Connect with us

Blockchain

FCA Announces Launch of Enhanced Financial Services Register

The existing Financial Services Register will be replaced on 27 July, 2020.

Published

on

The Financial Conduct Authority (FCA) revealed today that will be replacing its existing Financial Services Register with an enhanced Financial Services Register later this month, on July 27. It will then add a directory of certified and assessed persons to the Register later this year, according to the announcement.

The FCA explained that the enhanced Register will have a new look and include improvements it has made in response to user feedback. The changes will make it easier to find and understand information on the Register. More details will be provided at the launch, according to the FCA.

“Firms will need to update any links they have to pages on the current Financial Services Register, other than those to the homepage, once the enhanced Register launches. All current links will be redirected to the enhanced Register’s homepage. The existing Financial Services Register will cease to be available from 6pm on Friday 24 July so that work can take place over the weekend to make the enhanced Register ready for the start of business on Monday 27 July”, the FCA noted.

Under the Senior Managers and Certification Regime (SM&CR), the regulator committed to publishing and maintaining a directory of certified and assessed persons on the Financial Services Register, so consumers and professionals can check details of key individuals working in financial services.

The FCA stated it had planned to publish the directory persons information in March this year. Having already announced a delay to this, it now intends to publish it later this year.

Covid-19 impact

The delay is partly due to the impact of Covid-19 and the additional burden this would have placed on firms, according to the FCA.

Suggested articles

SquaredFinancial Launches New Partnership ProgrammeGo to article >>

The regulator added that it has also experienced operational challenges when processing some bulk data file submissions from dual regulated firms at peak periods.

“We want to allow enough time for us to work with firms so that all data submitted is accurately represented when published”, it said.

Banks, building societies, credit unions and insurance companies can, if they wish, continue to update the information on their past and present certified employees for inclusion in the directory when it launches later this year.

The FCA’s directory of certified and assessed persons page explains how to do this. However, due to the delay some firms may wish to wait to submit their data once we have confirmed a publication date. The regulator said it will contact firms with any important updates and will provide them with advance notice before we publish the data.

“We recently announced that we’re proposing to extend the previous deadline of 9 December 2020 for solo-regulated firms to submit information about Directory Persons to the Register to 31 March 2021. When they have been submitted, we will still publish details of certified employees of solo firms starting from 9 December 2020 on the Financial Services Register. Where solo-regulated firms are able to provide this information before March 2021, we encourage them to do so,” the FCA stated.

Blockchain

Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal

Published

on

Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.

Raoul Pal: Everything Has Changed

In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.

Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”

COVID-19 Cases In Europe. Source: Twitter
COVID-19 Cases In Europe. Source: Twitter

He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.

EU Banks Index. Source: Twitter
EU Banks Index. Source: Twitter

As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”

“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.

Bitcoin Will Eat The World And Price Predictions From Pal

Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”

“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”

As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”

Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.

Featured Image Courtesy of BusinessInsider

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/bitcoin-to-surpass-20000-ath-by-early-2021-according-to-raul-pal/

Continue Reading

Blockchain

Coinbase Launches A Crypto Debit Card With 1% Reward on Bitcoin Spendings

Published

on

  • The largest US-based cryptocurrency exchange Coinbase announced today the launch of a Visa debit card, allowing customers to spend digital assets for everyday purchases.
  • According to the official statement, the Coinbase Card will provide clients the opportunity to earn up to 4% back in cryptocurrency rewards.
  • It will be available in nearly 30 countries, including the US, the UK, and across Europe. It will be connected to customers’ Coinbase accounts, and they can spend the funds without having to move funds to their bank accounts. 
  • The designated cryptocurrency asset spent by users will be automatically converted to US dollars prior to completing the purchase or the ATM withdrawal. 
  • The rewards will be available for US-based customers only initially and will depend on the cryptocurrency used. For instance, customers can get 1% back if they spend bitcoins and 4% back if they choose Stellar Lumens (XLM). 
  • The Coinbase app will serve as a fund manager. All spendings, reward details, and preferences will be manageable through the app. 
  • US customers can start applying to receive the card through the exchange’s app or the website. The first approved clients will be announced “this winter,” and they can start spending with a virtual card. The physical one will be delivered within two weeks. 
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/coinbase-launches-a-crypto-debit-card-with-1-reward-on-bitcoin-spendings/

Continue Reading

Blockchain

Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US

Published

on

Now the United States can boast a new crypto bank: Welcome Avanti.

Avanti Financial Group, a firm founded by the former managing director at Morgan Stanley, Caitlin Long, announced that it had been granted a license to offer banking services by the Wyoming State Banking Board.

Avanti is The Second Crypto-bank Operating in the United States

With this decision, Avanti becomes the second crypto company to receive a banking license after the crypto exchange Kraken was also authorized by the Wyoming State Banking Board.

This license allows Avanti to offer financial services in the same way that a traditional bank would, only that these are in addition to the crypto services already provided by the platform.

According to Avanti, the application in the state of Wyoming was key to meeting its expectations —just like Kraken did— as it is the only state in the country that has a regulator with a bank supervisory and regulatory program for digital assets mature enough to ensure the operations of a banking platform that offers risk-free custody services.

Currently the only type of U.S. financial institution that can provide final and simultaneous settlement of trades between digital assets and the U.S. dollar-because it is the only type currently approved to handle both within the same legal entity-is a Wyoming special purpose depository institution like Avanti.

Avanti Financial Group Logo. Image: Avanti
Avanti Financial Group Logo. Image: Avanti

Blockchain and Banking Working Together

Avanti said in a tweet that the first crypto product the company will launch will be a stablecoin pegged to the dollar and backed by physical deposits made to its bank accounts. The token will be called Avit and will be available for its customers in the first quarter of 2021.

Avanti revealed that Avit tokens will run on Ethereum – a critical blockchain for those seeking to take advantage of programmable smart contracts – and Liquid – a Bitcoin sidechain developed by Blockstream for those seeking to benefit from inter-exchange transfers for arbitrage operations.

Avanti had previously confirmed its collaboration with Blockstream to develop this token, explaining that it would not be like a normal crypto-currency and that it would be “just bank money that happens to be issued on a blockchain.” So it may look more like JPM Coin than the famous USDT.

Caitlin Long promised that Avanti “will provide products and services that do not exist in the market today. They did not refer to what they had in mind, so we can only hope.

There has been a lot of activity around cryptocurrency and financial services with blockchain technology in the United States. After MicroStrategy announced a major investment in Bitcoin, Square revealed a $50 million investment in BTC. Also, PayPal started providing support for cryptocurrencies and JP Morgan started using its own cryptocurrency commercially days after it talked about Bitcoin’s potential to triple its price.

Most of these announcements helped boosting BTC’s price. Will this have a bullish effect too?

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/avanti-gets-banking-license/

Continue Reading

Trending