Latest News
Compliance Corner: Court Reverses Licence Ban On Lithuanian Fintech
Latest Compliance News: Regulatory Developments, Sanctions, Guidance, Permissions, and New Product and Service Offerings
ABC Projektai, CJEU, Lithuania
The Court of Justice of the European Union (CJEU) has ruled that ABC Projektai, an online payments firm based in Lithuania, can regain its banking license, which was previously revoked by the Bank of Lithuania.
Previously known as Bruc Bond UAB, ABC Projektai had its banking license revoked in April 2020 due to allegations of holding customer funds longer than necessary for online transactions.
The Supreme Administrative Court of Lithuania (SACL) accepted the company’s appeal. The ruling recognized ABC Projektai’s compliance efforts and adherence to regulations, according to a statement from the company last week.
Starting 1 July 2024, the fintech firm will be able to operate under a full banking license once again.
This case highlights the rare instance where a regulatory decision to ban a financial entity is later overturned by a higher legal authority.
“The court, in agreement with the Court of Justice of the European Union (CJEU), found that the primary allegation against ABC Projektai—exceeding the limits of its payment institution license—was unfounded,” the firm stated.
“This complete vindication is a significant relief as it validates our operational practices and unwavering commitment to regulatory compliance,” a spokesperson for ABC Projektai commented.
The court deemed the initial penalty of permanent revocation excessively harsh and disproportionate under the given circumstances. It also confirmed that there was no evidence of intentional wrongdoing by ABC Projektai.
ABC Projektai noted that it received support from other EU member states, including Germany, Poland, and the Czech Republic, as well as the European Commission.
Source: wealthbriefingasia.com
The post Compliance Corner: Court Reverses Licence Ban On Lithuanian Fintech appeared first on HIPTHER Alerts.
Latest News
Zand to Leverage Taurus for Digital Asset Management
Zand Bank’s recent partnership with Taurus marks a significant step in its journey to integrate digital asset management into its offerings. This collaboration will enable Zand Bank to provide cutting-edge digital asset services to its customers, enhancing its position in the financial industry.
Taurus Partnership Details
Taurus, known for its expertise in digital asset infrastructure, will support Zand Bank in offering a range of services, including secure custody, tokenization, and trading of digital assets. This partnership leverages Taurus’s technology to provide a seamless and secure digital asset management experience.
Benefits for Zand Bank Customers
Customers of Zand Bank can look forward to enhanced services, including the ability to securely store and trade digital assets. The partnership also opens up opportunities for asset tokenization, providing customers with new ways to invest and manage their assets.
Impact on the Financial Sector
The collaboration between Zand Bank and Taurus is part of a broader trend of traditional financial institutions embracing digital assets. This shift is expected to drive innovation and competition in the financial sector, leading to better services and lower costs for consumers.
Future Prospects
As Zand Bank continues to integrate digital asset services, it will focus on maintaining high standards of security and compliance. This approach is essential for gaining customer trust and ensuring the long-term success of its digital asset initiatives.
Source of the news: Cryptopolitan
The post Zand to Leverage Taurus for Digital Asset Management appeared first on HIPTHER Alerts.
Latest News
KuCard Expands to Support Multiple Virtual and Physical Cards, Enhancing User Convenience and Accessibility
VICTORIA, Seychelles, July 5, 2024 /PRNewswire/ — KuCard, a Visa debit card by KuCoin, will support multiple virtual and physical cards starting from July 1st, 2024, enhancing convenience and accessibility for KuCard users. This exciting update allows users to manage multiple cards seamlessly, all eligible for its generous cashback program.
This strategic move greatly enhances KuCard holders’ financial flexibility and convenience, whether for personal use, managing family expenses, or maintaining separate cards for different spending categories. It enables seamless budgeting, improved expense tracking, and easier access to funds, all while enjoying the benefits of KuCard’s crypto-to-fiat conversion and cashback rewards.
