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Industry

US Treasury Secretary Janet Yellen Pushes for Stablecoin Regulation by End of Year

May 10 2022

“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 […]
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Regulation

UK Government Publishes Approach to the Regulation of Stablecoins

April 28 2022

“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 […]
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Companies

CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers

April 26 2022

“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 […]
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Companies

OCC Finds Anchorage Digital Failed to Maintain Proper AML Rules

April 22 2022

“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 […]
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Companies

DIFC-based Tarabut Gateway Becomes the First Regulated Open Banking Platform in the UAE After DFSA Grants Licence

April 22 2022

“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 […]
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Global

Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

April 18 2022

“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 […]
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On The Wires

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Regulation

U.S. Consumer Chief Chopra to Revisit Rules Around Credit Card Fees, Abuses

April 28 2022

“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 … […]
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Companies

Thunes Takes Majority Stake in AML and Compliance Platform Tookitaki

April 19 2022

“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 […]