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 […]
Cryptocurrency market will hit $1 trillion valuation this year, CEO of top exchange says
Jesse Powell, founder and CEO of Kraken, said Tuesday that the cryptocurrency market would continue to see an “acceleration” of growth. Asked whether he thought the market capitalization of all cryptocurrencies would hit the $1 trillion mark in 2018, Powell agreed. The entire cryptocurrency market will reach a total value of $1 trillion this year, […]
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 […]
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 […]