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No-Deal Brexit Could Hit Pensions, Insurance and Healthcare of 1.3m Brits in EU

By Nigel Green, CEO of deVere Group The EU’s chief Brexit negotiator accused Boris Johnson of only ‘pretending to negotiate’ as the UK’s scheduled exit date draws nearer. The ex-Work and Pensions Secretary Amber Rudd quit the government earlier this month as it was having no formal negotiations with the EU about a new deal.   And, perhaps most controversially, parliament has been suspended in what looks like an attempt to stop MPs from blocking a no-deal Brexit. It’s becoming increasingly obvious that, despite his protestations to the contrary, the Prime Minister simply isn’t trying to get a new deal for the UK to leave the EU. It appears he is dragging Britain to a cliff-edge Brexit and the country will crash out in a no-deal scenario on 31 October. This would disproportionately impact the lives of hundreds of thousands of British expats in the EU. It is likely their pensions, insurance and healthcare will be affected overnight. Hundreds of thousands of British pensioners living in Europe could see their retirement income disrupted or completely stopped in the event of a no-deal Brexit. “Boris Johnson’s nonchalant Brexit gamble and apparent lack of effort in securing a deal is, at best, risky and cruel.” At the moment Britons who have retired in the EU seamlessly receive private pension payments into bank accounts in their country of residence. This is possible due to a reciprocal arrangement of EU laws between their UK pension provider and their European-based bank, through a process known as passporting. A no-deal Brexit would put an end to passporting, so a British pension provider would not automatically have the right to make payments in the pension holder’s home country. The end of passporting would also hit insurance companies who might be unable to payout to their customers in the EU. In addition, Britons who have retired in EU countries might lose annual increases to their state pensions if Britain leaves the EU without a deal. The government would continue paying the annual increases for three years in such a scenario, but it gives no guarantees after that. The state pension is currently uprated each year by the higher of either wage growth, inflation or 2.5 per cent. Looking at social security for expats in the EU, access to benefits will depend upon the host country’ immigration policy and the conditions of any bilateral social security pact it has with the UK. Reciprocity could disappear under a no-deal scenario. Crashing out of the EU would mean the current reciprocal healthcare, shared by the UK and the EU member states, would no longer apply. A no-deal Brexit is going to adversely and disproportionately impact the 1.3 million Brits living in the EU. Boris Johnson’s nonchalant Brexit gamble and apparent lack of effort in securing a deal is, at best, risky and cruel. The post No-Deal Brexit Could Hit Pensions, Insurance and Healthcare of 1.3m Brits in EU appeared first on The Fintech Times.
The Fintech Times

