Fintech Daily Digest

Binance, the top crypto exchange by adjusted trading volume, has confirmed it will soon issue its own GBP stablecoins.

The Reserve Bank of India has denied having any knowledge or involvement in a draft government bill that would ban cryptocurrencies.

The FSB suggests the idea tokenisation can magically engineer frictionless liquidity for all sorts of assets and in so doing reduce risks, ignores the degree to which new risks may be introduced as a consequence.

Nearly half of UK adults used mobile banking in 2018 and one in 10 now chooses to live a near-cashless life, as people rapidly take up new payments technology, research has found.

The Eurosystem wholeheartedly supports the creation of an innovative single payments market for the euro through its market infrastructure projects and policy work.

The Financial Stability Board today published a report on decentralized financial technologies. It considers the financial stability, regulatory and governance implications of their use such as those involving distributed ledgers and online P2P platforms

Facebook plans to cede control of its forthcoming cryptocurrency to outside backers, a move meant to encourage trust in the digital payment system and reassure financial regulators.

US CFTC Chairman J. Christopher Giancarlo says that blockchain technology would have allowed for a "far faster, better-informed, and more calibrated regulatory intervention" in response to the 2008 financial crisis

Ripple, the company behind settlement-oriented crypto asset XRP, is promising a higher degree of accuracy for XRP volumes and sales.

"Central banks cannot operate retail digital currencies. Who do you call when you forgot your password? But narrow banks are the ideal institutions to provide the retail-facing end of digital currencies. The sooner the better. Unless we can persuade the Treasury to offer reserves first and take this all away from the Fed."

The Malaysian Securities Commission has ordered 19 crypto trading platforms to cease operations in the country and return funds and assets to investors, effective June 1.

Malaysia's securities commission has begun registering cryptocurrency exchanges after it started regulating the crypto space earlier this year. The first three crypto trading platform operators have been conditionally approved and given nine months to comply with registration requirements.

The Ernst Young FinTech Index, which has been going since 2015, is back for its 2019 edition. The publication interviews more than 27,000 consumers in 27 markets to take the pulse on where fintech is at. Unsurprisingly, the sector is thriving, or in EY's words, innovation has now 'become the new normal.'

Last week the "foundation" behind Kik, the company that raised almost $100m in an ICO in 2017 for the "Kin" token, set up a new website: defendcrypto.org to raise money to "take on" the SEC in court, by fighting against the idea that Kin tokens constitute securities, and arguing instead that they function as a currency.

The SEC is not claiming fraud, or even misrepresentation, on the part of Kik - they are only claiming that Kik made and sold an unlicensed offering of securities in the US.

Chinese cryptocurrency exchanges facilitate 60% of all stablecoin tether trading globally to Diar. Chinese exchanges in 2019 thus far account for over $10 billion in USDT trading. The US accounts for only $450 million of USDT traded.

The Marshall Islands today announced the establishment of the SOV Development Fund, a not-for-profit organization set up to support the government in the establishment, maintenance and implementation of the SOV digital legal tender.

IOSCO suggests that any crypto assets considered securities should follow the same regulatory principles as conventional securities but does not provide guidance on how to define crypto assets as securities in the first place.

The U.S. SEC is suing Kik for allegedly running an unregistered securities sale when it launched an initial coin offering for its kin token in 2017. In a filing submitted June 4 in the Southern District of New York, the SEC said Kik violated Section 5 of the Securities Act of 1933, which requires offerings to be registered.

Bitcoin price fell below $8000 for the first time in over a week on June 4 after several huge transactions appeared to move markets artificially.