In This Perspective… (Regulatory Digest, Feb 7—13)

More adoption use cases in Argentina, a stablecoin for Asian emerging markets, BoK against crypto, regulations from Venezuela, Russia hodling gold, arguments as for Moshe Hogeg's Stox whitepaper, OSC to allegedly interfere with the QuadrigaCX case, Italy to digitalize municipal routine

A central bank holds gold because they need a portion of their reserves that is trust-minimized and therefore a fallback to and anti-correlated with trust-based assets like government bonds and foreign currencies.

Nick Szabo

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TrueLayer Embarks on Global Expansion with New APAC Hub in Australia

TrueLayer, the provider of financial APIs, has announced that it is establishing a presence in Australia. This marks TrueLayer’s first major expansion outside of Europe, where it is already working with innovators from the largest markets such as Germany, Spain, France, and Italy. It follows the company securing a $35 million funding round led by Tencent and Temasek in June. TrueLayer will be the first European Open Banking specialist to establish a presence in Australia. Earlier this year, TrueLayer was selected by the UK’s Department of International Trade to pilot its ‘fintech bridge’ programme to Australia, alongside Smart Pensions. As well as providing the ideal groundwork for TrueLayer’s expansion to APAC, the programme also includes TrueLayer’s participation in the upcoming Intersekt conference in Melbourne in October. Hub will be the base for Singapore and Hong Kong expansion and comes ahead of new Australian Open Banking regulations Beyond client demand, TrueLayer’s choice of Australia has been in part motivated by the country’s new Consumer Data Right (CDR) law which will come into full force in February 2020, and in part by the country’s strong home-grown fintech scene. The new legislation, which is similar to the UK’s Open Banking regulations, but wider in scope for data interoperability, enables consumers to access and safely transfer their financial data to trusted bodies via APIs. TrueLayer provides a wide range of clients with an interface to access their customers’ data from financial institutions, and will bring its simple and secure API platform to Australia to help both local and multinational companies capitalise on the CDR regulations. TrueLayer’s APAC operations will be overseen by Marie Steinthaler. Marie was previously Head of New Products at Zopa, where she oversaw its Open Banking strategy and implemented one of the UK’s first real-world use cases of Open Banking data in January 2018: income verification for loan applicants. Marie Steinthaler, Head of APAC, said: “TrueLayer is entering Australia at the perfect time – Open Banking is set to explode much in the same way it has in the UK. We were at the forefront of this sea-change in Europe, and we are very excited to bring our developer-friendly API platform to Australia and the wider APAC region in quick succession. Our immediate focus will be to grow our team in Australia and help our multinational clients to expand their offering in the region. We have a lot of experience in working with the Open Banking roll-out in Europe, and will use these learnings to build out our platform in the run-up to CDR’s February launch.” The post TrueLayer Embarks on Global Expansion with New APAC Hub in Australia appeared first on The Fintech Times.
The Fintech Times

Bank of Russia Finds 140 Companies Offering Illegal Forex Trading Products

Financial inclusion comes with its own set of challenges, especially when quick fixes are adopted to propagate an idea. Russia is going through a widespread illegal forex trading issue that is being blown out of proportion by scrupulous companies. The Russian central bank recently issued a warning against such firms. Bank of Russia issues warning The central bank recently identified about 140 companies that were offering forex trading products to consumers illegally. According to news agency Tass, a warning against these companies was issued by the director of the department for countering unfair practices, Central Bank of the Russian Federation, Valery Lyakh. The bank launched an extensive campaign to drive out illegitimate players from the industry in 2018. The companies offering these services are not registered within Russia. Instead, these firms carry foreign registration licenses and depend on foreign payment systems. This helps the firms easily obscure their unregulated activities from the authorities. The bank has recently started looking into firms that may try to circumvent its regulations. In its battle to clamp down on illegal businesses, it is paying close attention to all platforms that urge users to make payments using foreign platforms. As a consequence of these efforts, Russians could lose their last frontiers for accessing over the counter forex markets. There is no easy way to get rich According to Lyakh, investors are being lured by pseudo-training companies that promote quick and easy methods for financial freedom. These get rich quick schemes exploits the users and extorts their funds. Lyakh noted, “Often potential clients are invited to receive training allegedly. But in fact, training centers receive commissions for supplying customers. There is no question of real training. The problem is that it’s difficult to hold employees of such pseudo-consulting centers accountable that their relationship with customers is framed under civil law contracts.” The bank suggests that many illegal forex providers claim to be based in Russia, but most are suspected to be based overseas. They are also suspected to be using false addresses to look legitimate. If they are actually located within Russia, the authorities may take additional actions against the firms. However, the number of Russians involved in such schemes has decreased over the years. More locals are flocking to legal exchanges registered in the country. Note that the central bank revoked the licenses of several forex brokerage firms last year. The post Bank of Russia Finds 140 Companies Offering Illegal Forex Trading Products appeared first on - Daily Cryptocurrency and FX News.

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