eSports gambling – regulators take a closer look

  • Posted on 24th August 2016
eSports gambling – regulators take a closer look

The prospect of video gamers becoming paid professionals, and people placing bets on the outcome of contests, would have seemed unthinkable a few years ago. However, what has become known as eSports has rapidly risen to prominence in recent years as a result of growing interest and participation from consumers, a succession of business deals and industry expansion, regulatory interventions,…

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UK well placed to lead transformation in financial services through global leadership in Fintech

  • Posted on 29th March 2016
UK well placed to lead transformation in financial services through global leadership in Fintech

The world of financial services is changing fast. The implications of blockchain technology or decentralised ledgers may not yet be a hot kitchen table topic but has the potential to utterly change the worlds of banking, insurance, asset management, and access to finance. In short, it could transform the economy around us. Though the US remains the largest base for…

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European Banking Authority begins the debate on an EU-wide virtual currency regulation

  • Posted on 15th July 2014
European Banking Authority begins the debate on an EU-wide virtual currency regulation

At the beginning of the month, the European Banking Authority (EBA), the institution charged with overseeing the European banking sector, proposed guidelines for a regulatory regime for virtual currency. The report has now been presented to the EU Council, Commission and Parliament for consideration. The report also issues guidelines for national supervisory bodies.   The report is an attempt to…

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Virtual currency prospers in Asia: Will China follow?

  • Posted on 25th June 2014
Virtual currency prospers in Asia: Will China follow?

Last Thursday, Japan’s Liberal Democratic Party (LDP) announced that it is not currently looking to regulate virtual currency. This is a significant announcement as there previously was uncertainty over how state officials, particularly in Japan, would react following the collapse of the leading Japanese Bitcoin exchange, Mt. Gox and the loss of over $420 million worth of Bitcoins.   House…

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Regulators begin looking at promoting virtual currencies

  • Posted on 4th June 2014
Regulators begin looking at promoting virtual currencies

Last week the Financial Conduct Authority (FCA), which is responsible for UK financial regulation, outlined plans to launch a policy hub for start-up companies including those in the virtual currency sector. Head of the FCA, Martin Wheatley (pictured), stated “it’s an imperative for the regulators to be standing on the right side of progress”.   A helping hand   He confirmed…

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Virtual currency and the pursuit of legitimacy

  • Posted on 20th May 2014
Virtual currency and the pursuit of legitimacy

A number of news stories over the last few days once again illustrate the momentum that virtual currencies are gathering towards increased legitimacy amongst regulators and consumers.    The US state regulatory group, the Emerging Payments Task Force, has pushed ahead with plans to compile an overarching rulebook or guidelines for the use of virtual currency. The publication will look…

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US Federal Election Commission approves use of Bitcoin for campaign contributions

  • Posted on 9th May 2014
US Federal Election Commission approves use of Bitcoin for campaign contributions

The Federal Election Commission (FEC) has unanimously approved the use of Bitcoin for political donations after months of debate on the issue.  Commissioners imposed several conditions.  Among them: No anonymous bitcoin contributions will be allowed, and campaign treasurers must scrutinize the donations for “evidence of illegality.”   Jim Harper, global policy counsel of the industry’s Bitcoin Foundation, said the FEC’s…

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U.S. State Regulators issue warnings on virtual currency

  • Posted on 30th April 2014
U.S. State Regulators issue warnings on virtual currency

Investors should consider risks associated with virtual currencies, including bitcoin, before trading in them, two U.S. regulators warned on Tuesday.   The warnings are the latest in a string of advisories from U.S. state regulators, including Nevada and Maryland, as they look to toughen rules on the use of the controversial cryptocurrency.   “The value of virtual currencies is highly volatile and the…

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