Today in TechREG: ECB Calls for Quick Implementation of EU Crypto Rules; Binance Says It Was ‘Fully Compliant’ With US Sanctions

TechREG, MiCA, ECB, regulation, Big Tech

Today in TechREG news, the European Central Bank published several reports warning about the potential financial systemic risks associated with stablecoins and the need to quickly implement the European Union rules on crypto assets. Meanwhile, the Financial Stability Board also warned about the rise in the use of stablecoins and decentralized finance (DeFi), and it will work on new crypto regulation that could come as early as October.

Additionally, leaked documents and emails about Uber’s past conduct may provide new ammunition to regulators and policymakers to push forward EU rules on gig workers. 

Binance Says It Was ‘Fully Compliant’ With US Sanctions in Iran Despite Report 

Binance is defending its sanctions program after Reuters reported Monday (July 11) that the cryptocurrency exchange processed trades by clients in Iran despite United States sanctions against the country and a company ban on conducting business there. 

Binance told PYMNTS Monday morning that its sanctions program is “fully compliant with all international financial sanctions, including blocking platform access to users in Iran, North Korea, among many others.” 

Financial Stability Board to Propose Crypto Regulations in October 

In the latest example of growing cryptocurrency oversight in the Europe, Middle East and Africa (EMEA) region, the Financial Stability Board will propose crypto regulations in October to add regulatory teeth to the sector, according to a board press release Monday (July 11). 

The board monitors the global financial system, and while it plans to create local regulations in this case, it also pushed for oversight of cryptocurrency and digital assets that covers all parts of the world in its release. 

ECB Urges for Quick Implementation of MiCA 

On Monday, the European Central Bank (ECB) published several reports warning that financial stability risks stemming from crypto assets are rising, calling for the “urgent implementation of appropriate regulatory, supervisory and oversight frameworks.”

While the message isn’t new, the regulator is adding a call for action. After the warning about stablecoins and how important it is to have appropriate regulatory frameworks, the ECB called on policymakers and member states to implement the Markets in Crypto-Assets (MiCA) Regulation “as a matter of urgency.” 

Uber Files Leak May Push Forward EU Gig Worker Legislation 

Uber’s past ghosts are still chasing the company, and the recent revelations exposing how top politicians secretly helped Uber may have consequences beyond reputational damage.  

The Guardian recently revealed thousands of leaked files detailing the extensive help Uber got from various leaders, including Emmanuel Macron and ex-EU Commissioner Neelie Kroes. It is still unclear how these revelations may affect the company’s image or its licenses to operate in some countries, but it is likely that this scandal will provide more ammunition to the European Commission and the European Parliament to pass new rules for gig workers. 

Google Offers to Break Up $209 Billion Ad-Tech Unit To Appease Regulators 

While Google is accustomed to regulatory risks stemming from new legislation, antitrust probes or litigation, the company seems to have recently adopted a more collaborative approach with regulators and policymakers to manage — and eventually reduce — these regulatory risks.

One of the latest examples of this are the concessions offered by the company to the Department of Justice to fend off a possible U.S. antitrust lawsuit aimed at its ad-tech business.

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