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☆ Crypto firms introduce risk assessments and finance tests in response to strict new rules in UK
▼ + stars: | 2024-01-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

It comes ahead of tough new rules on the advertising of digital asset products in the country. If a customer fails to complete the tasks successfully, they will be prevented from trading with their crypto account. Coinbase said the changes were made "to ensure we are meeting UK investor protection standards, which require our users to have the necessary knowledge to make informed investment decisions." "We do not expect this to impact user activity in the UK and as always our customer service team is on hand to help with any queries," George Tucker, U.K. general manager of Crypto.com, told CNBC via email. "As an authorised Electronic Money Institution and registered cryptoasset business in the U.K., Crypto.com supports and complies with the FCA's rules and will continue to work with the regulator as we expand our product offering here," Tucker added.

Persons: Brian Armstrong, Daniel LEAL, DANIEL LEAL, Coinbase, George Tucker, Crypto.com, Tucker Organizations: Global Investment, Getty, Financial Services, Markets, Authority, FCA, CNBC Locations: London, Britain, cryptocurrency

☆ Turkey's crypto rules seen addressing licensing, taxation after boom
▼ + stars: | 2023-11-14 | by ( Ezgi Erkoyun | ) www.reuters.com time to read: +5 min

MARKET BOOM"We have been observing that the interest in crypto assets in Turkey is on a continuous rise. There is currently a lack of regulation in this area," said Mucahit Donmez, chief executive of crypto currency exchange Binance Turkey. The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024. In 2021, authorities banned the use of crypto assets for payments after some local exchanges were investigated for fraud. Onur Altan Tan, board member at Futurance Finance Tech & Fexobit crypto currency platform, said that they are expecting the new regulation to detail out licensing criteria for platforms and bring taxation for users.

Persons: Bora Erdamar, Erdamar, Mehmet Simsek, FATF, Mucahit Donmez, Altan Tan, There's, Ezgi Erkoyun, Jonathan Spicer, Sharon Singleton Organizations: BlockchainIST, Turkey, FATF's, Service, Binance Research, Futurance Finance Tech, Thomson Locations: Turkey, ISTANBUL, Ankara, Paris, United States, India, United Kingdom

☆ Spanish regulator opens first cryptoasset advertising case
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMADRID, Nov 8 (Reuters) - Spain's stock market supervisor said on Wednesday it had opened its first case relating to a possible infringement of recent rules governing mass advertising campaigns of cryptoassets. The CNMV said on Wednesday that it had opened disciplinary proceedings against Spanish technology provider Miolos S.L. over two mass campaigns advertising cryptoassets. Advertisers and companies that market cryptoassets must inform the CNMV at least 10 days beforehand about the content of campaigns targeting more than 100,000 people. Spain's rules also apply to cryptoasset service providers when advertising their activities and to any person advertising on their own or on behalf of third parties.

Persons: Dado Ruvic, Madrid, CNMV, Miolos, Rodrigo Buenaventura, Buenaventura, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: REUTERS, Rights, Spanish, Miolos, Thomson Locations: Rights MADRID, cryptoassets

☆ PayPal gets crypto green light in UK as sets up post-Brexit base
▼ + stars: | 2023-11-01 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. The regulator has also brought in tougher safeguards on marketing cryptoassets, which have snarled rivals like Binance. PayPal said on Wednesday that the FCA has approved the company as an authorised electronic money institution and consumer credit firm, as well as its registration as a cryptoasset business, although the pause in UK crypto services would continue as previously announced. The approvals mean that from Nov. 1 PayPal's UK customers will be transferred to a new entity based in Britain from PayPal Europe, which had hitherto served UK customers, reflecting Britain's departure from the European Union. "PayPal continues to offer our customers the same products and services in the United Kingdom," it said.

Persons: Dado Ruvic, PayPal, Huw Jones, Jonathan Oatis, Alexander Smith Organizations: PayPal, REUTERS, Financial, Authority, PayPal Europe, European Union, Thomson Locations: Britain, United Kingdom

☆ Britain to push ahead with rules for cryptoassets
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Britain said on Monday it would legislate to implement its first set of rules to regulate the crypto sector, requiring market participants to be authorised before they can offer services to consumers. The European Union has already approved the world's first set of comprehensive rules for cryptoasset markets, which are already attracting crypto firms to set up base in the bloc. Britain's finance ministry said it would move ahead as proposed in a February public consultation, requiring firms undertaking cryptoasset activities to be authorised by the Financial Conduct Authority. The rules focus on cryptoassets, such as bitcoin, and the underlying distributed ledger technology (DLT) or blockchain that underpins the sector. Crypto firms currently face only requirements to have safeguards against money laundering.

