Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.
The Basel Committee on Banking Supervision is seeking public feedback on how regulators should incorporate “crypto-assets,” including virtual currencies like bitcoin, into bank supervision.
Deputy Treasury Secretary Justin Muzinich put developers of so-called “stablecoins” like Libra on alert today, warning that their governance structures are of concern for U.S. policymakers.
The global financial system is resilient, with large banks much better capitalized, less leveraged and more liquid, according to the Financial Stability Board’s report on post-crisis reforms issued today.
The Financial Crimes Enforcement Network today issued guidance on how its regulations apply to money transmission involving convertible virtual currencies.
Federal and state regulators have ordered a halt to activities by a Dallas-based entity known as “AriseBank” that has targeted investors in an allegedly fraudulent initial coin offering.
Aside from the recent bitcoin mania that is seeing a wave of “initial coin offerings” and goosing the stock value of companies that announce virtual currency plays, the underlying technology — known as blockchain, or distributed ledger technology — has attracted significant interest from financial institutions and investors.
Amid the hoopla over bitcoin and other virtual currencies, it’s the underlying documentation platform that’s revolutionizing transactions.
The Conference of State Bank Supervisors yesterday finalized its new framework for model state-level regulation of virtual currencies such as bitcoin.
The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies.