Analysis Crypto by Thebittimes.Com

In an effort to minimize risks of contagion, the European Banking Authority (EBA) and other EU regulators have announced an investigation into banks’ links to non-bank entities, such as hedge funds, crypto, and private capital firms. The EBA will probe how shadow banks, or non-bank financial institutions (NBFIs), can possibly affect lenders, the Financial Times reported on Wednesday. These entities hold almost half of the world’s financial assets, or about $218 trillion. The EBA will work alongside the European Systemic Risk Board (ESRB) and the Financial Stability Board (FSB) to determine how disruptions by shadow banks could have knock-on effects on wider markets. The FSB oversees global financial stability. According to the EBA ’s chair José Manuel Campa, “We should be doing more and we are going to be doing more. We need to have an understanding of the whole underlying chain in NBFIs. Former EU senator working for Chinese spies said Binance is ‘the futu...

The National Bank of Georgia will launch mandatory supervision of virtual asset service providers starting from Sept. 1, 2023. Georgia, a major crypto currency-friendly country among Post-Soviet states, is preparing to start monitoring crypto firms to prevent money laundering and comply with sanctions. The National Bank of Georgia plans to launch mandatory supervision of virtual asset service providers (VASP) starting Sept. 1, 2023. NBG’s acting governor Archil Mestvirishvili said that the new regulatory measures will help the country combat money laundering, the local news agency InterPressNews reported on May 31. In line with Anti-Money Laundering considerations, the upcoming VASP probe is expected to increase the country’s compliance with Western sanctions against Russia and Belarus. Mestvirishvili noted that NBG is among the main authorities that supervise compliance with those sanctions. The supervision was especially active last year when global jurisdictions like the United ...