Persons: Dado Ruvic, bitcoin, Crypto, Huw Jones, Andrew Cawthorne, Peter Graff Organizations: REUTERS, European Union, Financial, Authority, Thomson Locations: Britain, United States

☆ Crypto firms failing to spell out risks, says UK watchdog
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Britain's financial watchdog said on Wednesday that firms marketing cryptoassets are failing to highlight risks properly to consumers, such as by publishing warnings that are too hard to read. "We expect authorised firms approving the financial promotions of cryptoasset firms to take their regulatory obligations seriously," the FCA said in a statement. "Where this is not happening, we will take action and have already placed restrictions on an authorised firm to restrict it from approving cryptoasset financial promotions." The FCA said on Oct. 10 it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other cryptoasset firms.

Persons: Toby Melville, cryptoassets, Huw Jones, David Evans, Jason Neely Organizations: FCA, Financial, Authority, REUTERS, Thomson Locations: London, Britain

☆ Basel proposes crypto disclosures by banks from January 2025
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors. "Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements," the Basel Committee said in a statement. Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said. Reporting by Huw Jones; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Banks, Jan, Huw Jones, Kirsten Donovan, Emelia Organizations: REUTERS, Global, Committee, Thomson Locations: cryptoassets

☆ EU securities watchdog warns investors over crypto market protections
▼ + stars: | 2023-10-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX and with huge volatility in bitcoin prices. "Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ cryptoasset," the EU watchdog said in a statement. Full protections may not be available in EU states that grant an 18-month transitional period for crypto firms to operate without an EU licence, meaning customers may not be covered until July 2026. A significant number of crypto firms would probably continue to offer their services under the transitional terms until mid-2026, ESMA said. Crypto firms from non-EU countries will be allowed to provide services to customers in the bloc that have specifically requested them, and even then only on a "strictly limited" basis.

Persons: Bitcoin, Dado, ESMA, Crypto, Huw Jones, Emelia Sithole Organizations: REUTERS, Union, EU, European Securities and Markets Authority, Thomson

☆ Crypto exchange Binance to stop accepting new users in UK
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 16 (Reuters) - Cryptocurrency exchange Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from overseas digital asset firms in the country. The Financial Conduct Authority's (FCA) new rules around cryptoasset promotions came into effect on Oct. 8. Last week, Britain's financial regulator said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company. The FCA in its decision notice had said unregistered cryptoasset firms must not promote cryptoassets to UK consumers unless they have an authorized company to approve the promotions. "We are working closely with the FCA ... are looking to find another suitable FCA-authorised firm to approve our financial promotions as soon as possible," Binance said.

Persons: Dado Ruvic, Binance, Manya Saini, Devika Organizations: REUTERS, FCA, Thomson Locations: United Kingdom, Bengaluru

Signage for the Financial Conduct Authority (FCA), the Britain's financial regulatory body, is seen at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Britain's financial regulator on Tuesday said it was stopping peer-to-peer platform rebuildingsociety.com from approving financial promotions for Binance and other crypto asset firms, days after Binance announced it had partnered with the company. A Binance spokesperson via email on Tuesday said that the company had invested "an enormous amount of time and resources" in ensuring that it is compliant with the Financial Conduct Authority's rules. "We shared our agreement with Rebuildingsociety.com with the FCA on Oct. 2, almost a full week before the requirements of the updated Financial Promotions Regime came into effect," the Binance spokesperson said. Under the FCA's rules, a firm it has authorised can approve promotions of companies it does not regulate, a system that is being tightened from February by the watchdog.

