The Federal Deposit Insurance Corporation (FDIC) has issued a “Request for Information and Comment on Digital Assets” (RFI) to learn more about the “novel and unique considerations related to digital assets….[g]iven that banks are increasingly exploring the emerging digital asset ecosystem.” A key theme of the RFI is the development of a framework to promote “responsible innovation.” Comments are due by July 16, 2021.Read More
A new special administration regime is being introduced in the UK for insolvent payment institutions (PIs) and electronic money institutions (EMIs).
The key purposes of the Regulations are to ensure that in the event of an institution’s insolvency (a) funds are returned to customers quickly and (b) shortfalls in the amounts returned are minimised. Since 2018, six PIs and EMIs have entered insolvency but only one has returned customer funds.Read More