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China gives P2P lenders two years to exit industry
All Chinese P2P firms must clear outstanding loans within one year and become qualified small loan providers within two years. Regional small loan companies will have to meet a capital requirement of 50 million yuan, or 1 billion yuan to qualify the firm to operate nationally.
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Asia lenders usher in year of the virtual bank
A drove of virtual banks is preparing to launch across Asia – Singapore plans to award up to five new licences by the middle of next year. And established lenders want to exploit their potential as a test bed for their own risk management practices – from credit risk management to fraud monitoring capabilities.
tags: Fintech VirtualBanking
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Status of cryptoassets and smart contracts under English law
On 18 November 2019, the UK Jurisdiction Taskforce1 published an authoritative statement on the legal status of cryptoassets and smart contracts under English law. This is a leading development for the legal, business and technological communities, as it makes the UK the first jurisdiction to clarify that cryptoassets can be treated as property and that smart contracts are capable of being enforced in the UK.
tags: Fintech CryptoAssets Regulation
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Systemic consequences of outsourcing to the cloud
Financial institutions are increasingly outsourcing information technology to the cloud, motivated by efficiency, security, and cost. This column argues that the consequence is likely to be short- and medium-term stability at the cost of the increased likelihood of catastrophic systemic events. Cloud providers are systemically important and should be regulated as such.
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BoJ Report on “Legal Issues Around CBDC Issuance
This Bank of Japan report published in September delves into the main legal issues related to the issuance of CBDC in Japan. It concluded that under current legislation, banknotes are considered tangible whereas so the current law would need to be revised in order to grant legal tender status to CBDC.
tags: Fintech CryptoAssets CBDC
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German Banks Permitted to Offer Sale and Storage of Crypto from 2020
Beginning next year, banks in Germany will be permitted to provide the sale and storage of digital currencies of money under the new legislation. The bill has just been passed by the German federal parliament, the Bundestag, and is anticipated to be signed off by the country’s 16 states.
tags: Fintech CryptoAssets Regulation
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Sarb plan for new rules using digital currency
The South African Reserve Bank is purportedly planning to bring new laws controlling the digital currencies to stop their usage to evade currency controls.
tags: Fintech CryptoAssets CrossBorder