Category Archive : Regulatory News

Today in B2B: Regulatory Burdens Slow ePayments

Today in B2B payments, Sylndr raises $12.6 million in its latest funding effort, while Amaryllis gets $10 million to accelerate its development. Plus, EVO Payments acquires North 49 Business Solutions for enhanced B2B integrated payment solutions, PayEngine will use its $10 million Series A fundraising round for growth and expansion, Tranch prepares for its U.S. debut and most businesses say automated accounts payables fuel growth.

EVO Payments Adds North49 for B2B Integrated Payments

Global payments provider EVO Payments has acquired Sage development partner North49 Business Solutions to provide Sage customers with enhanced B2B integrated payment solutions, according to a company press release Monday (May 23).

The acquisition grew EVO’s portfolio of enterprise resource planning (ERP) integrations to include Sage accounting software, which the company said will allow it to sign new partners and merchants within the Sage ecosystem. Terms of EVO’s acquisition of North49 were not disclosed.

Regulatory Compliance Solutions Speed Adoption of Digital B2B Payments

PYMNTS research has found that regulatory burdens are a major challenge preventing migration to digital B2B payment solutions for about half of U.S. and Canadian merchants, as reported in the “Payments Orchestration Playbook,” a PYMNTS and Spreedly collaboration.

With about two-thirds of B2B companies now offering fully digital eCommerce capabilities and their online customers doing more shopping outside their native countries, businesses looking to support easy, convenient cross-border payments will need to maintain regulatory compliance in multiple markets.

Finding technologies or industry partners that can help merchants easily manage their relationships with disparate payment service providers is key to remaining competitive. Solutions such as payments orchestration could play a key role in supporting this by enabling companies to connect to their different payment partners more easily and…

Read more at www.pymnts.com

Listen: Banks should forget crypto payments, identify use cases

As crypto continues to gain traction with banks and financial institutions, experts are cautioning against moving away from its traditional use cases. Banks as diverse as $1.6 trillion Goldman Sachs and $122 billion Signature Bank have dipped their toes into the cryptocurrency pool, with Goldman Sachs originating its first Bitcoin-backed loan in April and Signature […]


Read more at bankautomationnews.com

JPMorgan: Tech and Product Investments to Top $2.8B in 2022 – PYMNTS.com

JPMorgan: Tech and Product Investments to Top $2.8B in 2022  PYMNTS.com
Read more at www.pymnts.com

Is Your Crypto In A Personal Wallet Or In An Exchange? | Foodman CPAs & Advisors

The answer to the question: “Is your Crypto in a Personal Wallet or in an Exchange?” matters as we have learned that cryptocurrency held in a Crypto Exchange is NOT the same as cryptocurrency held in a Personal Wallet in terms of protection, particularly in the event of bankruptcy. That said, cryptocurrency investors ought to realize that they could experience up to a total loss of their crypto assets in a bankruptcy setting if the assets are held in an Exchange as opposed to a personal wallet.

On May 10th, Coinbase released its earnings report. In its Letter to Shareholders, Coinbase presented a $430 million loss for the First Quarter 2022 due to decreases in trading volume, subscription and services revenue and overall drop in crypto market capitalization. Perhaps the most alarming news presented in this Earnings Report is Coinbase’s acknowledgement of cryptocurrency assets held by their customers in custody could potentially be subject to bankruptcy proceedings. This means that Coinbase customers would not have access to their cryptocurrency assets and consequently lose their crypto investments.

In the event of bankruptcy

Coinbase stated on its FORM 10Q dated May 10, 2022, that “because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors. This may result in customers finding our custodial services more risky and less attractive and any failure to increase our customer base, discontinuation, or reduction in use of our platform and products by existing customers as a result could adversely impact our business, operating results, and financial condition”.

This is not what most people thought

Most cryptocurrency investors are under the impression that their individual ownership of crypto assets is…

Read more at www.jdsupra.com

Compliance Speeds Adoption of Digital Payments

As digital becomes the preferred transaction channel for a growing number of companies, lawmakers worldwide have subjected their practices for the sharing and storage of online data to greater scrutiny.

Navigating this shifting regulatory environment can be difficult for eCommerce merchants, as it means juggling compliance with complex, often overlapping security and privacy rules while keeping payments seamless and convenient for customers.

PYMNTS research has found that regulatory burdens are a major challenge preventing migration to digital B2B payment solutions for about half of U.S. and Canadian merchants, as reported in the “Payments Orchestration Playbook,” a PYMNTS and Spreedly collaboration.

Get the report: Payments Orchestration Playbook

With about two-thirds of B2B companies now offering fully digital eCommerce capabilities and their online customers doing more shopping outside their native countries, businesses looking to support easy, convenient cross-border payments will need to maintain regulatory compliance in multiple markets.

Managing the Payment Process on One Platform

Finding technologies or industry partners that can help merchants easily manage their relationships with disparate payment service providers is key to remaining competitive.

Solutions such as payments orchestration could play a key role in supporting this by enabling companies to connect to their different payment partners more easily and allowing them to manage the payment process on one platform.

