Take a fresh look at your lifestyle.

TechREG News: ECB Warns of Crypto Reg Risks

0


Today in TechReg news, the European Commission presented a 25-point plan that includes changes in IPO rules to help deep tech startups and scaleups to have access to private funding, public markets and top talent.

Also, the EU parliament approved in plenary session two important laws that will rein in Big Tech, the Digital Markets Act and the Digital Services Act, and the Bank of England and the European Central Bank issued warnings about the risks of crypto regulation. 

EU Unveils Plan to Relax IPO Rules to Boost Deep Tech Funding 

The European Union has published the European Innovation Agenda, a new plan that would help startups and scaleups in Europe to obtain private funding, have access to public markets or use stock options for employees, according to a Tuesday (July 5) press release. 

The EU presented a list of 25 actions that would help increase the number of deep tech startups in Europe by attracting 45 billion euros (about $46.1 billion) from private investors. Deep tech is an umbrella term for advanced technologies, including artificial intelligence (AI), blockchain and quantum computing. 

ECB Says Patchy EU Crypto Regulations Raise Risks 

The European Central Bank (ECB) is concerned about the different crypto regulations across EU member states, and will urge them to harmonize the different rules until the Markets in Crypto Asset Regulation (MiCA) becomes law and it is fully implemented.

The ECB is concerned about countries providing crypto-related licenses to traditional banks when there is not yet a pan-European framework in place. The central bank wants to discuss the need to unify the provision of these licenses across countries before MiCA is fully implemented. 

Google Opens up Google Play Store Ahead of Potential Legislation 

On Thursday (June 30), Google announced in a blog post an agreement with a group of U.S. developers to avoid costly and lengthy litigation about terms and conditions of the Google Play Store, including the fees charged. 

But more important than the monetary relief, at least for the regulatory community, are the other commitments that Google is offering in the settlement, which come at a crucial moment when important antitrust bills are discussed at Capitol Hill: the American Innovation and Choice Online Act and the Open App Markets Act. 

French European Parliament Member Wants Binance Approval Regulatory Review 

A French Member of the European Parliament (MEP) wrote a June 13 letter pushing for her country’s market regulator to review its approval of the Binance cryptocurrency exchange, saying a news report shined a light on potential money-laundering activity on the platform, Reuters reported Tuesday (July 5). 

Aurore Lalucq, who is also a member of the European Parliament’s Committee on Economic and Monetary Affairs, wants regulators to justify its “incomprehensible” decision to register a Binance unit as a digital assets service provider, according to the report. 

Bank of England Calls For Tougher Crypto Rules 

The Bank of England said a $2 trillion plunge in the value of crypto assets underscores vulnerabilities in the market and the need for tougher law enforcement and regulation. 

The central bank said crypto assets don’t pose a threat to the wider financial system yet, but they might in the future as they become more integrated into mainstream finance, according to meeting summary notes published Tuesday (July 5). 

——————————

NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN ENHANCE THE BILL PAYMENTS EXPERIENCE

About: More than half of utilities and consumer finance companies have the capability to process all monthly bill payments digitally. The kicker? Just 12% of them do. The Digital Payments Edge, a PYMNTS and ACI Worldwide collaboration, surveyed 207 billing and collections professionals at these companies to learn why going totally digital remains elusive.



Source link

Leave A Reply

Your email address will not be published.