Persons: Toby Melville, Binance, Elizabeth Howcroft, Huw Jones, Mark Porter Organizations: Financial, Authority, REUTERS, FCA, Rebuildingsociety.com, Thomson Locations: London, Britain, cryptoassets, Leeds, UK

☆ Standard Chartered-owned crypto firm Zodia launches in Singapore
▼ + stars: | 2023-09-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Zodia Custody, a company that helps large institutions store their crypto, launched in Singapore on Tuesday in a bid to tap into the country's rapidly growing digital asset market. The development makes Zodia the first entity that is owned by and partnered with banks to provide digital asset custody services for financial institutions in Singapore, Zodia said in a news release. Zodia is also part-owned by SBI Digital Asset Holdings, the crypto division of Japanese bank SBI. "Singapore is a market that has been no stranger to the crypto world for a long time," Sawyer said. Standard Chartered has a "fantastic brand" in Singapore, Sawyer said, adding that the backing of such a large institution has helped boost its conversations with major financial firms.

Persons: Zodia, StanChart, Julian Sawyer, Sawyer, blockchain, Crypto, Zodia's, Coinbase Organizations: Standard Chartered, Northern Trust, SBI Digital Asset Holdings, SBI, CNBC, Starling, Chartered, Arrows, United, United Arab Emirates Locations: Singapore, British, Asia, Africa, Japan, Pacific, Abu Dhabi, United Arab, India

☆ Global regulators seek to crack down on decentralised finance
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi)accountable for their actions and safeguard market stability. Such events have seen DeFi shrink from about $180 billion in late 2021 to about $40 billion currently, and the sector is also being used for moneylaundering, IOSCO said. Stakeholders in DeFi and their roles, and the organizational, technological, and communication mechanisms they use, tend to mimic those in traditional finance. Regulators have little standardised data on DeFI, a situation made worse by market participants using multiple pseudonymous addresses to obfuscate their activities, IOSCO said. Regulators should use existing laws or introduce new ones where needed to get a full picture of DeFI, including the identities of people and companies involved, IOSCO said.

Persons: Dado Ruvic, IOSCO, Tuang Lee Lim, Lim, Huw Jones, Frances Kerry Organizations: REUTERS, Terra, Regulators, DeFi, Thomson Locations: DeFi, IOSCO, United States

☆ IMF and regulators set out roadmap to contain crypto risks
▼ + stars: | 2023-09-07 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Sept 7 (Reuters) - Global financial regulators and the International Monetary Fund on Thursday set out a roadmap to coordinate measures that stop cryptoassets from undermining macroeconomic and financial stability. Such risks are exacerbated by noncompliance with existing laws in some instances, the G20's risk watchdog, the Financial Stability Board, and the IMF said in a paper. "Widespread adoption of crypto-assets could undermine the effectiveness of monetary policy, circumvent capital flow management measures, exacerbate fiscal risks, divert resources available for financing the real economy, and threaten global financial stability," the paper said. The paper sets out timelines for members of the IMF and G20 to implement recent recommendations to regulate crypto from the Financial Stability Board and IOSCO, a global group of securities regulators. The tax treatment of cryptoassets should also be spelled out, along with how existing laws apply to the sector.

Persons: Huw Jones, Sharon Singleton Organizations: Global, International Monetary Fund, IMF, European Union, Thomson Locations: cryptoassets, New Delhi

☆ UK watchdog offers flexibility on tougher cryptoassets marketing rules
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Britain's Financial Conduct Authority on Thursday said its tougher rules on marketing cryptoassets would come into force in early October, but firms could apply for more time to comply with some elements such as a 24-hour cooling off period. "Firms could be given until 8 January 2024 to introduce features that require greater technical development, with the core rules still coming into effect from 8 October 2023," the FCA said in a statement. "Firms must first apply for the flexibility which would then allow them time to make the required back-office changes successfully." Reporting by Huw Jones, editing by Iain WithersOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Huw Jones, Iain Withers Organizations: REUTERS, Thomson

☆ LSEG explores blockchain for cross-asset digital 'ecosystem'
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - London Stock Exchange Group (LSEG.L) is looking into using blockchain to build what it described on Monday as "an end-to-end digital market ecosystem to raise and transfer capital across asset classes". Blockchain, best known as the technology underpinning cryptocurrencies such as bitcoin and other crypto assets, is a digital ledger which records and verifies transactions. LSEG's move comes as a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets. "The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent .

