil antitrust lawsuit filed on Nov. 5, 2020, to stop the merger. The DOJ… Read More

January 13, 2021 @ 12:07 pm By JD Alois  |  

The US Department of Justice has announced that Rossen G. Iossifov, 53, formerly of Bulgaria, has been sentenced to 121 months in prison for money laundering via RG Coins, a cryptocurrency exchange headquartered in Sofia, Bulgaria. Under federal law, Iossifov must serve 85 percent of… Read More

January 12, 2021 @ 3:47 pm By JD Alois  |  

The Biden Administration continues to announce new appointments as it looks to fill out the bench of federal appointees following the inauguration on January 20, 2020. For the securities and financial services industry, many questions exist as to how this leadership transaction will impact policy…. Read More

January 11, 2021 @ 10:23 pm By Omar Faridi  |  

Banking institutions and online payments providers in India have asked the nation’s government to bring back the Merchant Discount Rate (MDR) on RuPay, which is an international card payment service launched by the National Payments Corporation of India. Digital payments providers in the country also… Read More

January 11, 2021 @ 11:01 am By JD Alois  |  

At the end of last week, HM Treasury published a consultation on cryptoassets (digital assets) and stablecoins. An earlier consultation on cryptoasset promotions concluded on 26 October with results expected soon. The consultation is said to be the first stage in the government’s process concerning… Read More

January 11, 2021 @ 8:35 am By JD Alois  |  

The UK Financial Conduct Authority has issued a statement on the risk of investing in cryptocurrency during a time when Bitcoin has hit all-time highs before backing off by over 15% erasing billions in gains. The FCA states: “The FCA is aware that some firms… Read More

January 10, 2021 @ 7:00 pm By Jayanta Roy  |  

Peer-to-peer (P2P) lending has come a long way since its early days as a casual crowdfunding platform. Today, individual borrowers and small and medium-sized enterprises (SMEs) can access loans without the hassle of going through banks and lengthy financial assessments. Still, P2P lending is a… Read More

January 9, 2021 @ 12:23 pm By Omar Faridi  |  

Blockchain security firm CipherTrace recently explained and discussed the differences between virtual asset service providers (VASPs), money service businesses (MSB), money transmitters, digital asset customers, and how they impact crypto-related compliance measures. CipherTrace noted that cryptocurrency, digital assets, convertible virtual currency, and other terms seem… Read More

January 8, 2021 @ 11:33 am By JD Alois  |  

In March of 2020, the Chancellor of the Exchequer Rishi Sunak delivered the UK budget. Included in the presentation was the announcement of a Fintech sector review – a study to be led by Ron Kalifa OBE, who was previously CEO Worldpay and current Chair… Read More

January 8, 2021 @ 8:50 am By Omar Faridi  |  

UK Finance, a trade association for the UK banking and financial services industry, has noted that after the extension of government support from November 2020, an estimated £600 million  in funding was provided via the topping-up of current Bounce Back Loan Scheme (BBLS) facilities. Lending… Read More

January 7, 2021 @ 11:58 pm By Omar Faridi  |  

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

January 7, 2021 @ 10:15 pm By Omar Faridi  |  

Payments company Square‘s (NYSE:SQ) Jack Dorsey has expressed concerns regarding recently proposed Bitcoin (BTC) related regulations. The bitcoin regulations proposed by FinCEN give few useful powers to regulators, greatly roll back economic freedoms while pointlessly surveilling law-abiding people, and create databases of info about who… Read More

January 7, 2021 @ 11:59 am By JD Alois  |  

The Cambridge Centre for Alternative Finance (CCAF) has launched the Cambridge Alternative Finance Collaboration Network or CAFCN. The CCAF is the leading Fintech research organization in the world having published dozens of research reports. According to a presentation, CAFCN is a “network of regionally embedded… Read More

January 6, 2021 @ 11:57 pm By JD Alois  |  

The UK crowdfunding industry is worried that a recent “Call for Input: The Consumer Investments Market” by the UK Financial Conduct Authority (FCA) may undermine the viability of the investment crowdfunding industry. Comments on the process closed on December 15, 2020. The consultation was instituted… Read More

January 6, 2021 @ 12:32 pm By Omar Faridi  |  

US President Donald Trump has signed an order that aims to place a ban on US transactions with eight major Chinese apps – which reportedly includes Ant Group’s Alipay and Tencent Holdings’ online wallets. Notably, this order has arrived just days before the Trump administration… Read More

January 6, 2021 @ 11:39 am By JD Alois  |  

The year of COVID-19 was a difficult time for all. 2020 saw government-mandated lockdowns, a shift to virtual offices, and a health crisis that has not been experienced in many decades. While all industries had to adapt, some thrived – typically tech-centric firms that have… Read More

January 6, 2021 @ 8:34 am By JD Alois  |  

Tetragon Financial Group Ltd. (LSE: TFG), a UK based investment firm with $2.35 billion in assets under management, has sued Ripple in Delaware courts, according to a report by Bloomberg. Tetragon apparently had an agreement incorporated in its equity investment with Ripple that if XRP… Read More

January 5, 2021 @ 9:22 pm By JD Alois  |  

XRP, the native currency created by Ripple, continues to tiptoe lower following the announcement of an enforcement action by the Securities and Exchange Commission.  In fact, on the day the SEC announced the lawsuit, XRP held a market cap of over $20 billion. Today, that… Read More