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30/01/2024

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30/01/2024

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07/07/2023

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01/07/2023

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26/04/2023

EU Parliament Greenlights Markets in Crypto Assets Law, Tracing Rules


Members of the European Parliament gave their final approval to a package of EU-wide regulations for crypto assets. The legislators also backed the introduction of mechanisms allowing the tracing of cryptocurrency transactions which will also apply to private crypto wallets above a certain threshold.
European Lawmakers Endorse Groundbreaking Crypto Assets Legislation

Europe’s new common rules for the crypto space were given the final green light by the European Union’s legislature. The set, known as Markets in Crypto Assets (MiCA), was passed with 517 votes in favor, 38 against, and 18 abstentions, the EU Parliament’s press service announced Thursday.

The legislation, designed to regulate the supervision, consumer protection and environmental safeguards of digital assets, including cryptocurrencies like bitcoin, was informally agreed upon with the Council, EU’s decision-making body, in June 2022.

The law, arguably the world’s first comprehensive crypto regulatory package, will cover the issue and trade of assets not regulated by existing financial services laws. “Consumers would be better informed about the risks, costs and charges linked to their operations,” the Parliament insisted.

MiCA introduces licensing for crypto service providers operating in the bloc and provides for the establishment of a register for non-compliant companies, with the stated goal of countering risks of market manipulation, money laundering, and terrorist financing. It also aims to reduce the carbon footprint of cryptocurrencies, obliging larger service providers to disclose their energy consumption.

Commenting on the adoption of the legal framework, the rapporteur for the legislation, Stefan Berger, said that MiCA will protect consumers against fraud and allow the sector, hurt by negative events such as the collapse of crypto exchange FTX and other players, to regain trust. He emphasized:

This puts the EU at the forefront of the token economy with 10,000 different crypto assets … This regulation brings a competitive advantage for the EU.

Berger pointed out that the crypto industry in the European Union will have regulatory clarity that does not exist in other jurisdictions like the United States. MiCA will enter into force once formally endorsed by the Council and 20 days after its publication in the EU Official Journal.
European Parliament Approves Rules for Tracing Crypto Transfers

In a separate vote, a majority of 529 members of the Parliament approved additional legislation authorizing the tracing of crypto transactions. It’s meant to ensure that transfers of cryptocurrencies can “always be traced” and blocked, if they are found to be suspicious.

The decision applies the so-called “travel rule,” from traditional finance, to transfers of crypto assets. It implies that information on the source of the asset and its beneficiary must “travel” with the transaction and be stored on both sides.

These provisions will also cover transactions from crypto addresses of private users, the so-called “self-hosted wallets,” if they exceed €1,000 (approx. $1,100) in fiat equivalent and when they transact with “hosted” wallets managed by service providers.

However, the rules will not apply to direct person-to-person transfers, those without the involvement of a provider, or transfers carried out among providers as long as they act on their own behalf, the European Parliament noted in the announcement.

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19/03/2023

UBS agrees to buy Credit Suisse for more than $2 billion, Financial Times reports

UBS (UBSG.S) has agreed to buy Swiss banking giant Credit Suisse (CSGN.S) after increasing its offer to more than $2 billion, the Financial Times reported on Sunday, as authorities bid to stave off turmoil when the markets reopen.

Officials have been racing to rescue the 167-year-old bank, among the world's largest wealth managers, after a brutal week that saw the second- and third-largest U.S. bank failures in history. As one of 30 global banks seen as systemically important, any deal for Credit Suisse could ripple through global financial markets.
At least two major banks in Europe are examining scenarios of contagion possibly spreading in the region's banking sector and looking to the Federal Reserve and the European Central Bank to step in with stronger signals of support, two senior executives with knowledge of the discussions told Reuters.
A person with knowledge of the talks earlier told Reuters that UBS sought $6 billion from the Swiss government as part of a possible purchase of its rival. The guarantees would cover the cost of winding down parts of Credit Suisse and potential litigation charges.
One source previously said the talks were encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combined. The Swiss Bank Employees Association on Sunday called for the immediate creation of a task force to deal with the risk to jobs.

Swiss broadcaster SRF and other media reported that the government would hold an "important" press conference later on Sunday. They did not give any more details.

Credit Suisse shares lost a quarter of their value last week. The bank was forced to tap $54 billion in central bank funding as it tries to recover from scandals that have undermined the confidence of investors and clients.

19/03/2023

UBS seeks $6 billion in government guarantees for Credit Suisse takeover

UBS AG (UBSG.S) is asking the Swiss government to cover about $6 billion in costs if it were to buy Credit Suisse (CSGN.S), a person with knowledge of the talks said, as the two sides raced to hammer together a deal to restore confidence in the ailing Swiss bank.

