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“Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate,” said the document, seen by CryptoX, referring to the two categories
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In advance of required regulations that are expected in a year, the banking watchdog for the European Union asked stablecoin issuers to voluntarily follow certain "guiding principles" on risk management and consumer protection.The European Banking Authority (EBA) released its first set of measures on Wednesday, July 12, for public comment
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Issuers of e-money tokens tied to fiat currency and of asset-reference tokens linked to other products such as gold should start adhering to MiCA’s “high standards” of disclosure to potential users sooner rather than later, non-binding guidelines published by the Paris-based agency said, offering a template form for companies to
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Advocacy group UK Finance is urging the British government to encourage securities tokenization. The market is small now, but the future stakes are high, it said.In a report co-written with consulting firm Oliver Wyman, UK Finance said the advantages of tokenization, such as lower costs, lower risk and wider access,
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Born and raised in Greece to Lebanese parents, and now living in Cyprus, I’ve paid for the failed risk governance of banks on this island (2013), the 2016 capital controls in Greece limiting people to 20 euros a day, and the hyperinflation and value-loss of having my dollar deposits turned
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The American central bank’s emergency fund for embattled banks has seen its highest level of distressed asset redemptions since its inception three months ago.The emergency lending program — known as the Bank Term Funding Program (BTFP) — was introduced in March amid the United States banking crisis which saw the collapse of
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Binance informed its users that it is working to find another payment service provider. Binance, a leading cryptocurrency exchange, has lost its banking partner Paysafe in Europe. Binance partnered with Paysafe in January 2022 after losing Barclays and Santander as banking partners in 2021. Since then, the exchange has been trying
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Despite plenty of regulatory action in the United States and an ongoing crypto winter, former TradFi executives, now in crypto, said there’s no desire to return to their old banking livesInstead, former traditional bankers who’ve pivoted to crypto remain bullish about the industry's future and love the fact they can
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Self-styled crypto skeptic Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency (OCC), said tokenization of assets is a serious advance into the future of finance, but decentralized blockchains may be too problematic to handle that movement. Source
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