New European Law Limits Unverified Crypto Users to €1000 Transactions
European lawmakers have approved new measures against money laundering and terrorist financing that include rules targeting crypto users with unverified identities. Although the legislation is not exclusively aimed at the crypto industry, it will impact the anonymous holding and transacting of digital assets. The move comes as the European government is still developing its regulatory approach to cryptocurrency.
Japan's Mitsubishi UFJ Bank Works on Interoperability for Yen Stablecoin
The biggest bank in Japan, Mitsubishi UFJ Financial Group, is collaborating with Solamitsu and Datachain to create a stablecoin named Progmat Coin, backed by the yen, that is interoperable. The purpose is to facilitate easy mutual transfer and exchange between various domestic stablecoins, resulting in faster settlement times and decreased fees.
Federal Reserve Bank President Warns: Banking Crisis Bringing US Economy Closer to Recession
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has cautioned that the ongoing banking crisis is edging the US economy nearer to a recession. Kashkari stressed that the banking system is grappling with fundamental and regulatory challenges, which could lead to a widespread credit crunch. He acknowledged that it is uncertain how severely the economy will be impacted by the banking stresses.
Five Major Banks in France Raided by Authorities Over Accusations of Money Laundering and Fiscal Fraud
Officials in France have raided five prominent banks, namely Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, on suspicion of fiscal fraud and money laundering. The investigation into the banks, which include four French institutions and one international bank, began in late 2021, according to a representative of the country's Financial Prosecutor's Office.
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