An increasing number of enterprises are turning to providers like Spreedly to roll out new payment options, Spreedly Chief Technology Officer Christopher Hudel told PYMNTS in an interview.

Read more: Orchestrated Payments Pave Over Rough Spots in ‘Last Mile’ of Customers’ Online Journeys

Those integrations take some of the pressure off legacy infrastructure, which ensures that companies have minimal latency and no downtime.

“[Application programming interfaces (APIs)] and…

Read more at www.pymnts.com

Africa development bank approves $1.5bn for food crisis

Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 0.88 percent to $30,237.18 as of 5:50 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,056.49 up by 1.93 percent, according to data from Coindesk.

India must set rules for cryptocurrencies, CoinSwitch CEO says 

Despite India’s central bank’s support for a ban on cryptocurrencies because of the risks to financial stability, a move by the federal government to tax Bitcoin income has been interpreted by the industry as a sign of New Delhi’s acceptance of the technology.

CoinSwitch CEO Ashish Singhal said that India must set rules for cryptocurrencies to resolve regulatory uncertainty, protect investors, and boost the sector, according to Reuters. 

At the World Economic Forum in Davos, Singhal, a former Amazon engineer who co-founded CoinSwitch, said: “Users don’t know what will happen with their holdings — is the government going to ban, not ban, how is it going to be regulated?.”

CoinSwitch, which is valued at $1.9 billion, has more than 18 million users in India, the company stated on Reuters. Andreessen Horowitz, Tiger Global, and Coinbase Ventures back the company, which is based in Bengaluru, India’s main tech hub.

Private cryptocurrencies have raised serious concerns at India’s central bank, but Prime Minister Narendra Modi in December 2021 said the technology should be used to strengthen democracy, not undercut it.

Hatta to Mars in the metaverse

Everdome Metaverse is hosting a land auction on May 30, 2022, where investors can bid to own a piece of Mars.

According to a statement, Everdome will launch in three phases throughout 2022, taking users from Hatta in the UAE to Mars.

With Epic Games’ Unreal Engine 5 and cutting-edge 3D scanning technology, players won’t be able to tell the…

Read more at www.arabnews.com

Will the US Take a Strong Stance on Bitcoin Regulation?

  • Tech industry contributes 9.3% to the US economy.  
  • 33257 (BTC) ATMs are installed in the nation.

The United States is the largest base for numerous tech companies, making the nation the giant tech base. As per the report from CompTIA, an American trade association, the US tech industry raised revenue of $1.8 trillion USD. The nation now harbors nearly 507,000 tech businesses.

Federal Reserve Chairman Jerome Powell raised up the interest rates to combat the hyperinflation and thereby the monthly inflation rate rose up to 8.3% in April. Moreover, the overall interest rate recorded is the highest in the past 22 years. 

The policymakers have prioritized the need to stabilize the prices and the market volatility.  When it comes to crypto adoption, the government prefers the stable Central Bank Digital Currency (CBDC) over the private sector-administered digital assets.

Federal organizations such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to scrutinize the adoption of the high-risk crypto coin, Bitcoin. 

Gearing Up for Crypto Regulation

The US, the leading ‘crypto-ready’ country, reported the first real-time bitcoin transaction in 2010. A Bitcoin miner from Florida purchased pizzas with 10,000 BTC. According to Coin ATM Radar, an online directory of BTC ATMs, 33261 Bitcoin (BTC) ATMs reside in the country with Los Angeles holding the highest number (1952).

On March 10, regulatory guidance from the US Department of Labor (DOL) warned the citizens about crypto investments. On Friday, a Floridian Representative, Byron Donalds, released the “House Companion” of Senator Tommy Tuberville’s Financial Freedom Act to allow investors to invest cryptocurrencies in 401(k), private-sponsored retirement accounts.

From establishing Texas Blockchain Council to transforming Dallas into the epicenter of the US for bitcoin mining, the native crypto-community has been pro-bitcoin.

Bruce Fenton, a running candidate for…

Read more at in.investing.com

Ripple CEO reveals he visited SEC several times before lawsuit struck

Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion Monday at the World Economic Forum in Davos, Switzerland.

Garlinghouse, who also occupies a role as a member of the company’s board of directors, commented on a wide range of topics, most notably the current status of regulation in the United States versus G20 nations. 

Ripple CEO Brad Garlinghouse. Source: Cointelegraph

Emphasising the prudent necessity for regulatory frameworks which serve integral principles of “clarity and certainty”, Garlinghouse stated his belief that:

“The overwhelming majority of people working within the crypto industry are good actors that want to do right by regulators. But when the rules of the road aren’t clear, it’s very difficult to manage within that.”

Later in the conversation, Garlinghouse revealed that he personally went to the U.S. Securities and Exchange Commission (SEC) office “four or five times in the years leading up to their decision to file a lawsuit,” stating that the Ripple associated asset XRP should be legally categorized security.

Related: WEF 2022, May 23: Latest updates from the Cointelegraph Davos team

“It demonstrates how out-of-step the United States is with the G20”, Garlinghouse argued, citing Switzerland, Singapore, the United Kingdom and Japan as nations that have more favorable regulatory environments for cultivating technological innovation.