The European Commission (EC) is moving to provide more legal clarity and certainty for the crypto-asset industry in its member states. The EC officially adopted a new digital finance package, including a digital finance strategy and legislative proposals on crypto-assets and digital resilience, for a competitive EU financial sector that gives consumers access to innovative financial products, while ensuring consumer protection and financial stability. The package supports the EU’s ambition for a recovery that embraces the digital transition. Digital financial services can help modernise the European economy across sectors and turn Europe into a global digital player.
In its recent guidance the U.S. Office of the Comptroller of the Currency (OCC) is allowing banks to manage stablecoin issuer reserves kept in a “hosted” wallet. The OCC adds, “We are not presently addressing the authority to support stablecoin transactions involving un-hosted wallets.” “Un-hosted wallets” seem to refer to addresses individuals or businesses would control. This distinction has caused some confusion, with Coin Center’s Jerry Brito raising the question whether this points to a possible prohibition on banking firms that support un-hosted wallets.
ConsenSys has been awarded a cross-border payment network study project by the Hong Kong Monetary Authority (HKMA). The HKMA and the Bank of Thailand (BOT) signed a Memorandum of Understanding in May 2019, initiating Project Inthanon-LionRock to study the application of a wholesale central bank digital currency (CBDC) for cross-border payments. ConsenSys will work on the second implementation phase of the project, that is aimed at circumventing the correspondent banking network, allowing direct payments between banks.
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