In today’s FinTech news, Revolut is awaiting a banking license in the UK, as well as one in the US. Additionally, new rules in India scrap recurring card fees, forcing Apple and others to change payments.
Lack of UK banking license thwarts Revolut’s super app ambition
Revolut CEO and co-founder Nikolay Storonsky has a banking license in 10 European Union markets, but the UK remains an obstacle. The London-based FinTech, valued at $33 billion, is facing additional concerns from regulators over its approach to cryptocurrency and getting answers is complicated by the Russia-Ukraine war.
RBI rules enforced prevent Apple’s App Store from taking cards
Rules that affect recurring debit and credit charges passed last year by the Reserve Bank of India (RBI) are now in effect, changing payments for Apple’s App Store. Indian customers must now pre-fund their Apple ID balance to purchase apps, media or subscriptions through Apple using UPI, Netbanking or a credit card issued by a bank outside India. Netflix, YouTube, Google and others are also affected by the changes.
SEC: NVIDIA did not disclose the impact of cryptocurrency mining on gaming activities
The Securities and Exchange Commission (SEC) fined NVIDIA Corporation $5.5 million and a cease and desist order for allegedly failing to disclose the impact of cryptocurrency mining on its gaming activity. The company accepts the order without admitting or denying wrongdoing.
Senator Toomey Sounds the Alarm for Stablecoin Regulation
Senator Pat Toomey of Pennsylvania has said that “bad things will happen” to people’s investments if a stablecoin regulatory framework is not instituted soon. Regulation is needed immediately for the $180 billion stablecoin market. Toomey, the senior member of the Senate Banking Committee, last month introduced the Stablecoin TRUST Act outlining a stablecoin framework.
EU may change crypto regulations to include NFTs
The EU is set to adopt new rules for crypto assets – the Markets in Crypto Assets (MiCA) regulation – but could update the text to include non-fungible tokens (NFTs) as they currently do not fall under of the scope of the directive.