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Revolut obtains EU Banking License

LONDON, July 22 (Reuters) – Britain’s government on Thursday unveiled a blueprint for returning NatWest (NWG.L) to majority private ownership within a year, more than a decade since bailing out the lender at the height of the global financial crisis. The finance ministry said it had instructed Morgan Stanley to sell NatWest shares on its behalf in […]

Crypto ICO Price Continues to Fall, Likely Due to Growing Regulatory Pressure

Blockchain and crypto projects that raised millions of dollars via tokenized crowdfunding means are now lining up to return their capital to their original investors. Because apparently, they were not allowed to raise funds in the first place. The Securities and Exchange Commission (SEC) has gone after these startups for reportedly violating existing securities laws. The […]

FinTech licence: FINMA publishes guidelines

From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process. To boost innovative financial companies, the Swiss parliament has introduced the new FinTech licence (persons under Article 1b of the Banking […]

Billionaire Mike Novogratz Says Crypto ICO Market is Pretty Much Dead Now

Today, the initial coin offering (ICO) market has pain written all over it. A once-popular mechanism, used by blockchain startups to raise funds using crypto to develop their products, lured speculators into investing billions of dollars for their native tokens. However, a majority of these startups either turned out to be scams or purely incompetent […]

Research: ICOs See Lowest Funding Level in 16 Months

Funding for Initial Coin Offerings (ICOs) has seen its hardest slump in 16 months, Bloomberg reported September 10. Analysis from Autonomous Research shows that in August, startups raised $326 million, which is the smallest amount since May 2017. According to Autonomous Research, Ethereum (ETH) blockchain-based ICOs have been recognized as the spark for the ETH […]

EU: 5th EU Anti-Money Laundering Directive published

On June 19th, 2018, the fifth EU Anti-Money Laundering Directive (AMLD 5) was published in the official journal of the European Union. The AMLD5 modifies the Fourth Anti-Money Laundering Directive (AMLD4) released only in 2015. The EU Commission proposed the revised AMLD in July 2016 as part of its Action Plan against terrorism announced in […]

Cryptocurrency price manipulation is ‘unavoidable,’ head of crypto firm says

Price manipulation in the cryptocurrency space is “unavoidable” but will disappear once the market has matured, the head of the cryptocurrency firm NEM said Tuesday. “Price manipulation is not something new. You see it in mainstream markets as well. We are in a very nascent, growing phase of our industry and these things are unavoidable,” […]

FINMA revises “Public deposits with non-banks” circular

The new sandbox concept and the extended time frame for settlement accounts defined in the revised Banking Ordinance entered into force on 1 August 2017. In doing so, the Federal Council sought to reduce unnecessary regulatory obstacles for innovative business models. FINMA has now detailed these new rules in its amended circular “Public deposits with […]

Captive Insurance – UK government sets out new ILS framework

The UK Treasury has published new rules for insurance-linked securities (ILS) as the country aims to grab a share of the rapidly growing market. The rules, published on 20 July, allow for insurance and reinsurance firms to transfer risk to the capital markets, meaning that risk can be managed more effectively for businesses and consumers. […]

US government ‘monitored bank transfers’

A huge range of security weaknesses, said to be worth more than $2m (£1.6m) if sold on the black market, have been leaked online by a hacking group. The tools are said to have been created by the US National Security Agency. Accompanying documents appear to indicate it was able to monitor money flows among […]