Bank Group Calls for Broader Oversight of EU Bitcoin Services
The European Banking Association (EBA) has called for more details regarding the European Union's (EU) plan to impose tighter anti-money laundering (AML) controls on digital currency exchanges and custodial wallet services. The group, which counts more than 100 major banking institutions as members, offered comment yesterday on a prior proposal from the executive branch of the EU to bring exchange and wallet services under the Anti-Money Laundering Directive. Proponents say the move would end the perceived anonymity of purchases and transactions conducted using the technology. Still,....
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Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister. Thai Central Bank Will Help Regulate Crypto Industry Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms. Thai....
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The blockchain consortium R3CEV LLC has added 12 more banks, taking the total to 42. The group of blockchain advocates is also a part of The Open Ledger Project being led by IBM, which aims to create its own blockchain. According to the official press release, the next round of engagement will commence in January 2016 and focus on non-bank financial institutions, including post-trade organizations that settle transactions. Clearing houses and exchanges are good examples. The initiative is now aiming to extend reach to the broader financial services community. The recently added banks are....
The head of the Office of the Comptroller of the Currency (OCC) has called for a balanced approach to regulation governing financial technology development in the United States, citing bitcoin as one such example. Months after calling digital currencies "potentially revolutionary", OCC Comptroller Thomas Curry highlighted bitcoin during a recent speech as he called for regulators to avoid crafting overly burdensome rules that could stifle otherwise productive work on financial technology. He stated: "As the industry continues to innovate, it's important that regulators strike the right....