Fintech Firms Prepare: EU Increases Regulation to Tackle Financial Crime

LexisNexis® Risk Solutions, the global analytics provider, today recognises that many firms will struggle to implement the new requirements of the upcoming 5th Anti-Money Laundering Directive (5MLD) coming into force on 10th January 2020. Prompted by recent events including the Panama Papers leaks, increased money laundering risks of cryptocurrencies and significant changes to the nature and frequency of terrorist attacks, the EU is cracking down on money laundering and terrorist financing with new legislation. UK Government recently consulted with industry on the introduction of 5MLD, but has yet to issue a response. However, business leaders should not wait, and must ensure that they are taking the necessary steps to prepare for the impending regulation ahead of the January deadline, or risk facing penalties for regulatory breaches in 2020 and beyond. criminals have more channels than ever to exploit and abuse, resulting in greater risks to society To help compliance teams safeguard their business, LexisNexis Risk Solutions has launched a guide on adapting to changes introduced by 5MLD. The guide outlines key areas of the directive that the fintech sector must account for in order to ensure compliance: Obliged entities: 5MLD has extended the scope of sectors classed as ‘obliged entities’ to include virtual assets such as cryptocurrencies, virtual asset service providers such as digital wallets, and high value art traders. These newly regulated sectors will need to implement full AML and counter-terrorist financing controls, to meet their new obligations. Politically Exposed Persons (PEPs): Member states will be required to maintain an up-to-date list of prominent functions that qualify as politically exposed persons in their respective countries. Key to maintaining compliance will be ensuring that the lists used for screening contain the holders of these functions for each state and are accurate, complete, up to date, and conform to Financial Action Task Force guidelines. Firms will also potentially face changes from currently used PEP definitions. Beneficial owners: Member states will be required to maintain registers of beneficial owners of corporate and other legal entities. Ownership information will need to be made public to those with ‘legitimate interest’ and must be accurate and verifiable. Customer due diligence: Where possible, 5MLD mandates that firms should be using electronic verification in their due diligence processes. Enhanced due diligence: To safeguard transactions that involve high risk countries with weak anti-money laundering controls, 5MLD mandates a common interpretation of enhanced due diligence measures which all obliged entities must follow. Prepaid cards: Card holders will need to be identified, and customer due diligence conducted for any prepaid card that has a value of €150 (€50 if the card is purchased remotely), lower than the previous value of €250. Enhanced powers for FIUs: Financial Intelligence Units will have the authority to obtain a firm’s payment transaction registers and electronic data, even when a Suspicious Activity Report has not been filed. Michael Harris, Director, Financial Crime Compliance and Reputational Risk at LexisNexis® Risk Solutions says: “Underground financial crime networks are one of the most insidious threats we face today. With such a broad financial landscape, criminals have more channels than ever to exploit and abuse, resulting in greater risks to society. 5MLD seeks to mitigate some of these risks and bring together firms in all EU jurisdictions to work towards a common goal of reducing financial crime.  Until now, digital currencies have been unchartered waters for regulators. Greater controls are welcome, and organisations need to take all necessary precautions to become compliant ahead of January. Failure to comply will have wide-reaching ramifications, both for organisations and society, so firms must leave no stone unturned when it comes to meeting the obligations of 5MLD. We also fully expect that further regulatory updates will quickly follow – we’re not done yet.” The post Fintech Firms Prepare: EU Increases Regulation to Tackle Financial Crime appeared first on The Fintech Times.
The Fintech Times

EU Next on Trump’s Tariff List; Will People Turn To Bitcoin?

As if there were not enough economic problems facing countries of the world at the moment without an escalating trade war imposed by the Trump administration. Not content with just attacking China, the POTUS has set his sights on Europe next, so will bitcoin and same safe-haven assets grow in popularity there too? Europe Next For Trade Tariffs According to reports, the Trump administration is preparing to announce tariffs on billions of euros of goods from the EU. On Friday the World Trade Organization ruled in favor of the US in a case against Airbus in a long-running transatlantic dispute. The dispute on whether EU countries have illegally supported Airbus by granting subsidized loans has irked the US but a counterclaim by the EU alleges there have been illegal US subsidies for Boeing. The WTO is currently investigating that as the economic wrangling intensifies. While the aircraft manufacturer is likely to be the first target, the tariffs will not stop there. It was reported that Washington had won the right to collect a total of between €5 billion and €8 billion. Another official said the maximum sum was close to $10 billion. The decision sets the stage for a showdown between Europe and the US just as the EU is transitioning to new leadership. Incoming Commission President Ursula von der Leyen signaled a robust approach to transatlantic disputes on trade with the US. The US president had indicated that a win in the Airbus case would be followed by a fresh round of tariffs on subsidized EU products. Washington has prepared a list of exports worth about $21 billion that they are likely to target with different tax rates. China Stockpiling Gold, Chinese Accumulating Bitcoin China has clearly been hurt by Trump’s tariffs and in retaliation, the central bank devalued the Yuan to make it more competitive. Additionally, China has been stockpiling gold as a safe haven asset while the people have been accumulating bitcoin for similar purposes. At the moment the impact on the European Union and its currency remains to be seen. However, these trade restrictions are only designed to benefit the US which could lead to a weakening of the euro as they are rolled out and exports are affected. Britain’s impending exit from the EU will also hurt its coffers as the UK was one of the few countries in the 28 nation federation than paid in more than it took out. As a result, Brussels has been playing hardball and unwilling to negotiate a deal. A fall in euro value is likely to have the same effect on Europeans which, as we have seen elsewhere on the planet, are likely to turn to bitcoin as a safe haven asset. Will new EU tariffs be a boost for bitcoin? Add your thoughts below.  Images via Shutterstock The post EU Next on Trump’s Tariff List; Will People Turn To Bitcoin? appeared first on Bitcoinist.com.
Bitcoinist
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Meh: Yet No Hidden Reason For Fluctuations Here

