On The Web
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“Stablecoins have been a hot topic both on and off Capitol Hill. Earlier today, U.S. Treasury Secretary Janet Yellen pushed for regulation during an annual testimony in front of the Senate Banking Committee, at a time where Terra’s algorithmic stablecoin UST struggles to retain its peg. “New products and technology may present opportunities to promote innovation […]
UK Government Publishes Approach to the Regulation of Stablecoins
“On 4 April 2022, Her Majesty’s Treasury (the Treasury) published its response (the Response) to its consultation and call for evidence on the UK’s regulatory approach to cryptoassets, stablecoins and distributed ledger technology in financial markets (the Consultation). UK Government’s Approach to Stablecoins: Bring certain stablecoins when used as means of payment into scope of […]
CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers
“The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between banks and nonbanks. The CFPB is also seeking public comments on […]
OCC Finds Anchorage Digital Failed to Maintain Proper AML Rules
“The Office of the Comptroller of the Currency (OCC), a federal banking regulator, and Anchorage Digital, a trust company operating with an OCC trust charter, agreed to a consent order Thursday in which the regulator said Anchorage failed to meet Bank Secrecy Act (BSA) requirements for its internal controls. According to the order , in […]
DIFC-based Tarabut Gateway Becomes the First Regulated Open Banking Platform in the UAE After DFSA Grants Licence
“Tarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. This licence marks the first […]
Explainer: China UnionPay, Russia’s Potential Payments Backstop
“Several Russian banks plan to issue payment cards that use the network of China UnionPay as well as that of home-grown payment system Mir, after Visa Inc (V.N) and MasterCard Inc (MA.N) joined other Western firms in suspending operations in Russia. read more UnionPay and Mir are among few options left for Russians to make […]
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
“The Ministry of Finance of Russia recently submitted to the government an updated version of its bill “On Digital Currency” designed to comprehensively regulate the country’s crypto market. Details about the law’s provisions have surfaced in Russian media reports this week. According to the draft, qualified investors, or “professional purchasers of digital currency” as they […]
Retailers Can’t Discriminate Against Cash Payments, State Law Says
“Massachusetts state law clearly says retailers can’t discriminate against people who want to pay with cash, but the strength of the law is dependent on how Massachusetts Attorney General Maura Healey wants to enforce it.”
On The Wires
nbsp;U.S. Consumer Chief Chopra to Revisit Rules Around Credit Card Fees, Abuses
“The U.S. consumer watchdog will revisit its rules around credit card fees in a bid to stamp out abuses, discourage excessive late fees and boost competition, the agency’s director told Congress on Wednesday, confirming a Reuters April report. “I am asking the staff to look at whether we should reopen the CARD Act rules … […]
Thunes Takes Majority Stake in AML and Compliance Platform Tookitaki
“Thunes , a Singapore-based global payments company, today announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki Holding Pte Ltd (‘Tookitaki’) by making an investment of over $20 million. The alliance of both firms empowers the banking and financial services industry to fight money laundering and […]