Politics, Legal & Regulation

September 21, 2020 @ 7:43 am By Omar Faridi  |  

The Financial Regulatory Authority’s (FRA) Board of Directors in Egypt has reportedly approved a draft law that aims to regulate and support the use of Fintech services in the non-banking financial sector. Mohamed Omran, Chairman at the FRA, noted that the approval will aim to… Read More

September 20, 2020 @ 11:00 pm By Omar Faridi  |  

Latvia-based peer to peer (P2P) lender Grupeer noted on August 31, 2020, that it had provided an update regarding the current status with the repayments and debt collection processes on its platform. The Grupeer team had confirmed that, as its clients already know, since April… Read More

September 20, 2020 @ 9:57 pm By Omar Faridi  |  

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency. Diokno believes that… Read More

September 19, 2020 @ 12:46 pm By Omar Faridi  |  

Uniswap, a non-custodial Ethereum token exchange, recently introduced a “governance” token, called UNI. There will be 1 billion UNI tokens that will be released to the general public over the course of the next 4 years. UNI tokens will be allocated to Uniswap’s community members…. Read More

September 17, 2020 @ 11:04 am By JD Alois  |  

The Gibraltar Financial Services Commission (GFSC) reports that it is updating its regulatory approach pertaining to Distributed Ledger Technology Providers (DLT). Gibraltar describes the update as a “natural evolution of the defined regulatory principles.” Gibraltar was quick to embrace digital assets – both securities and cryptocurrencies…. Read More

September 16, 2020 @ 10:19 pm By Omar Faridi  |  

Open Banking focused firm Yapily has teamed up with Ozone API, an API standards-based platform, in order to enable banks and other financial service provider to speed up their adoption of Open Banking processes and systems. The COVID-19 outbreak has led to several changes in… Read More

September 16, 2020 @ 10:15 pm By JD Alois  |  

The state of Wyoming has approved its first Special Purpose Depository Institution (SPDI) by approving Kraken Financial – part of the well known digital asset exchange. Tentatively called Kraken Financial and based in Cheyenne, Wyoming, the new bank claims the title as the “first digital… Read More

September 16, 2020 @ 9:58 pm By JD Alois  |  

Securrency, a digital asset infrastructure company, has partnered with the Chamber of Digital Commerce to schedule a very interesting virtual event. The webinar entitled ‘Two Sides of the American Coin” will feature several of the top regulators in the US tackling the topic of the… Read More

September 16, 2020 @ 8:34 am By JD Alois  |  

A new report pertaining to Reg CF (Regulation Crowdfunding) says the Jumpstart Our Businesses Startup Act (JOBS Act) securities exemption is creating economic success for small business owners in need of growth capital. The report outlines Reg CF utilization by Congressional District – highlighting the… Read More

September 15, 2020 @ 9:57 pm By Omar Faridi  |  

The team at DAPI, the first financial API in the MENA region that allows financial technology apps to leverage Open Banking by facilitating digital payments and accessing real-time banking data, have written an open letter to the UAE Bank Federation Advisory Council. The letter, which… Read More

September 15, 2020 @ 5:32 pm By JD Alois  |  

Earlier today, the Securities and Exchange Commission (SEC) announced a settlement with Unikrn, a digital asset issuer that was deemed to have transgressed securities law in the offering of an unregistered security via an initial coin offering (ICO). Unikrn agreed to pay a $6.1 million… Read More

September 15, 2020 @ 2:56 pm By JD Alois  |  

Unikrn, a token issuer that attempted to remain compliant while issuing digital assets, has settled with the Securities and Exchange Commission (SEC) regarding allegations of an unregistered initial coin offering (ICO) of digital securities. Unikrn is an eSports and gaming platform launched in 2014. According… Read More

September 15, 2020 @ 10:49 am By JD Alois  |  

Draft regulation crafted by the European Commission that pertains to crypto-assets (digital assets) and blockchain tech in financial services has surfaced on the web. Final legislation has been anticipated at some point this month as European policymakers seek to foster an “innovation-friendly” approach that assures… Read More

September 15, 2020 @ 8:22 am By Omar Faridi  |  

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

September 14, 2020 @ 10:25 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals pertaining to “fraudulently soliciting funds from customers to speculate in Bitcoin price movements.” Filed in the U.S. District Court for the Southern District of Texas, the CFTC alleges that Texas residents Mayco Alexis Maldonado… Read More

September 14, 2020 @ 9:02 am By Omar Faridi  |  

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

September 14, 2020 @ 8:12 am By Omar Faridi  |  

Germany, France, Italy, Spain, and the Netherlands recently asked the European Commission (EC) to draft strict regulatory policies for stablecoins, which are digital assets that are supposed to be backed or pegged 1-to-1 with major fiat currencies like the US dollar or the British pound… Read More

September 13, 2020 @ 9:53 pm By Omar Faridi  |  

Blockstream, a company focused on developing various products to support Bitcoin (BTC) adoption, claims that the flagship cryptocurrency is “under threat” from a body of patents being collected by firms operating inside and outside of the digital asset sector. Blockstream argues that if some of… Read More

September 12, 2020 @ 11:37 am By JD Alois  |  

In a speech delivered to the ECOFIN press conference in Berlin today, European Commission Executive Vice President Valdis Dombrovskis commented on crypto-assets and stablecoins. It is anticipated that later this month and update will be be presented pertaining to the EU Digital Finance Strategy and… Read More

September 12, 2020 @ 9:24 am By Omar Faridi  |  

Dr. Joshua Ellul, the Chairman of Malta Digital Innovation Authority and Director of Centre for DLTs, University of Malta, has published an open letter to European Union (EU) regulators focused on cryptocurrencies. The letter is also meant to inform relevant policy advisors and makers in… Read More