The Bank of England sent a positive message to the crypto community after the recent turmoil in the sector by saying that some of the companies that survive these moments may become the next Amazon or eBay. Big Tech firms like Google and TikTok have pledged to change their policies to avoid fines and probes with some EU regulators.
Cryptocurrency
Swiss Regulators Want More Protections for Crypto Investors
Switzerland’s top market regulator on Wednesday (June 22) pushed for regulators to do more to protect cryptocurrency investors from abuse in the $890 billion market that’s been plummeting for a week or so, according to a Reuters report.
The call to action is the latest move by regulators and policymakers to protect crypto investors. U.S. securities watchdogs have warned about the potential for manipulation of the markets, the report noted.
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BOE Official: Crypto Firms May Rival Amazon, eBay
Bank of England Deputy Governor Jon Cunliffe has said the survivors of this rout in crypto could be leaders of the future — possibly rivaling current giants like Amazon, Bloomberg reported Wednesday.
Cunliffe said this crash, which has seen over a trillion dollars cut off the value of bitcoin and other digital coins, has been comparable to the dot-com collapse at the beginning of the millennium. He said there had been a lot of companies gone, “but the technology didn’t go away.”
Reserve Bank of India to Test Blockchain-Based Trade Financing Effort
The Reserve Bank of India (RBI) has locked in HDFC Bank, ICICI Bank and State Bank of India among almost a dozen lenders across the region to operate a blockchain-based pilot project centered on trade financing, The Economic Times reported Thursday (June 23).
The effort could help prevent loan fraud across India, an issue that became problematic in the nation when fugitive borrowers Nirav Modi and Mehul Choksi gamed the system to siphon off thousands of crores of rupees, according to the report.
Big Tech
TikTok Agrees to Improve EU Consumer Rights, Avoiding Potential Sanctions
TikTok will be boosting protections aimed to help children avoid persuasive ads on the platform, Reuters reported Tuesday (June 21). TikTok, owned by China’s ByteDance, has faced several complaints from various European Union consumer groups, and the company faced the possibility of sanctions.
TikTok will make several changes moving forward, including an option that allows users to easily report ads that might goad children into buying things or getting their parents to make the purchase. Additionally, the report said branded content won’t be allowed to promote “inappropriate” products, and the company will clarify how to get rewards from its platform — with paid ads labeled more boldly.
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Google Ends French Copyright Dispute Over Online Content
Google has committed to resolving a copyright dispute in France over online content, the country’s competition regulator said on Tuesday (June 21), as pressure mounts for Big Tech platforms to share more of their revenue with news outlets.
Google, owned by Alphabet, also dropped its appeal against a 500 million euros ($528 million) fine, the authority said.
Payments
UK Payment Systems Regulator to Review Visa, Mastercard Fees
On Tuesday, the U.K.’s Payment Systems Regulator (PSR) detailed plans for two market reviews it will carry out focusing on card fees. One will consider scheme and processing fees, and the other will look at cross-border interchange fees.
On the matter of cross-border interchange fees, the PSR has found that these have also increased significantly in the last year. Since the U.K. left the EU, the PSR reports that Visa and Mastercard have increased these fees fivefold. The body is initiating the review “to understand the rationale behind these increases and whether they are an indication that the market is not working well.”
UK BNPL Regulation Unlikely Before Mid-2023
The U.K. government announced on Monday (June 20) plans to tighten rules on the Buy Now, Pay Later (BNPL) sector aimed at protecting users — but new rules aren’t likely to be in place until mid-2023.
The new rules will require BNPL providers to carry out checks on consumers to ensure that they can afford to take out loans, and lenders will also need to be approved by the Financial Conduct Authority (FCA). This announcement was long awaited by the industry since the government closed a consultation in January about the future of BNPL services in the country.
UK Financial Regulator Steps Up AI, Data Analytics To Tackle Online Scams Faster
On Thursday, the FCA announced that it is planning to use data to tackle online fraud faster. The FCA is planning to invest heavily in its use of data in 2022/2023, including recruiting a significant number of experts in artificial intelligence, analytics and data science. These new investments, together with proposed legislation currently under parliamentary debate, would likely improve the regulator’s capabilities to deal with online scams, among other types of fraud.
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