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Bakkt Launches Futures Contracts, Bitcoin Price Falls

Bakkt, a subsidiary of New York Stock Exchange owner Intercontinental Exchange Inc (NYSE: ICE), launched its long-awaited physically backed Bitcoin futures Monday.  The first Bakkt/ICE futures contract changed hands at $10,115 and the number of contracts in the first hour stood at just five total, CoinDesk reported. It's widely belived in the ...Full story available on Benzinga.com
Benzinga

Late Bloomer: Why Bakkt’s Slow Start Is No Surprise

Bakkt has finally opened its platform for physically-delivered Bitcoin futures, but the response has been underwhelming. Nearly a year after the owners of the New York Stock Exchange announced their foray into cryptocurrency, markets responded to the new institutional trading venue with another 1.8% price drop. First announced last August, the long-delayed launch “was an important step toward bringing trusted infrastructure to digital assets,” wrote CEO Kelly Loeffler. The physically-settled futures platform is expected to provide a crucial infrastructure for institutional trading in cryptocurrencies. But some pundits have expressed disappointment at today’s volumes. Four hours before the market closes, only $550,000 worth of BTC futures have exchanged hands. One well-known cryptocurrency analyst described volumes as “not great,” while CoinDesk said trading on Bakkt was off to a “slow start.”   Source: Bakkt   At face value, these low volumes might suggest that institutional investors aren’t very interested in cryptocurrencies. Based on today’s activity, Bakkt volumes are unlikely to rival the futures product from CME Group, which traded $470M in its first week. But there’s an important distinction. CME’s futures are all cash-settled, meaning that all the trading is done in fiat currencies. The underlying asset may be Bitcoin, but at no point does either side have to actually hold it. From a legal perspective, that makes CME futures much simpler for institutional investors, making them no different from a similar future in wheat, maize or gold. In contrast, Bakkt’s futures are all physically delivered, meaning that the underlying assets have to be transferred on a specified date. Institutional investors have to take custody of actual bitcoins, with a lot more hoops to jump. In order to regularly trade in Bakkt bitcoin futures, institutional investors will have to consult specialized legal counsel, acquire new insurance policies, and possibly update their investors, as well as find a custodian to for the digital asset. “[S]ome of [Bakkt’s] largest prospective clients still don’t have permission to trade physically-delivered futures contracts,” wrote analysts at BeQuant Exchange in a note. “As such, [the] build it and they will come mantra may not necessarily result in an influx of new, hot money, at least not right away.” It’s hard to know what the big institutional investors were thinking when Bakkt opened up shop for the first time. But, given the fact that the platform is dealing with a volatile asset class, which has a nebulous regulatory status, it’s no surprise that many high rollers are playing wait-and-see. If there’s one lesson to be learned from Bakkt’s trading today, it’s that the cryptocurrency space still has a tendency towards overblown expectations.  Institutional investors were never going to dive headfirst into an unfamiliar asset. A cautious start to Bakkt’s futures today is a good sign, indicating that the majority of investors are still playing it safe.   The post Late Bloomer: Why Bakkt’s Slow Start Is No Surprise appeared first on Crypto Briefing.
CryptoBriefing

Bakkt’s Bitcoin Futures Goes Live: Should You be Excited?

Over the past few years, the Bitcoin futures ecosystem has grown at a remarkable pace, and it is something that is surely going to stay for years to come. Initially, these futures contracts had been launched by a handful of exchanges, but over the past year or so, the number has increased considerably. Futures Trade In a development that will come as another massive boost to the Bitcoin and cryptocurrency ecosystem, the New York Stock Exchange’s owners, ICE, through its crypto exchange Bakkt has decided to launch futures contracts that will pay out traders in Bitcoins. ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
Crypto Currency News

Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking

Binance recently announced the listing of Tezos with pairs of Bitcoin(BTC), Tether(USDT) and Binance Coin(BNB).  Will Binance Enable Tezos Staking? As Per a recent tweet by Binance, it has listed Tezos and it can be paired with USDT, BTC, and BNB. Following the announcement, users can start depositing Tezos on their accounts, while the launch of trading is scheduled for the 24th of September. Source- Twitter CZ then further created hype by asking the community that did they not what was coming next. A user suggested that does the move imply Tezos staking. While CZ didn’t give a definite answer, he expressed his excitement with a “happy” emoji.  Source- Twitter The Tezos official website defines Tezos as,  “ Tezos is a self-amending blockchain that can evolve by upgrading itself, with stakeholders being able to vote on amendments to the protocol, including amendments to the voting procedure itself.” Binance. US Opens Doors for Cardano, Ethereum Classic and Stellar  Today, Binance.US opened deposits for Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar (XLM) and 0x (ZRX). Trading for these coins will begin on September 25, 2019, at 9:00 AM EST /6:00 AM PST. The announcement further mentions that the coins are temporarily only available for deposits and withdrawals will not be enabled until trading is live. Source- Twitter Also, Binance.US will commence trading on September 24, 2019 at 9:00am EST / 6:00am PST. The launch will see Binance.US list Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB) and Tether (USDT). These coins will be available for trading across 13 fiat-to-crypto and crypto-to-crypto trading pairs.  Source- Twitter Binance Announces 6th Phase of Lending Products In yet another update, Binance announced its 6th phase of lending products. The launch will take place on the 25th of September. In the sixth phase of Binance’s lending initiative, users will be able to lend Binance Coin(BNB), Bitcoin(BTC), EOS, Ethereum Classic(ETC), Ethereum(ETH), ChainLink(LINK), Tether(USDT) and Ripple(XRP) to earn interests payable from Sep. 25 to Oct. 09.  Traders are in for huge benefit as Binance. US enables trading. Will Binance continue to keep the crypto community happy with its developments? Let us know, what you think? The post Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking appeared first on Coingape.
CoinGape

Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink

YouTube star Nicholas Merten is a fan of crypto, but like everyone else, he’s noticed the gradual downplay of bitcoin as of late. Once again, bitcoin has dropped below the $10,000 mark and is trading for just over $9,800. While this isn’t a major fall, the currency seems to have wavered between this mark and $10,200 over the past month. Merten: Altcoins Are Making a Comeback Merten isn’t concerned by this. In fact, he’s looking to use the situation to his advantage, and advises others to do the same. As the host of YouTube’s “Data Dash,” arguably one of the most popular cryptocurrency channels on the streaming and video site, Merten claims that there are three specific cryptocurrencies that are likely to shoot up now that bitcoin is wavering if people are looking to invest. Those cryptocurrencies are Basic Attention Token (BAT), Raven Coin (RVN), and Chain Link (LINK). In a recent interview, he states that these three tokens are likely to grow heavily over the next 12 months, explaining:  At the current moment, looking at [bitcoin] market dominance, it does look like we’re starting to enter into a trend shift where altcoins can start to gain as we retest back towards bitcoin’s high of $20,000. The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached $20,000. The first one happened at the beginning of 2017 when bitcoin retested its high at $1,100. For the most part, altcoins have had a relatively rough year in 2019. Bitcoin on the other hand, has experienced steady growth since April, doubling its price since then from $5,000 to about $10,000. While many have focused on bitcoin as of late, Merten says he’s starting to see funds travel into smaller, competing coins. He says:  As bitcoin does increase over time, as we tend to see a general growth in bitcoin’s price, we tend to see more risk taking in different types of digital assets. As more liquidity has entered bitcoin, you have the ability now, through exchanges, for that liquidity to exit into other alternative investments. Sometimes, that can be rampant speculation, and in other cases, it can be driven through fundamentals. I believe this time around, in this cycle, we’re going to see more going toward fundamental developed projects that actually have real demand.  Why These Three and Not Others? Chain Link is big in that it’s joined software company Oracle to help blockchains connect with outside networks. Raven Coin is significant because it allows developers to establish their own tokens, while BAT is moving forward in that it is attached to the Brave browser, which seeks to block advertisements and trackers from following one’s searches and online activity. Merten is confident BAT will be very important in the field of privacy. The post Nicholas Merten: Now Is the Time for Ravencoin, BAT and Chainlink appeared first on Live Bitcoin News.
Live Bitcoin News
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