In today’s FinTech news, Revolut waits on a United Kingdom bank license, as well as one in the United States. Plus, new rules in India pull the plug on recurring card charges, forcing Apple and others to change payments.
Revolut CEO and Co-Founder Nikolay Storonsky has a banking license in 10 European Union markets, but the U.K. is still a holdout. The London-headquartered FinTech valued at $33 billion is facing additional concerns from regulators about its approach to cryptocurrency and getting answers is complicated by the Russia-Ukraine war.
Rules that affect recurring debit and credit charges passed last year by the Reserve Bank of India (RBI) are now being enforced, changing payments for the Apple App store. Customers in India now have to pre-fund their Apple ID balance to purchase apps, media or subscriptions through Apple using UPI, Netbanking or a credit card issued from a bank outside of India. Netflix, YouTube, Google and others are also affected by the changes.
The Securities and Exchange Commission (SEC) hit NVIDIA Corporation with a $5.5 million penalty and a cease-and-desist order for allegedly failing to disclose the impact of cryptocurrency mining on its gaming business. The company is agreeing to the order without admitting or denying wrongdoing.
Sen. Pat Toomey of Pennsylvania said “bad things will happen” to people’s investments if a framework for stablecoin regulation isn’t instituted soon. Regulation is needed immediately for the $180 billion stablecoin market. Toomey, the ranking member of the Senate Banking Committee, introduced the Stablecoin TRUST Act last month outlining a stablecoin framework.
The EU is close to adopting new rules for crypto assets — the MiCA (Markets in Crypto Assets) regulation — but may update the text to include non-fungible tokens (NFTs) since they currently fall outside the scope of the directive.