Persons: Toby Melville, Murray Roos, Roos, LSEG, Akanksha, Radhika Anilkumar, Savio D'Souza, Rashmi Aich, Alexander Smith Organizations: London Stock Exchange, REUTERS, Financial Times, Reuters, Treasury, Thomson Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ LSE Group draws up plans for blockchain-based digital assets business - FT
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - The London Stock Exchange Group (LSEG.L) has drawn up plans for a new digital markets business to offer extensive trading of traditional financial assets on the blockchain technology known for powering cryptocurrency, the Financial Times reported. LSEG is considering using a separate legal entity for the digital markets business, the report said on Monday, adding that it hoped to have it running within the next year, subject to regulatory approvals. The London Stock Exchange Group did not immediately respond to a Reuters request for comment. The reported move comes at a time when a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets.

Persons: Toby Melville, Murray Roos, Blockchain, Roos, Akanksha, Savio D'Souza, Rashmi Organizations: London Stock Exchange, REUTERS, Financial Times, LSE Group, LSE, Treasury, London Stock Exchange Group, Thomson Reuters, Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ Cryptoassets increase risk in developing economies, study says
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

The report's guidelines for regulating and supervising cryptoasset markets include bans, containment and regulation. "Given the offshore and pseudo-anonymous nature of cryptoasset markets, an outright ban might not prove enforceable," read the BIS paper. "On the contrary, policymakers would lose all sight of these markets, making these markets even less transparent and predictable. In addition, all potential innovation gains from cryptoasset markets would be lost." Keeping control on the flows between traditional financial systems and cryptomarket assets, or containment, hits similar hurdles as a ban as "controlling funds might not be feasible in practice."

Persons: Dado Ruvic, Rodrigo Campos, Nick Zieminski Organizations: REUTERS, Bank for International, BIS, European Union, Thomson

☆ Bond rout keeps stocks under water, China woes give dollar a lift
▼ + stars: | 2023-08-18 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

Crude oil was set to snap a seven-week winning streak as China's slowing economic growth clouded the picture for demand. Jason Da Silva, director, global investment strategy at Arbuthnot Latham, said stock markets were paying the price for bond yields soaring as economic data from the United States smash expectations, despite all the rate hikes so far. Euro zone government bond yields also eased on Friday as concerns about the global economy nudged investors into safe-haven government bonds and further signs emerged that euro zone inflation has peaked. The U.S. dollar recovered from an earlier dip and was standing tall near a two-month top at 103.42 against its major peers. Brent crude futures eased 0.5% to $83.67 and U.S. West Texas Intermediate crude futures were off 0.4% at $79.99.

Persons: Toby Melville, bitcoin, Thursday's, Jason Da Silva, Arbuthnot Latham, Da Silva, Jerome Powell, HSI, China Evergrande, Toby Chopra, Mark Potter Organizations: London Stock Exchange, REUTERS, Companies, Jackson, Global, Nasdaq, ING, Treasury, Federal Reserve, CHINA SHADOW, HK, Japan's Nikkei, Bank of, U.S, Brent, . West Texas, Thomson Locations: Canary Wharf, London, Britain, Japan, U.S, China, United States, Jackson Hole , Wyoming, CHINA, Asia, Pacific, Hong Kong, Beijing, Bank of Japan

☆ Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases
▼ + stars: | 2023-08-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. U.S. District Judge Jed Rakoff's decision Monday complicates SEC's litigation with both Ripple and crypto exchange Coinbase. The Ripple ruling was considered a win by the industry because it said a cryptocurrency may or may not be a security depending on who's buying it. The SEC has argued in cases against Binance, Coinbase and Kraken that many cryptocurrencies listed on popular exchanges are securities. The SEC has pursued numerous other crypto firms over the alleged unregistered offer and sale of securities, including Coinbase , Gemini and Genesis.

Persons: Hon Chang, joon, Kwon, cryptocurrencies, Jed Rakoff's, Coinbase, Rakoff, — CNBC's Lora Kolodny Organizations: UST, Securities and Exchange Commission, Terraform Labs, U.S, SEC, Binance Locations: Podgorica, Montenegro, Manhattan

☆ Crypto memes could land you in prison or with an unlimited fine for breaching financial promotion rules, UK regulator warns ‘finfluencers’
▼ + stars: | 2023-07-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

The UK's financial regulator is proposing new rules for social media promotions. It specifically highlights memes promoting crypto investment as potential rule-breakers. Crypto memes could break financial promotion rules and land people in prison, the UK's Financial Conduct Authority said Monday. The regulator is proposing new rules for social media, cracking down on "finfluencers" or financial influencers who promote financial services online. It follows a joint initiative with the UK's advertising regulator in April, designed to help influencers know which financial promotions are illegal.

