financialregulation
Revolut CEO and founder Nikolay Storonsky says he is confident that the fintech company will receive a UK banking licence in the near future, following the company's record pre-tax profits for 2023. He made the comments in an interview with CNBC. The fintech giant's journey to secure a UK banking licence began in January 2021 but, since then, it has faced a series of obstacles and delays. The company received a full banking licence from the European Central Bank (ECB) in 2021 together with an EU banking licence in 2018, received through Lithuania. It has been operating as a licensed bank in 30...
Euronews (English)
The EU’s landmark regulation for crypto takes effect within the week – and it doesn’t seem that any major specialised players have succeeded in getting authorised. The new regime offers players like exchanges and wallet providers the chance to apply for a license that will let them operate across the bloc. Brussels has crowed about being the first global jurisdiction to set tailored rules for the cryptocurrency market – one that’s seen significant turbulence and manipulation. But, with the clock ticking down, the jury’s still out on whether the EU’s Markets in Crypto Assets law, MiCA, heralds ...
Euronews (English)
A summit of EU leaders meeting next week will likely agree “ambitious” measures to boost non-bank financing, its President Charles Michel has told reporters. Europe is looking to improve its fortunes as it faces up to war, costly climate change policies and economic competition – and hopes integrating its capital markets could help. “There is in my opinion a way, based on common sense, to mobilise a lot of money to fuel the European economy,” European Council President Michel told Euronews as part of a group interview. “This is by making possible and easier for companies to mobilise many of th...
Euronews (English)
Banks’ payments to a controversial €78bn crisis fund in 2022 were unlawful, EU judges said today (10 April) – the latest in a series of woes for post-crisis measures designed to halt taxpayer bailouts of failing financial institutions. The EU’s General Court ruled in favour of French bank Dexia, saying EU agency the Single Resolution Board (SRB) had got its maths wrong when demanding annual subscriptions to the fund it manages. The SRB “exceeded an annual upper limit imposed by the applicable rules,” a statement from the court said. Annual contributions are supposed to be one eighth of the tot...
Euronews (English)
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