Most recently, it was declared by the government of the United Kingdom (UK) that HSBC holdings had acquired the British affiliate of the Silicon Valley Bank. This comes after a U.S. government body took action to protect depositors at the failing bank. The CEO of HSBC, Noel Quinn, was quoted
In a statement made on March 10th, the Bank of England (BoE) announced that SVB UK will “stop making payments or accepting deposits.” Because BoE planned to petition the court to initiate a “Bank Insolvency Procedure” against SVB UK. As Silicon Valley Bank’s U.K. branch (SVB UK) has no “critical
This week, two major UK banks—Nationwide Building Society and HSBC Holdings Plc—tightened restrictions on retail clients’ access to cryptocurrency assets in the wake of recent scandals and regulatory cautions in the sector. The building society advised its clients on Wednesday. That the daily limit for using a debit card to
Recently, the Financial Conduct Authority (FCA) in the United Kingdom has been clamping down on cryptocurrency ATMs. That are not properly registered. The authority claims to have recently visited and investigated a number of locations near Leeds. It is a city in Northern England that was suspected of housing illegally
The Financial Conduct Authority (FCA) has warned that businesses that promote cryptocurrencies outside of one of four approved channels might be subject to criminal penalties including up to two years of jail time. Any advertising under the new regulations must be produced by or with the consent of an individual
The UK Treasury is reportedly finalizing a framework for the regulation of the cryptocurrency industry. According to The Financial Times, the country’s financial authorities are currently putting the finishing touches on the significant crypto regulation. This includes prohibitions on international businesses selling to the UK, strategies for dealing with business
DCMS announced that it will also investigate the underlying blockchain technology that supports NFTs. According to the DCMS committee’s statement, NFT regulation in the UK is mainly non-existent. The UK government has started a probe into nonfungible tokens (NFT), digital collectibles championed by Prime Minister Rishi Sunak. The House of
A max of £1,000 in a single transaction and £3,000 in a rolling 30-day period has been set. It will implement a block on real-time transactions to cryptocurrency exchanges from 2023. Users of Santander will soon be unable to make cryptocurrency purchases. Customers of Santander have reportedly been sent an
Rt. Hon. Boris Johnson has been announced as the Keynote Speaker at this year’s International Symposium on Blockchain Advancements (ISBA), which is being organized by ParallelChain Lab. Rt. Hon. Boris Johnson, MP, served as former foreign secretary, former mayor of London, and former prime minister of the United Kingdom. Mr. Johnson has earned
Stablecoins were included into the new law by the House of Commons. Griffith also brought up the prospect of a digital pound being introduced. U.K. Prime Minister Rishi Sunak has been selected. Sunak is an advocate for cryptocurrencies, and he hopes to see the United Kingdom become a center for