To celebrate this milestone, KuCard is launching a limited-time offer ending on July 7th, allowing users to apply for a second virtual card for free or a second physical card for just EUR 9.99. This promotion is available on a first-come, first-served basis during the campaign period. It’s the perfect time to equip your family members with their own KuCard and collectively enjoy the benefits of Web3.
KuCard recently launched its ongoing cashback programs which offer up to 3% cashback on purchases for all cardholders, including multiple cardholders, with tiered rewards based on spending, providing users with even more value as they use their cards.
About KuCard
Launched in November 2023, KuCard is a Visa debit card that provides seamless crypto-to-fiat conversion. Compatible with both Google Pay and Apple Pay, it can be used anywhere Visa is accepted. KuCard simplifies financial transactions by automatically converting cryptocurrencies into local currency at the point of sale, ensuring the best possible exchange rate. Initially available in the European Economic Area (EEA), KuCard aims to foster wider adoption of blockchain technology by enabling users to use their cryptocurrency for everyday purchases, online shopping, and ATM withdrawals.
Logo – https://mma.prnewswire.com/media/2356857/KuCoin_Horizontal_Green_LOGO_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/kucard-expands-to-support-multiple-virtual-and-physical-cards-enhancing-user-convenience-and-accessibility-302189945.html
Latest News
Xinhua Silk Road: Forum held in SW China Yunnan’s Yuxi to deepen international cooperation on Chengjiang Biota
BEIJING, July 5, 2024 /PRNewswire/ — The “40th Anniversary, Discovery of Chengjiang Biota — International Palaeontological Forum” kicked off on July 2 in Chengjiang, Yuxi, Southwest China’s Yunnan Province, and will last to July 6.
This international forum aims to look back on the cooperation results in recent years, share experience, and look forward to the future. By leveraging the strengths of domestic and foreign research institutions, the forum seeks to deepen international cooperation in scientific research.
Experts and scholars from China, the United Kingdom, the United States, the Republic of Korea and Switzerland, have attended the forum. A total of 39 oral presentations and six academic posters will be presented to focus on domestic and foreign research achievements in life evolution in the early Cambrian Age.
Located on the shores of Fuxian Lake in the central part of Yunnan Province, the Chengjiang Biota is known as a “world-class treasure trove for fossils”. On July 1, 2012, the Chengjiang Biota was inscribed on the UNESCO World Heritage List, becoming China’s first and Asia’s only fossil world natural heritage site.
To date, more than 20 phyla and over 300 species of rare Cambrian fossils have been discovered in the Chengjiang Biota, with 80 percent of them being new species. The Chengjiang Fossil Site World Natural Heritage Museum now has a collection of over 60,000 specimens.
Original link: https://en.imsilkroad.com/p/340963.html
Photo – https://mma.prnewswire.com/media/2454820/image_1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/xinhua-silk-road-forum-held-in-sw-china-yunnans-yuxi-to-deepen-international-cooperation-on-chengjiang-biota-302189965.html
-
Latest News7 days ago
Network Security Market Set to Reach $58.42 Billion by 2031 Due to Emerging Threats | SkyQuest Technology
-
Latest News7 days ago
Frost Bank in Texas taps Finzly for instant payments
-
Latest News7 days ago
Sunarso Wins Best CEO as BRI Takes Home 11 Awards at FinanceAsia Awards 2024
-
Latest News9 hours ago
CapitaLand Investment launches research paper on ‘Asia Pacific Data Centre Investment Strategies in the Age of Digitalisation’
-
Latest News7 days ago
Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
-
Latest News22 hours ago
UK FINANCIAL MARKETS STEADY ON ELECTION DAY: CAXTON FX EXPERTS TO STAY VIGILANT
-
Latest News6 days ago
Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse
-
Latest News21 hours ago
CBN Tasks Fintechs on Regulations and Stakeholder Engagement