Financial Institutions

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Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financial Institutions

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The Federal Financial Supervisory Authority of Germany, Bafin, has issued guidance to clarify the status of cryptocurrencies and the regulations that apply to related business activities. The recommendations are based on the country’s current legislation, taking into account the latest changes. Also read: Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online … Read more

In Response to Bitcoin, Central Bank of Brazil Presents Instant Payment System Pix

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Banco Central do Brasil has started testing a new payment network with the promise to offer Brazilians near instant transactions and many new services. Portrayed as a response to Bitcoin, the Pix system will be mandatory for major financial institutions to ensure wide coverage. The project aims to limit the use of paper money and … Read more

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

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Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets. Also read: With New Regulations, Europe’s Crypto Companies May Be Running … Read more

Deutsche Bank Reports €5.3 Billion in Net Loss for 2019 as It Counts the Cost of Restructuring

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A year of reorganization has left its mark on Germany’s leading financial institution. Deutsche Bank revealed this week it suffered significant losses in the last quarter and all of 2019. The banking giant claims that the damage is “entirely driven by transformation-related effects” such as compensation for sacked employees and devalued assets. Also read: US … Read more

Close to 14,000 Google Scholar Articles Mentioned Bitcoin in 2019

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On January 3, 2020, the Bitcoin network officially turns 11 and the technology has transformed the lives of many. Since blockchain’s inception, scholars and economists have rigorously studied and written thousands of academic papers covering the subject. In 2019, there were more than 13,700 academic papers and Google Scholar articles published that mention the Bitcoin … Read more

Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year

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According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of financial institutions have not deployed the right KYC/AML infrastructure to detect unregistered cryptocurrency transfers. Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines All … Read more

Bankers Start to Recognize Bitcoin’s Role in Financial Evolution

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Digitization, disruption, blockchain, and frictionless payments. It’s amazing how prominent figures from the financial elite can provide a pretty detailed description of decentralized money without uttering “bitcoin” or “crypto.” But the fact of the matter is that clever businessmen in any industry, banking is no exception, would quickly spot emerging competition, analyze its strengths, and … Read more

McAfee Hints Institutional Money Won’t Bring Bitcoin Revolution

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In a tweet posted Monday, September 23, Libertarian presidential candidate and crypto rebel John McAfee wrote: “BAKKT goes live today. It is institutionalized and monitored … if you are “initiated” into crypto, then you certainly won’t use it and will spend time luring the new users into the Unlimited Crypto World.” The maverick anti-politician raises … Read more

Swiss Banks Team With Fintechs to Enter the Crypto Space

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Multiple joint projects between banks and crypto companies based in Switzerland now offer customers the opportunity to invest in digital assets and take advantage of banking services related to cryptocurrencies. It’s all happening in a regulated environment, generally friendly towards the growing crypto industry. The latest partnership between a traditional institution and a fintech startup … Read more

How the World’s Leading Banks Help Launder $2 Trillion a Year

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Some of the most well known banks in the world are also the biggest money launderers. The recent Troika Laundromat affair added another $8 billion to the trillions financial institutions wash every year. Over $2 trillion is laundered annually by criminals who utilize various ways to hide money in banks, which are often complicit or … Read more