European Banking Authority

I think what is interesting in the wake of this Google Cloud one is that financial regulators in the UK and in the European Union, so for example, the Bank of England, They've taken a big interest in this, primarily because, you know, millions of people were left without access to their financial service providers.

The European Banking Authority has been in contact with them.

The Bank of England also has been in touch, as well as the Financial Conduct Authority.

So, you know, when these things do happen, there are questions to be answered.

Reuters reports that millions of customers lost access to the key financial services for hours during the disruption.

The European Banking Authority is assessing the implications while Britain's Treasury The committee has sought information about the scale of disruption and potential harm.

A loss of access does not itself establish the customer deposit were lost.

The immediate question concern operational resilience, what failed, how service was restored, and how institutions can reduce the impact of another interruption.

Reuters reports that millions of customers lost access to the key financial services for hours during Tuesday's disruption.

The European Banking Authority is assessing the implications while Britain's Treasury committee has sought information about the scale of disruption and potential harm.

A loss of access does not itself establish the customer deposit or loss.

The immediate question concern operational resilience, what failed, how service was restored and how institutions can reduce the impact of another interruption.

What happened this month?

Yeah, so both the European Banking Authority and the European Securities and Markets Authority responded to the European Commission's consultation on the review of MECA.

What's interesting is that neither regulator is calling for a complete overhaul.

Instead, they're identifying areas where the framework could be strengthened based on practical experience.

So USDC, the EBA picked USDC out of 45 notified e-money tokens and takes over supervision of its reserves, liquidity, its own funds and redemption plans from France's ECPR on the 12th of November.

So that's the European Banking Authority.

It's also signed an MOU with the New York's DFS, which oversees Circle's New York regulated operations.

Ooh, for the regulatory nerds, that's interesting, isn't it? And then regarding PayWords' saldo acquisition, today, obviously, they are an e-money license from the Central Bank of Ireland, which is like MTL for the United States Money Transmission.

It seems he hasn't even sought a European license for this very reason.

The European Banking Authority, for its part, seems to want to further strengthen the rules, especially when it comes to collaborations with non-European countries.

Now, the ball is in the European Commission's court, which has just closed its consultations.

We'll see if this breath of change leads to new laws or if everything stays as it is, much to the relief of those who love to complicate their lives.

Building on this theme, today we focus on a groundbreaking development in the European Union's regulatory landscape.

The European Banking Authority, or EBA, has classified USDC as the EU's first significant e-money token under the Markets in Crypto Assets Regulation, known as MiCA.

Let's get more insights from MITTH.

This is a major step for digital finance in the EU.