Topic: Payment services

Fed governor casts doubt on plans for stablecoin regulation

Federal Reserve governor Christopher Waller has claimed that stablecoins should be left unfettered of traditional regulation, despite growing industry calls for treating stablecoin issuers like banks.

18 November 2021

Regulate stablecoins as traditional payment systems, global bodies say

Two global bodies have set out standards for stablecoins, proposing to regulate them like other financial market infrastructure such as payment systems and clearing houses.

06 October 2021

BoE clarifies settlement finality requirements for FMIs

The Bank of England has set out its approach to monitoring third-country systems designated under the UK’s Settlement Finality Regulations.

17 September 2021

If it walks like a bank…

In the last year, the banking sector has weathered the covid-19 crisis, but the demises of non-banks Archegos, Greensill and Wirecard have raised questions about the distinctions between bank and non-bank regulation. As fintechs continue to innovate, and alternative lenders offer an increasingly wide range of services, do regulators need to widen their perimeter?

14 July 2021

CBDCs get BIS seal of approval

The Bank for International Settlements has backed two-tier central bank digital currencies, with its head of research calling them “a concept whose time has come”.

24 June 2021

Stablecoins must be regulated like banks, Bank of England says

Stablecoins must be heavily regulated – including potentially authorised as banks – the Bank of England has recommended, as it continues to explore potential for central bank digital currencies.

09 June 2021

Brazil to develop digital currency plans

Brazil’s central bank has released guidelines for a digital real, promising further change to the country’s payments landscape after its approval of WhatsApp Pay and the introduction of a local digitised payments system.

26 May 2021

Fed proposes fintech access guidelines

The US Federal Reserve has proposed new guidelines on granting fintechs access to its payment system – as the banking industry raises concerns over access for “uninsured and lightly regulated” entrants.

07 May 2021

Second time lucky for WhatsApp payments in Brazil

WhatsApp’s payments platform in Brazil has won regulatory approval to operate, nearly a year after the central bank shut down its operations within days of launch.

05 May 2021

Covington advising as OCC approves Paxos charter

Blockchain platform Paxos is set to be the first crypto firm to hold both national and state bank charters in the US, after the Office of the Comptroller of the Currency granted its charter application preliminary conditional approval in the face of industry backlash.

27 April 2021

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