On The Web

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Regulation

Policing Cryptocurrencies Has Become A Game Of Whack-a-Mole For Regulators

June 1 2018

“The challenge the authorities face is that cryptocurrencies are so new that they do not fit neatly into laws that were passed decades ago prohibiting misconduct in the securities and commodities markets. It will take time for those regulations to catch up. Bloomberg reported that federal prosecutors were working with the Commodity Futures Trading Commission to determine […]

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Regulation

How Will Ant Financial, China’s Fintech Giant, Be Impacted By New Regulations?

May 30 2018

• in
• Regulatory environment

“Having a large and diversified business may be great for the bottom line, but it has increased Ant Financial’s vulnerability to potential regulation. Ant Financial is very important to many Chinese consumers, and it may be considered too big to fail. Some consumers use Ant Financial’s Alipay service, invest in Yu’e Bao, and obtain consumer […]

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Regulation

Congress Approves First Big Dodd-Frank Rollback

May 23 2018

• in
• Dodd Frank

“The bill stops far short of unwinding the toughened regulatory regime put in place to prevent the nation’s biggest banks from engaging in risky behavior, but it represents a substantial watering down of Obama-era rules governing a large swath of the banking system. The legislation will leave fewer than 10 big banks in the United […]

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Companies

Ant Financial Shifts Focus Away From Finance To Tech Amid Beijing Crackdown

June 5 2018

• in
• Ant Financial
• Regulatory environment

“Ant Financial Services Group, the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing’s crackdown on financial risk deepens, four sources with knowledge of the matter said. The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift […]

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Regulation

Supreme Court Ruling Lets States Collect Sales Tax From Online Purchases

June 21 2018

“It’s not unheard of for internet retailers to collect sales tax regardless of where their customers are located, but they might not have much choice before long. The US Supreme Court has ruled that states can force online stores to collect sales tax, reversing a 1992 precedent that let companies avoid sales tax when they didn’t have a physical […]

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Regulation

Wells Fargo Bans Cryptocurrency Purchases On Its Credit Cards

June 11 2018

• in
• Cryptocurrencies

“While putting a prohibition on such cryptocurrency purchases for now, Wells Fargo “will continue to evaluate the issue as the market evolves,” Shelley Miller, a spokeswoman, said in an emailed statement. Wells Fargo joins Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which limited cryptocurrency purchases on their credit cards in February, citing market […]

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Global

The Oligopoly That Controls India’s Credit Cards And E-Wallets May Be Soon Shattered

June 11 2018

• in
• India
• Regulatory environment

“This concentration of power is making India’s banking regulator increasingly uncomfortable, especially as the country’s retail payments ecosystem expands rapidly. Not only does the situation put a large number of users at risk if even one company goes under, a select few firms also end up with the personal data, like spending and preferences, of a […]

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Regulation

Stung By Compliance Costs, Asia Banks Urge Watchdogs To Approve More Fintech

June 7 2018

• in
• Regulatory environment

“The Asia Securities Industry and Financial Markets Association said it would like to see greater use of new technologies in “know your client” or KYC anti-money laundering checks, as they promise to drastically cut costs. “Fintech solutions, facial recognition for example, hold out great hope for the industry, but haven’t been embraced as quickly as […]

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Regulation

Wyoming Changed Its Laws To Attract Cryptocurrency Startups

May 22 2018

“The cowboy state’s Republican Governor Matt Mead signed a number of laws that are set to attract the booming crypto industry to the state. The state also has tried to explain what cryptocurrency is, terming it as a type of digital currency that can be redeemed for goods and services. It’s laws also exempts cryptocurrencies from state property taxes as they […]

On The Wires

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Companies

Mastercard Unveils Solutions To Underpin Open Banking Transformation

June 5 2018

• in
• Mastercard
• PSD2

“Mastercard announced today that it is developing a new suite of services to underpin the transformation taking place in the industry as partners ready themselves to take advantage of Europe’s PSD2 legislation. With trust and security major pillars of the open banking ecosystem, Mastercard’s new services will make it easier for banks and third party […]