Persons: —, Lucy Castledine, cryptoassets Organizations: Authority, Financial Services, Investments Locations: cryptoasset

☆ Global rules leave crypto firms with no place to hide, says G20 watchdog
▼ + stars: | 2023-07-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20's Financial Stability Board said on Monday. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog. "Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules," FSB Secretary General John Schindler told reporters.

Persons: FTX, John Schindler, Schindler, Bitcoin, IOSCO, Huw Jones, Louise Heavens Organizations: Ripple Labs, European Union, FSB, Thomson Locations: FTX, Bahamas, Basel

☆ Will Smith-backed U.S. broker Public launches in the UK in first foray overseas
▼ + stars: | 2023-07-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Gabby Jones | Bloomberg | Getty ImagesAmerican stock brokerage startup Public launched its services in the U.K. Thursday, marking its first international expansion its launch in 2017. The app, backed by celebrities including Will Smith and skateboarding legend Tony Hawk, will offer U.K. users commission-free trading in over 5,000 U.S.-listed stocks during the country's regular trading hours. Bibas said that, for now, the U.K. is the only country Public is focusing on for its international expansion. In the future, it hopes to take learnings from its U.K. launch to open in other European markets. Freetrade, the U.K. brokerage startup, slashed its valuation by a whopping 65% last month to £225m in a crowdfunding round, citing a "different market environment."

Persons: Gabby Jones, Will Smith, Tony Hawk, AJ Bell, Hargreaves Lansdown, Leif Abraham, Public's, Abraham, Jannick Malling, PFOF, Dann Bibas, Bibas, he's Organizations: Bloomberg, Getty, Public, CNBC, Jannick, GameStop, Citadel Securities, European Union, Khepri Advisers, Financial, Authority, Accel, Tiger Global Locations: U.S, Abraham, Denmark, Germany, New York, Copenhagen, London, Amsterdam, Covid

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

☆ Twenty-four central banks will have digital currencies by 2030 - BIS survey
▼ + stars: | 2023-07-10 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline of cash. Most of the new Central Bank Digital Currencies (CBDCs) will emerge in the retail space, where eleven central banks could join peers in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria which already run live digital retail currencies, the BIS found in its survey of 86 central banks conducted late 2022. On the wholesale side, which in future could allow financial institutions to access new functionalities thanks to tokenisation, nine central banks could launch CBDCs, the BIS said. "Enhancing cross-border payments is among the key drivers of central banks' work on wholesale CBDCs," the authors of the report wrote. Pilot testing in China now reaches 260 million people and two other big emerging economies, India and Brazil, plan to launch digital currencies next year.

Persons: Francois Lenoir, CBDC, Karin Strohecker, Mark Potter Organizations: REUTERS, Francois Lenoir LONDON, Bank for International Settlements, Central Bank Digital, BIS, Swiss National Bank, European Central Bank, Silicon Valley Bank, Signature Bank, Thomson Locations: Brussels, Belgium, Bahamas, Eastern Caribbean, Jamaica, Nigeria, China, India, Brazil, Silicon, stablecoins

☆ UK to curb crypto advertising with 'cooling off' periods, risk warnings
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The Financial Conduct Authority (FCA) said "refer a friend" bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. But research shows many regret making a hasty decision," said Sheldon Mills, executive director at the FCA's consumers and competition division. "Consumers should still be aware that crypto remains largely unregulated and high risk," he said. FCA research shows that estimated crypto ownership has more than doubled from 2021 to 2022, with 10% of 2,000 people surveyed stating they own cryptoassets. Under the new rules, crypto firms will have to carry warnings such as: "Don't invest unless you're prepared to lose all the money you invest.

Persons: Dado Ruvic, Crypto, FTX, Sheldon Mills, Myron Jobson, Kirstin Ridley, Emelia Sithole Organizations: REUTERS, Financial Conduct Authority, FCA, Thomson Locations: Britain

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