The 167-year-old Credit Suisse is the biggest name ensnared in the turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, spurring a rout in banking stocks and prompting authorities to rush out extraordinary measures to keep banks afloat.
The $6 billion in government guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters.
One of the sources cautioned that the talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine.

Swiss regulators are racing to present a solution for Credit Suisse before markets reopen on Monday, but the complexities of combining two behemoths raises the prospect that talks will last well into Sunday, said the person, who asked to remain anonymous because of the sensitivity of the situation.
Credit Suisse, UBS and the Swiss government declined to comment.

The frenzied weekend negotiations come after a brutal week for banking stocks and efforts in Europe and the U.S. to shore up the sector. U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilize its shaky balance sheet.

Berkshire Hathaway Inc's (BRKa.N) Warren Buffett has held discussions with senior Biden administration officials about the banking crisis, a source told Reuters.

The White House and U.S. Treasury declined to comment. Bloomberg News reported earlier that Buffett had been in touch with the administration in recent days about the regional banking crisis, Bloomberg News reported on Saturday. The source declined to elaborate on the details of the discussions.
UBS was under pressure from the Swiss authorities to carry out a takeover of its local rival to get the crisis under control, two people with knowledge of the matter said. The plan could see Credit Suisse's Swiss business spun off.

Switzerland is preparing to use emergency measures to fast-track the deal, the Financial Times reported, citing two people familiar with the situation.

U.S. authorities are involved, working with their Swiss counterparts to help broker a deal, Bloomberg News reported, also citing those familiar with the matter.

British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are also in regular contact this weekend over the fate of Credit Suisse, a source familiar with the matter said. Spokespeople for the British Treasury and the Bank of England's Prudential Regulation Authority, which oversees lenders, declined to comment.
FORCEFUL RESPONSE

Credit Suisse shares lost a quarter of their value in the last week. It was forced to tap $54 billion in central bank funding as it tries to recover from a string of scandals that have undermined the confidence of investors and clients.

The company ranks among the world's largest wealth managers and is considered one of 30 global, systemically important banks whose failure would ripple throughout the entire financial system.

The banking sector's fundamentals are stronger and the global systemic linkages are weaker than during the 2008 global financial crisis, Goldman analyst Lotfi Karoui wrote in a late Friday note to clients. That limits the risk of a "potential vicious circle of counterparty credit losses," Karoui said.

"However, a more forceful policy response is likely needed to bring some stability," Karoui said. The bank said the lack of clarity on Credit Suisse's future will pressure the broader European banking sector.

A senior official at China's central bank said on Saturday that high interest rates in the major developed economies could continue to cause problems for the financial system.

There were multiple reports of interest for Credit Suisse from other rivals. Bloomberg reported that Deutsche Bank was looking at the possibility of buying some of its assets, while U.S. financial giant BlackRock (BLK.N) denied a report that it was participating in a rival bid for the bank.
Credit Suisse and First Republic Bank
INTEREST RATE RISK

The failure of California-based Silicon Valley Bank brought into focus how a relentless campaign of interest rate hikes by the U.S. Federal Reserve and other central banks - including the European Central Bank this week - was pressuring the banking sector. SVB and Signature's collapses are the second- and third-largest bank failures in U.S. history behind the demise of Washington Mutual during the global financial crisis in 2008.

Banking stocks globally have been battered since SVB collapsed, with the S&P Banks index (.SPXBK) falling 22%, its largest two weeks of losses since the pandemic shook markets in March 2020.

Big U.S. banks threw a $30 billion lifeline to smaller lender First Republic (FRC.N), and U.S. banks altogether have sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days.

A coalition of midsize U.S. banks, Mid-Size Bank Coalition of America (MBCA), asked regulators to extend FDIC insurance to all deposits for the next two years, Bloomberg News reported on Saturday, citing an MBCA letter to regulators.

In Washington, focus has turned to greater oversight to ensure that banks and their executives are held accountable.

Biden called on Congress to give regulators greater power over the sector, including imposing higher fines, clawing back funds and barring officials from failed banks.
Reuters

17/03/2023

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11/03/2023

Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis

The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
SVB’s branch offices will also reopen at that time, under the control of the regulator.
The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.
According to press releases from regulators, the California Department of Financial Protection and Innovation closed SVB and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.
The collapse of SVB, a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.
The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB’s branch offices will also reopen at that time, under the control of the regulator.

According to the press release, SVB’s official checks will continue to clear.
The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. The FDIC said uninsured depositors will get receivership certificates for their balances. The regulator said it will pay uninsured depositors an advanced dividend within the next week, with potential additional dividend payments as the regulator sells SVB’s assets.

