Today the U.K. Prime Minister announced his resignation, and this decision may delay the adoption of new regulation on crypto assets and Buy Now Pay Later sector. In addition to Boris Johnson, more than 40 high-ranked officials have resigned, leaving important key positions at government departments empty. The new presidency of the EU Council outlined the new program for the next 6 months, prioritizing legislation on artificial intelligence, subsidies for chip manufacturers and digital identity.
UK’s Boris Johnson Resignation May Delay Crypto, BNPL Legislation
The resignation of Boris Johnson as leader of the Tory party and Prime Minister in the U.K. may lead to a reshuffle of the cabinet and the need to fill key important positions in the government and other departments like the Treasury, which would risk affecting the adoption of new rules and legislation.
This is the case for the government’s plans to adopt crypto regulation, in particular stablecoin regulation, and a proposal to adopt new rules to regulate the Buy Now, Pay Later (BNPL) sector.
Fed, FinCEN, OCC Urge Banks to Improve Customer Due Diligence, Avoid De-Risking
Bank regulators on Wednesday, July 6, issued a joint statement urging banks to properly assess customer relationships and conduct customer due diligence (CDD) to ensure that customers engaged in lawful activities have access to financial services. In other words, to avoid de-risking practices.
The agencies reminded banks that they must apply a risk-based approach to CDD, including when developing the risk profiles of their customers.
New EU Council President Prioritizes AI, Chips, Digital Identity Legislation
On July 1, the Czech Republic took over the presidency of the Council of the European Union from France — and for the next six months, it will set the priorities for the EU’s political agenda.
Unlike the French presidency, which focused on legislation that sought to control non-European companies operating in the EU like Big Tech firms and crypto asset providers, the Czech Republic will focus on new legislation that will make sure that EU companies have access to strategic raw materials and components and can operate on secure IT supply chains, and that the whole EU accelerates the digitalization and automation of its industry.
BoE: Digital Pounds Likely to Be Managed Through Accounts
Bank of England (BoE) Deputy Governor Jon Cunliffe said Wednesday (July 6) during a panel discussion that any proposed digital pound would likely be managed through some sort of account rather than working like cash or banknotes, Bloomberg reported.
“I think it’s very unlikely that any of us would issue a retail CBDC as a bearer instrument,” Cunliffe said, per the report. “It would probably be some form of account-based instrument.”
China’s Data Export Rules Will Come Into Effect in September
China’s cyberspace regulator said on Thursday, July 7, that new rules requiring data exports to undergo security reviews would enter into force on September 1. The details of a new compulsory security review to be carried out by the Cyberspace Administration of China were published on Thursday, the regulator said in a statement on its official WeChat account.
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