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Wednesday, November 30, 2022

Today on TechREG: ECB says MiCA is ‘Urgent’

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

Furthermore, leaked documents and emails about Uber’s past conduct may provide new ammunition for regulators and lawmakers to push through EU rules on temporary workers.

Binance Says It “Fully” Complied With US Iran Sanctions Despite Report

Binance Defends Its Sanctions Program After Reuters reported on Monday (July 11) that the cryptocurrency exchange processed client transactions in Iran despite US sanctions against the country and a ban on the firm from conducting business there.

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

Financial Stability Board to Propose Crypto Regulations in October

In the latest example of increasing crypto 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).

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

The ECB urges a rapid implementation of MiCA

On Monday, the European Central Bank (ECB) released several reports warning that risks to financial stability stemming from crypto assets are increasing, and called for the “urgent implementation of adequate regulatory, supervisory and oversight frameworks.”

While the message is not new, the regulator is adding a call to action. AFollowing the warning about stablecoins and the importance of having appropriate regulatory frameworks in place, the ECB called on lawmakers and member states to implement the Crypto Asset Markets Regulation (MiCA) “as a matter of urgency.”

Uber files leak may boost EU freelancer legislation

Uber’s past ghosts still haunt the company, and 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 outpouring of help Uber received from various leaders, including Emmanuel Macron and former EU Commissioner Neelie Kroes. It is not yet clear how these revelations may affect the company’s image or its licenses to operate in some countries, but this scandal is likely to provide more ammunition for the European Commission and the European Parliament to pass new rules for temporary workers.

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Google offers to split $209 billion ad tech unit to appease regulators

While Google is used to regulatory risks stemming from new legislation, antitrust investigations, or litigation, the company appears to have recently taken a more collaborative approach with regulators and lawmakers to manage, and eventually reduce, these regulatory risks.

One of the latest examples of this is concessions offered by the company to the Justice Department to avoid a potential US antitrust lawsuit targeting its ad tech business.

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DATA OF NEW PAYMENTS: HOW UTILITIES AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

Pymnts Study July 2022

On: More than half of utility and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. Digital Payments Edge, a collaboration of PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to learn why full digitization remains elusive.

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