Whether depositors with more than $250,000 ultimately get all their money back will be determined by the amount of money the regulator gets as it sells Silicon Valley assets or if another bank takes ownership of the remaining assets. There were concerns in the tech community that until that process unfolds, some companies may have issues making payroll.

As of the end of December, SVB had roughly $209 billion in total assets and $175.4 billion in total deposits, according to the press release. The FDIC said it was unclear what portion of those deposits were above the insurance limit.

The last U.S. bank failure of this size was Washington Mutual in 2008, which had $307 billion in assets.
SVB was a major bank for venture-backed companies, which were already under pressure due to higher interest rates and a slowdown for initial public offerings that made it more difficult to raise additional cash.

The closure of SVB would impact not only the deposits, but also credit facilities and other forms of financing. The FDIC said loan customers of SVB should continue to make their payments as normal.
The shares of parent company SVB Financial Group fell 60% Thursday, and dropped another 60% in premarket trading Friday before being halted.

CNBC’s David Faber reported Friday morning that the efforts to raise capital had failed and that SVB had pivoted toward a potential sale. However, a rapid outflow of deposits was complicating the sale process.

While many Wall Street analysts have argued that the struggles for SVB are unlikely to spread to the broader banking system, shares of other midsized and regional banks came under pressure Friday.

Treasury Secretary Janet Yellen said during testimony before the House Ways and Means Committee on Friday morning that she was “monitoring very carefully” developments at a few banks. Yellen made her comments before the FDIC announcement.

Shortly after leaving Capitol Hill, Yellen convened a meeting of top officials at the Fed, the FDIC and the Comptroller of the Currency specifically to discuss the situation at SVB.
The move represents a rapid downfall for SVB. On Wednesday, the bank announced it was looking to raise more than $2 billion in additional capital after suffering a $1.8 billion loss on asset sales.

01/03/2023

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20/04/2022

Welcome to the weekly news update of Top Market Coins.

Are we about to enter a bear market or is the bull market back?
In today’s video we will focus on the cryptocurrencies that are a good hedge to hold in order to prevent us from the inflation of the global finance market.
Cryptocurrency trading is getting more and more popular with every changing day.
From the beginning of the year many global events took place- Russia invaded Ukraine, the Federal Reserve announced at least six rate hikes and there were lots of things happening in U.S. and European Union regulation and these facts definitely will reflect on the course of the global economy. So let’s go ahead…and focus our attention to the cryptocurrencies that are good for hedge.
Number 1. Bitcoin
Major Cryptocurrencies like Bitcoin are one that stands out in the market.
Track its price 24/7 at Top Market Coins
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Number 2. Ethereum
It is the second most popular crypto after the Bitcoin
Track its price 24/7
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Number 3 ACOT, ACGT, SILVER - crypto pegged by bullions. With the rising instability in the financial world and war ongoing, investors are reaching for less volatile crypto in the market. Traditional stable coins are fighting to keep their high piece of the market but inevitably they are dependent on the fiat itself. Anax Coin Ounce Token is pegged of physical gold value of 1 ounce of pure gold, Anax Coin Gram Token is pegged of physical gold of 1 gram investment gold too, Silvergate Or Silver is pegged of 1 ounce pure silver. What better way to protect your assets in traditional way combined with new digital technology era?
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4. Number: FARMA and SAGI- tokens directly exposed to food and healthy nutrition. With the upcoming global famine crisis it’s impossible not to pay attention to tokens connected with food production. Connection between producer and end customer through blockchain has never been easier than these days. Allowing application to track the products, these tokens are used as store of value for base products in our daily menu.
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Number 5.
QFS and QTS- entering the new era of digital communication and finance transactions, these 2 tokens provide exposure to the quantum financial system and technology.
Quantum financial system is a modern form of financial services that uses the technology behind blockchain to create a platform for global peer-to-peer payments. The use cases of quantum financial system are their ability to provide real-time transactions with no transaction costs, transparent credit ratings, and fast transaction processing. Assets are being linked to commodities, physical goods, bullions.
The quantum technology can be implicated in all the fields of technology, biology, medicine as well as finance, opening the field to new innovations and researches by the scientists.
Track their price 24/7 live at Top Market Coins
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Individual units of cryptocurrencies can be referred to as coins or tokens, depending on how they are used. Some are intended to be units of exchange for goods and services, others are stores of value, and some are mostly designed to help run computer networks that carry out more complex financial transactions. You can choose to diversify your portfolio in a way you can get exposure to all the assets mentioned with your free account in Top Market Coins.
Sign up today and start exploring.
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