befla

Some of the most consequential financial rules begin with surprisingly little text. For example, on page 36 of the European Commission’s current MiCA review, item 66 asks whether Europe’s treatment of staking is adequate and, if it isn’t, what requirements should apply to companies providing staking services. The question is brief, but the consequences wouldn’t … Read more

The Bank of Russia has proposed a 1% crypto capital cap, limiting covered crypto and foreign-digital-instrument risk to a bank’s own funds while leaving some client custody positions outside the new calculation. The Sept. 18 proposal would create N31 for individual credit institutions and N32 for banking groups on a consolidated basis. Each ratio compares … Read more

Washington came surprisingly close this week to writing a dollar amount into one of its thorniest crypto ethics rule debates. Under the final Senate draft of the CLARITY Act, senior federal officials holding equity worth at least $15,000 in certain businesses that issue or sponsor digital assets would have had to sell that interest or … Read more

Brazil’s central bank will bar virtual assets, including stablecoins, from settling one specific type of international payment flow starting Oct. 1. Resolution 561 targets the settlement leg between regulated foreign-exchange providers and their overseas counterparties, requiring that leg to run through a licensed FX transaction or a qualifying non-resident real account. Individual international transfers using … Read more

The UK Financial Conduct Authority says overseas crypto providers can fall inside the country’s incoming authorization regime when they serve British consumers, even when the business is established abroad. A “UK consumer” for this purpose means an individual in the UK acting outside a trade, business or profession. The definition is a statutory territorial concept … Read more