In a report published by the Bank for International Settlements, the “bank for central banks” asked that regulators keep banks in mind when they update and create new financial rules as Facebook and other tech companies enter the payments and custody business.
A bipartisan bill introduced today asks that platform’s with more than 100 million monthly users disclose what data is collected, how it is used, and to provide the monetary value of that data once every 90 days.
To comply with the new Financial Action Task Force regulations that take effect today, both cryptocurrency exchanges and specific crypto holders around the world must give up some transaction privacy in the name of anti-money laundering.
France’s central bank governor Francois Villeroy de Galhau has announced the creation of a Group of Seven central bank governors task force, which will work to produce a study outlining how central banks can regulate Facebook’s Libra cryptocurrency to keep it in line with anti-money-laundering regulations and consumer protection rules.
Prior to the upcoming G20 Summit, regulators are discussing the Financial Action Task Force’s rule that would see cryptocurrency exchanges verifying $1,000 transactions, focusing on the kind of ramifications too much regulation can have.
French Finance Minister Bruno Le Maire has called on the Group of Seven central bank governors to prepare a July report regarding the financial aspects of Facebook’s Libra cryptocurrency, as European Parliament members fear the social media platform could become a shadow bank.
How much Facebook is too much Facebook? That’s what financial regulators want to know as they look into Facebook’s data-prying hands, and who the social media platform will pick to own and manage the giant data sets associated with Facebook’s cryptocurrency.
With some broker-dealer applications stuck in regulatory limbo for up to 14 months, firms ready to launch their regulated blockchain products in the US have been forced to wait while the Financial Industry Regulatory Authority and the Securities and Exchange Commission deal with the “complex issues” present in the regulation of digital assets.
Over the course of the past two weeks, Nevada Governor Steve Sisolak signed a wave a blockchain bills meant to help promote the growth of the technology throughout the state.
In nine days, a new Financial Action Task Force rule will require crypto-related businesses in about 200 countries, including the US, to verify the identity of anyone sending or receiving over $1,000 or 1,000 euros. Companies from crypto exchange Coinbase to asset manager Fidelity Investments will be expected to comply.