SWIFT: Bitcoin Regulation in the EU Won't Happen Soon
The European Union (EU) is years away from implementing a consistent framework for cryptocurrency regulation, according to a new report by the SWIFT Institute. The report notes the lack of convincing arguments to include virtual currencies under the EU's current legal frameworks, set by the revised Directive on Payment Services (PSD2) and the fourth European anti-money laundering directive (AMLD4). The PSD2, adopted in the EU in October this year, consists of a new set of consumer payment protection rules, which seek to promote the development and use of innovative online and mobile....
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The G7 finance ministers and central bank governors have called for a swift and comprehensive regulation of crypto assets. The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST.
G7 Countries Calling for Swift, Comprehensive Regulation of Crypto Assets
The finance ministers and central bank governors from the Group of Seven (G7) industrialized nations convened in Bonn and Königswinter, Germany, on May 18–20.
Among the topics they discussed was the regulation of crypto assets following the recent....
In recent weeks, hot topics in the banking and blockchain technology sector have been the heist of $81 million from Bangladesh's central bank facilitated by hackers manipulating the SWIFT (Society for Worldwide Interbank Financial Telecommunications) messaging platform, and the oft-repeated buzzwords "blockchain" and "distributed ledger" as the "white knight" technology duo that's going to correct all that ails SWIFT. SWIFT is a global interbank messaging service connecting 11,000 financial institutions in more than 200 countries and territories around the....
Crypto pundit CharuSan has explained why Ripple’s XRP is a better choice for cross-border transactions than SWIFT. He also predicted that SWIFT is likely to integrate XRP at some point to avoid becoming redundant. Why Ripple’s XRP Has A Competitive Edge Over SWIFT In an X post, CharuSan said that SWIFT is cumbersome and slow, […]
Ripple’s XRP Ledger and SWIFT are gaining serious attention in the cryptocurrency and financial sector following recent speculations about both parties. While SWIFT remains one of the leading payment firms in the world, rumors are that the company might be supported by XRPL infrastructure. SWIFT Might Be Integrating XRP Ledger Infrastructure SWIFT, an open global […]
A significant transformation for international payments is on the way thanks to the interbank messaging system SWIFT. To the uninitiated, SWIFT is the backbone of the global financial messaging network, connecting more than 11,000 institutions across 200 countries. If you’ve ever sent or received a cross-border payment, you’ve almost certainly come across SWIFT, whether it […]