Featured Fintech

Indian panel recommends cryptocurrency ban

An Indian government panel has recommended banning all private cryptocurrencies and a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies, which could signal the end of them in India. The panel drew up a report and draft legislation, which will be examined… Read More

Facebook’s Libra gets stark warning from G-7 finance chiefs

AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More

The dark side of Zug’s Crypto Valley

Canton Zug has been positioning itself as the global capital of cryptocurrencies, but accusations of fraud engulfing cryptocurrency markets could curb its ambitions. In the United States, legal proceedings implicating cryptocurrency exchange platform Bitfinex in a $850 million (CHF841 million) fraud scandal are forcing Zug’s so-called “Crypto Valley” to examine… Read More
17th July 2019
A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More
16th July 2019
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
15th July 2019
A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after… Read More
12th July 2019
U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank.” “I am not a fan of Bitcoin and other Cryptocurrencies,… Read More
12th July 2019
British banks hold enough capital to cope with a no-deal Brexit and a global trade war simultaneously, the Bank of England said on Thursday, although a disruptive Brexit would still cause major turbulence for financial markets and the economy. Bank of England Governor Mark Carney also flagged ongoing concerns about… Read More
11th July 2019
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s (FB.O) plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin. The strong comments from the most… Read More
28th June 2019
The Financial Action Task Force on Thursday published anti-money laundering (AML) guidance for legal professionals, supervisors involved in the legal sector and financial services businesses that have attorneys as clients. The 93-page guidance paper outlines how risk-based compliance controls should be applied to a host of legal functions, including tax… Read More
26th June 2019
Facebook’s fledgling cryptocurrency faced mounting scrutiny on Tuesday as European central bankers and regulators demanded more detail on the social media giant’s Libra project. Britain’s top financial regulator said there was not yet enough information to understand Libra, adding that it could be very significant for public policy and that… Read More
21st June 2019
Cryptocurrencies such as bitcoin are set to be subjected to rules to prevent their abuse for money laundering, a global watchdog will announce on Friday, the first worldwide regulatory attempt to constrain the rapidly growing sector. The Paris-based Financial Action Task Force (FATF), a coalition of countries from the United… Read More
19th June 2019
A U.S. commodities regulator has filed a lawsuit accusing a defunct British cryptocurrency company and its former principal of fraudulently misappropriating at least 22,858,322 bitcoin worth $147 million from more than 1,000 customers. In a complaint filed on Monday, the U.S. Commodity Futures Trading Commission said Control-Finance Ltd and Benjamin… Read More