BRICS Nations Discuss Creation of New Crypto For Unified Payment System

According to one official in attendance, members of international association BRICS discussed the creation of a new cryptocurrency at a recent summit. On Nov. 14, Russian financial news outlet RBC reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council supported the idea of creating a … Read more

Industry to Fed: Make FedNow interoperable, secure

Community banks and credit unions have continued to show strong support for the Federal Reserve’s plans to develop its FedNow payments system – a round-the-clock real-time payment and settlement service designed to support faster payments throughout the country. Both have requested that the Fed strive to ensure the system’s interoperability and security upon implementation. Learn … Read more

ESMA advises EC on the supervisory regime for third-country CCPs

ESMA advises EC on the supervisory regime for third-country CCPs Monday 11 November 2019 11:28 The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published three sets of technical advice to the European Commission (EC) regarding third-country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2).  ESMA’s advice … Read more

FHFA seeks input on UMBS pooling practices

The Federal Housing Finance Agency is seeking public input on practices used to form “To-Be-Announced” (TBA)-eligible Uniform Mortgage-Backed Securities (UMBS).  Specifically, the agency also is soliciting feedback about the government-sponsored enterprises’ oversight of UMBS prepayment speeds and alignment and other policies and practices that might affect UMBS fungibility. Find out more about the agency’s new … Read more

Korean Presidential Committee Pushes to Legalize Crypto

A South Korean presidential committee is pushing for the government to establish legal status for cryptocurrency to stay competitive globally. So far, the government’s policies have been risk-focused to curb speculation, which the committee says must change. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain Presidential Committee Pushes for Crypto Legalization … Read more

ESMA update on Brexit preparations

ESMA update on Brexit preparations Wednesday 30 October 2019 18:09 The European Securities and Markets Authority (ESMA) wants to inform stakeholders that, following the European Council’s decision today extending the period under Article 50(3) relating to the United Kingdom’s (UK) withdrawal from the European Union (EU), its previous statements relating to its preparations for a … Read more

Regulators Say Crypto Asset Holders Subject To Securities Laws

U.S. financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. The U.S. Securities and Exchange Commission, Commodity Futures Trading Commission and the Financial Crimes Enforcement Network issued the notice in order to clarify firms’ obligations under anti-money laundering, … Read more

The Uniform Law Commission’s model virtual currency act has been introduced in California

In February, the Uniform Law Commission’s model act for virtual currency business licensing was introduced in the California Assembly as AB 1489. Although it is now October and the Assembly’s legislative session is over for the year, some are ringing alarm bells about this bill, calling it an existential threat to the crypto industry, and … Read more