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The UK FCA Issues Guidance on Regulation for Bitcoin and Crypto Assets. Most of the rules were proposed in a January consultation paper. As widely expected, the final guidance does not drastically alter the regulatory landscape, instead specifying when certain types of crypto assets fall under existing categories.
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PBOC officials have released more information about a CBDC which is still at the research stage. It will be backed by a reserve fund, according to Mu Changchun, deputy director of the PBOC payments department.
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Chinese authorities have spoken out about accelerating the development of a CBDC. The country has greenlit the next stage of the PBOC digital currency program, said Wang Xin, director of the PBOC Research Bureau.
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The PBOC is urging individuals and companies to not refuse or discriminate against cash payment, asking people to dial down what it calls an “overhype” of a cashless society comes as mobile payment volumes continue to soar to new heights.
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Swedish banknotes and coins in circulation rose 7% last year, to 62.2 billion krona, according to the European Central Bank. It was the first yearly increase since 2007; the value of cash in circulation has dropped by around 45% over that period.
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LedgerX launched the first physically-settled bitcoin futures contracts in the U.S., beating ICE’s Bakkt and TD Ameritrade-backed ErisX to the punch. It will be available to both institutional and retail investors.
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However, Bakkt is seeking a license to operate as a trust, while LedgerX went the route of DCM and DCO licenses, which some have said means its contracts are likely to be fully collateralized, so traders can’t legally trade them on margin.
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Crypto exchange Kraken has acquired Interchange, an accounting, reconciliation and reporting service provider that it says offers an “institutional-grade” service.
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Bitfinex publishes real-time liquidation updates to prepare for its 100x leverage derivative productBitfinex started publishing real-time liquidation updates in preparation for the rollout of its new derivative product with up to 100x leverage, which is not uncommon, with BitMEX also offering it.
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WhatsApp and other encrypted messaging services face pressure to hand over access to encrypted chats after a meeting between the “Five Eyes” nations which share intelligence this week. “The Five Eyes are united that tech firms should not develop their systems and services, including end-to-end encryption, in ways that empower criminals or put vulnerable people at risk.”
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Insurtech start-up B3i has launched its first product on R3’s Corda platform, v1.0 of its Property Catastrophe Excess of Loss Reinsurance product. The new Cat XoL product will allowing insurers, brokers and reinsurers to “interact, negotiate and place risk more securely and efficiently.”
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Crypto payments and banking services provider, Bitwala, has raised EUR 13m in Series A funding. Bitwala currently offers accounts for retail customers across all 31 European Economic Area countries via Berlin-based SolarisBank.
Kiffmeister’s Fintech Daily Digest 07/31/2019
