Global

PSR Consults on How It Will Require Firms to Reimburse APP Fraud Victims [UK]

Payment System Regulator

“In June 2023, we published our policy statement outlining our new authorised push payment (APP) fraud reimbursement requirement…We have published our consultation on the proposed specific direction on PSPs who participate in Faster Payments. The specific direction will underpin the faster payments reimbursement rules.”

Tags: UK

Regulation

CBDC and the Operational Framework of Monetary Policy [Euro Area]

BIS

“What effect would a retail central bank digital currency (CBDC) have on monetary policy implementation in the euro area, and how would this shape the macroeconomic effects of a CBDC?”

Regulation

American Bankers Association: CBDC would be advantaged competitor

Ledger Insights

“Today U.S. Congress will hold a hearing on the Digital Dollar Dilemma to discuss the implications of a central bank digital currency (CBDC) and potential private sector alternatives. The Federal Reserve believes that a CBDC will help maintain the dollar’s unique role as the international reserve currency, and improve financial inclusion for millions of U.S. citizens. However, […]

Global

India Shifts Cryptocurrency Focus to Regulations

Blockonomi

“India is replacing a complete crypto ban plan with regulations, The Indian government is reportedly developing a legal framework on cryptocurrency following the G20 Summit on September 9 and 10. Accordingly, the 2023 G20’s outcome shed light on the coming crypto guidelines, which was crafted in a joint policy recommendation by the International Monetary Fund (IMF) and […]

Tags: India

Industry

International Monetary Fund (IMF) and the Financial Stability Board (FSB) Synthesis Paper: Policies for Crypto-Assets

Financial Stability Board

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have advanced policy and regulatory recommendations to identify and respond to macroeconomic and financial stability risks associated with crypto-assets.

Global

UK Takes the First Step to Stop Authorized Payment Scams

Bank Info Security

“U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.’s Payment Systems Regulator recently released a long-awaited policy that would split the reimbursement cost between sending and receiving banks.”

Tags: UK

Global

Policy Hong Kong Lawmaker Invites Coinbase to Apply to Operate in Region Amid U.S. SEC Crackdown

Coindesk

“A Hong Kong lawmaker invited global virtual asset trading operators, including crypto exchange Coinbase, to come and register in the region. A Hong Kong lawmaker invited global virtual asset trading operators, including crypto exchange Coinbase, to come and register in the region. Hong Kong’s Securities and Futures Commission (SFC) began accepting applications for crypto trading platform […]

Tags: Hong Kong

Global

China Is Doubling Down on its Digital Currency

Foreign Policy Research Institute

“China’s central bank continues to take aggressive steps toward assimilating the digital yuan within its domestic financial system. Despite these efforts, less than a fifth of the Chinese population have utilized it.”

Tags: China

Companies

Central Bank Digital Currencies: Ongoing Policy Perspectives

BIS

“A group of central banks, together with the Bank for International Settlements, are working together to explore central bank digital currencies (CBDCs) for the public (“general purpose” or “retail” CBDC).”

Tags: Bank of International Settlement

Global

A Guide to Modernizing Payments in the Financial Sector

Policy Options

“Canada must act swiftly to remain on track with modernizing its financial sector policies that affect how consumers make payments. Other countries are adopting fintech innovation at a much faster pace, leaving Canadians with limited consumer choice and competition among financial service providers compared with other parts of the world.”

Tags: Canada

Companies

EU Could Veto Large Stablecoins During MiCA Approval Process, Regulator Signals

Coindesk

“Central banks should veto large stablecoins if they have fears they could upend monetary policy, the chair of the European Banking Authority (EBA) has said, citing fears that the use of permissionless blockchains could prove financially unsound. EBA Chairperson José Manuel Campa will in the coming months be setting out the detailed rules to implement […]

Tags: European Central Bank

Industry

New York Crypto Bill Exposes Rifts Among Key Regulators

Yahoo Finance

“New York’s Attorney General, Letitia James, unveiled a 25-page bill last week to tighten state crypto regulation. In a related press release, more than two dozen state politicians, former regulators, and policy experts endorsed the bill, hailing it as a major step forward in bringing the volatile industry to heel.”

Global

UK Government Adopts a “Pro-Innovation” Approach to AI Regulation

Inside Privacy

“On 29 March 2023, the UK Government published a White Paper entitled “A pro-innovation approach to AI regulation” (“White Paper”). The White Paper elaborates on the approach to AI set out by the Government in its 2022 AI Governance and Regulation Policy Statement (“Policy Statement” – covered in our blog post). This announcement comes following the […]

Tags: UK

Companies

Square Policy and Pricing Updates

Square

“Beginning next month, three new pricing changes are going into effect for Square sellers: updates to our refund policy, changes to paid transfers pricing, and new pricing for our revamped Square Online paid plans.”

Tags: Square

Regulation

US Congressman Proposes Bill to Block Federal Reserve from Creating American CBDC – What's Going On?

Cryptonews

“US Republican House Majority Whip Tom Emmer has introduced a bill on Wednesday to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) or using it to control monetary policy.”