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....
The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....
Swift seemingly has an ace up their sleeve to one-up blockchain-based projects. Financial infrastructure is on the brink of being disrupted by new technologies. Mainly blockchain technology is one of the contenders to disrupt the financial sector as we know it. Swift, one of the world’s leading money transfer protocols, will make sure they are not replaced by distributed ledgers. A very bold statement that will require a lot more than just strong words. The vast majority of international interbank messages and transfers takes place on the Swift network. Even though the group operating this....
Can Swift stay relevant in a world of blockchain? Swift, founded in 1973 with the aim of standardizing how cross-border payments are sent, is the epitome of a middleman. It sits between many of the banks worldwide, making money off the fees it charges when its members sent transactions between one another. Since its founding, the number of Swift member banks has grown from 239 to more than 11,000. Last year, the "cooperative society" sent 6.1 billion financial messages on behalf of its members, earning €710m in operating revenue. Then came the blockchain, and in many ways, all....