What’s the place of celebrities in crypto?
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FTX announced that tennis star Naomi Osaka will become a brand ambassador for the crypto exchange. She will get an equity stake and be compensated in crypto as well.
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Fintech News Stories
New Jersey to restrict NFTs as gifts to public officials
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In an update to the state’s bribery- and corruption-prevention laws, the New Jersey General Assembly may soon vote to prevent public officials from receiving NFTs and virtual currency as gifts. The bill was approved by the Science, Innovation, and Technology Committee last week.
Read MoreCFPB expands anti-discrimination enforcement
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On Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read More4 regulatory showdowns affecting the future of finance
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From cannabis to cryptocurrency, the future of fintech lies in the hands of regulators. Find out how alternative payments rails, smart contracts, and securities enforcement can potentially change everything.
Read MoreWorldcoin runs into real-world problems
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The billion-dollar startup, which wants to distribute cryptocurrency to every human being by imaging their eyes, recently suspended operations in at least seven countries. It’s now delayed its launch date for a second time.
Read MoreNium debuts SWIFT alternative
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The global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreHow will new cybersecurity rules affect fintech?
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Yesterday, President Biden signed the Cyber Incident Reporting For Critical Infrastructure Act of 2022. The law shortens reporting timelines for cybersecurity incidents and names the Cybersecurity and Infrastructure Security Agency (CISA) as the leading government body for enforcement.
Read MoreCFPB quietly rolls out new enforcement routes
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In late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreReserve Bank of India bans Paytm payments bank onboarding
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Indian regulators have forced the country’s payments giant to pause the onboarding of new customers during an IT audit. This is the second time Paytm has faced such a ban in five years.
Read MoreTencent stock dives 10% due to fintech fines
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The People’s Bank of China (PBOC), the country’s central bank, may levy record fines against Tencent’s WeChat Pay for failing to comply with KYC and AML regulations. The PBOC discovered these violations during an inspection of the company in 2021.
Read MoreFintech scams promise windfall for crime prevention firms
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Silent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreCrypto awaits judgment on LBRY coin
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LBRY, a blockchain-based file sharing and payment network, has been the subject of a yearslong case by the Securities and Exchange Commission (SEC). The government body claims that LBRY’s token, LBC, is a security.
Read MoreACI integrates Venmo and PayPal for IRS filings
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Real-time payments provider ACI Worldwide announced these new digital payments options for U.S. federal taxpayers, not for state filings. ACI is the first platform to offer tax payments through Venmo.
Read MoreBiden executive order calls for unified crypto regulation
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Today, President Biden issued an “Executive Order on Ensuring Responsible Development of Digital Assets.” The order calls for a holistic approach to crypto across government branches, while also protecting consumers, minimizing volatility, safeguarding national security, and expanding financial inclusion efforts.
Read MoreGrain-backed crypto challenges “stablecoin” definition
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Agrotoken, an Argentinian startup tokenizing grain by the ton through cryptocurrency, announced that its soy-, corn- and wheat-backed coins will be accepted as collateral by Santander. Agrotoken has also launched a 1,000-farmer test with Santander.
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