financial industry
R3 Highlights the Transformative Potential of Tokenization in Finance
R3, a leading enterprise blockchain software firm, discusses the transformative potential of tokenization in the financial sector. The company emphasizes the need for regulatory frameworks and industry standards to unlock the full benefits of digital assets. According to a June 2023 report from Bernstein, $5 trillion in assets could be tokenized in the next five years, offering significant opportunities for market participants.
G7 Bank Sector Higher Money Laundering Risk than Crypto Industry, Reports Mexico Financial Intelligence
According to a report released by the Financial Intelligence Unit of Mexico, the G7 banking sector was most at risk of money laundering operations.
Director of FinCEN Affirms That Cryptocurrency Industry Is in Line With Agency Regulations
The director of FinCEN (Financial Crimes Enforcement Network) Kenneth. A Blanco believes that the cryptocurrency industry is starting to fall in place with the agency’s regulations on money transmission services.
Paraguay Begins to Audit Local Crypto Industry to Comply with FATF Guidelines
Paraguay is looking to take its cryptocurrency industry mainstream, in light of the Financial Action Task Force’s (FATF) guidance on virtual asset service providers (VASPs) released earlier this year.
Banking on Blockchain: FinTech and Digitalization Will Play a Significant Role for the Chinese Banking Industry
China’s banking industry for small to medium-sized enterprises (SMEs) will rely on digitization and financial technology to build a “new infrastructure” for the entire industry. Highly endorsed by the country’s president, Xi Jinping, blockchain technology has seen a surge in popularity in the past year.
Heads of SEC, CFTC and FinCEN Jointly Warn Crypto Industry to Follow Regulations
The heads of the three major US financial regulators have issued a joint statement warning the cryptocurrency industry to adhere to banking regulations in the development of digital assets.
Germany’s Federal Financial Regulator Warns Investors Over Bulgarian Crypto Broker
Bulgarian crypto broker, 5 Capital, has been offering financial services to investors without being approved by the Germany financial watchdog, federal financial supervisory authority (BaFin).
The Singapore Fintech Association: Boosting the Industry with Blockchain Education
Following part one of our interview with the founding president of the Singapore FinTech Association, Chia Hock Lai, we further explored the education initiatives in the blockchain industry in Singapore.
Blockchain Industry Will Be Valued at $21 Billion Globally by 2025, Research Suggests
A research study by Fortune Business Insight, a market reporting and consulting firm, suggests the global blockchain industry will be valued at a mammoth $21 billion in the next five years. The report explored the rise of financial technology and blockchain companies working towards financial inclusion and targeting developing countries and regions to leverage growth. Such regions, incidentally, have witnessed a growth in educated talent in the past decade, and are well-suited to interact with and understanding distributed ledger mechanisms.
UK Financial Watchdog Increased Crypto Investigations by 74% in 2019
The Financial Conduct Authority (FCA), the primary financial regulatory body in the United Kingdom, has seen a sharp rise of 74% in crypto-related investigations in 2019.
China Tightens Regulation on Tech Industry, Sinking Alibaba and Tencent Stocks on Single’s Day
China's regulatory clampdown on the technology industry has resulted in Chinese tech shares' underperforming on the stock market.
Cryptocurrency is Highly Influencing the Gaming Industry
Cryptocurrency is said to be the payment of the future. Since the introduction of Bitcoin in 2009, many industries have incorporated and accepted cryptocurrency as a reliable option for payment. With rising competition and seeing the concrete future in the business of digital currency, many cryptocurrency service providers are available to choose from.
Banking on Blockchain: ICBC Releases First-Ever White Paper on Blockchain for the Financial Sector
One of China's major banks, the Industrial and Commercial Bank of China (ICBC) has released its white paper on blockchain-based applications in the financial sector. The document is the first white paper related to blockchain technology in the financial industry. The paper also highlights the present challenges faced by the banking sector.