Parva Consulting’s Post

🤖 The EU wants to take the chaos out of crypto with a new 'travel rule' aimed at increasing transparency and security of transactions. 📅 From December 30, all crypto transactions will need detailed information about the sender and receiver, much like traditional banking transfers. 👮♀ This move is expected to bring much-needed clarity and help combat money laundering and terrorist financing in the crypto space. - The travel rule aligns crypto regulations with existing financial industry standards. - It addresses the "wild west" nature of crypto, aiming to stabilize the market. - The rule enhances security by requiring detailed transaction information. 💡 What impact do you think this will have on the crypto market? Will it encourage institutional investors or push more activity underground? Read more below👇 https://lnkd.in/dbsgMgQG Insights from Cail Wyn Evans from Mayer Brown, Daniel Klingenbrunn at Freshfields Bruckhaus Deringer, Marco Carlizzi of RSM, Nataliia Holovko of Parva Consulting and Haydn Jones of Kroll. #CryptoRegulation #FinancialTransparency #EUCompliance

The European Crypto Travel Rule will affect many European crypto businesses by the end of 2024. For the FT's Banking Risk and Regulation, i had the opportunity to shed some light on what financial institutions may expect from the upcoming rules.

Pleased to do this wide-ranging interview for the FT’s Banking Risk and Regulation with Michael J. Hsu, who leads the US Office of the Comptroller of the Currency. “As you know in political election years, there can be a lot of noise. That’s important for us, especially for me, to pay attention to it and be aware of it. But at the end of the day, we just have to fulfil our mission and that centres us.” #banking #bankingindustry #bankingnews

"I’ve been worried for some time about regulatory forum shopping by crypto firms," says Michael J. Hsu, the acting head of the Office of the Comptroller of the Currency in an interview with Banking Risk and Regulation. "If something goes wrong somewhere in the world [in other asset classes], the host regulator knows who to call and says, ‘Hey, what’s going on? What’s the risk profile? And same for us. When there’s a foreign bank in the US, we know who to call. We take comfort that there’s some authority that can see everything. "That is not the case for crypto." Hsu spoke on a range of subjects including the troubled US commercial real estate sector, his crypto scepticism, being a “party pooper” and why the OCC is always asking searching questions of banks. He also addressed the growing prominence of non-financial risk, the OCC’s relationship with other leading supervisors and how he needs to be attuned to “noise” during an election year. Q&A with John Crowley. Read more below 👇 https://lnkd.in/eGVJhVWj #crypto #cryptocurrencies #cryptoexchange

Disclosure of cryptoasset exposures — Basel Committee on Banking Supervision "The Basel Committee on Banking Supervision has finalised its disclosure framework for banks' cryptoasset exposures. The disclosure framework has been developed based on the disclosure requirements contained in the final prudential standard on banks' cryptoasset exposures published in December 2022. It includes a standardised table and templates that cover the disclosure of both qualitative and quantitative information. The use of the common disclosure table and templates will support the exercise of market discipline and help to reduce information asymmetry amongst banks and market participants. The Committee has agreed to implement the standard by 1 January 2026." Available here: https://lnkd.in/erZQfGh9. Disclaimer: The views and opinions expressed in this report are those of the authors and do not necessarily reflect the views or positions of Islington Consultants. Islington Consultants does not provide legal, tax or investment advice and does not endorse the authors of this report. Readers should do their own research and seek advice before taking any action. #crypto #cryptocurrencies #defi #digitalassets #tokenization #rwa #blockchain #dlt #btc #eth

🚨 Regulatory Update: Basel Committee's Latest Stance on #Permissionless #Blockchains and #CryptoAssets Regulatory Update: The Basel Committee on Banking Supervision has updated its stance on crypto-assets, emphasizing a cautious approach to #permissionless #blockchains. In their latest release, #stablecoins and digital securities on public blockchains are aligned with high-risk categories, similar to #cryptocurrencies. This classification could significantly impact banks' participation in #tokenization on public platforms due to heightened risk levels. Despite earlier indications that these rules might soften, the final disclosure maintains stringent views. Banks are advised that permissionless blockchains carry risks that seem too great to mitigate effectively. 🔗 https://lnkd.in/dEjKgPhY

🇨🇭 "Despite random government attempts at suppression, spectacular price crashes and flamboyant fraud, bitcoin recently surpassed the Swiss franc as the world’s 13th largest currency. 💰 "It is clear that CBDCs, stablecoins and crypto will proliferate in the decades to come," writes J. Christopher Giancarlo, former chair of the CFTC. 💹 "Regardless of the form of digital currency – sovereign or non-sovereign, CBDCs or stablecoins – it is imperative that free society thoughtfully consider privacy and censorship implications and insist that the emergence of digital currency be consistent with constitutional freedoms and privacy rights." 🌎 "The countries that get the 'values' right in digital currency will derive enormous economic value from this powerful new digital architecture." 👇 Read more of Giancarlo's thoughts here and his work for The Digital Dollar Project. https://lnkd.in/dRkSeDMd #CBDC #bitcoin #stablecoin

#Frankfurt-based fintech 21X has been selected to #participate in the #EuropeanCentralBank #Initiative on #DLT for wholesale #CBDC settlement. 💭Discover more reading The Paypers: https://lnkd.in/dVcsrwxn #fintechnews #payments #paymentnews #thepaypers #onlinebanking #mobilebanking #digitalbanking #crypto #cryptoassets #cryptocurrencies

👋 The BRR editorial team is today attending the Financial Times' Crypto and Digital Assets Summit in London. Come and say hello to Farah Khalique, Ellesheva Kissin or John Crowley if you're in situ. 🇬🇧 Here is a timely CBDC story from John on the prospects of 'Britcoin' - also known as a digital pound - happening within five years. 🗣 Olivier Fines, CFA at CFA Institute: “I don’t think [a digital pound] would be technically difficult to do in five years. It’s a problem of political will and determining the limitations that you would apply to a particular digital currency.” 🗣 Jorge Lesmes at NTT DATA UK&I: “Looking at what could prevent a CBDC from being launched in the next five years, the maturity of the technology is certainly not a factor. Instead, the blockers lie in getting regulation right and determining how the digital currency will be used by end clients on the high street.” 🗣 Alisa DiCaprio at R3: “Unlocking the full potential of the digital pound depends on two key priorities: privacy and regulation, both of which are concerns for industry players. Targeted smart regulation will need to be a priority, providing trust and transparency by creating clear guidelines on how underlying distributed ledger technology is applied, and modernised legal frameworks that enable interoperability across countries.” 🗣 Harriett Baldwin, MP and chair of the Treasury Select Committee, said in a parliamentary report published this month: “It’s important that the Bank of England and the Treasury are open to modernising the use of money in a way which keeps pace with technology while preserving economic stability and individual security.  While we support the BoE’s plan to continue working on the design of a potential retail digital pound, I would urge them to proceed with caution and maintain a genuinely open mind as to whether one is actually needed...” #crypto #cryptocurrencies #cbdc Read more 👉 https://lnkd.in/d2dyREuN

Proud to have contributed to drafting this piece of regulation promoting market discipline and countering window dressing by use of daily average values #crypto #cryptoasset #banking #blockchain #bis