The greatest commodity in the world right now is information, data collection, and you. These are all considered assets.
It is worth more than gold, silver, and diamonds.
Much of what you are witnessing is akin to a gold rush to control those assets. Entities are fighting over… pic.twitter.com/5XsJPke6dO
— 🔥 Madam Punisher 🔥 #ITR 🔥 🇺🇸 (@ElizabethPDove) August 21, 2023
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The DOJ has accused UBS of knowingly providing false and deceptive information to those purchasing the securities, despite possessing assets worth almost $4 trillion.
According to the government, UBS knew that many of the securitized loans were unsupported, despite their representations to the contrary.
The bank issued these loans anyway, even though they were aware that they did not comply with loan underwriting guidelines.
The Department of Justice states that UBS conducted extensive due diligence before issuing these loans. Associate
Attorney General Vanita Gupta stated that the department is committed to holding accountable those who break the law and undermine the well-being of American families, as evidenced by this settlement.
According to the government, UBS knew that many of the securitized loans were unsupported, despite their representations to the contrary.
The bank issued these loans anyway, even though they were aware that they did not comply with loan underwriting guidelines.
The Department of Justice states that UBS conducted extensive due diligence before issuing these loans. Associate
Attorney General Vanita Gupta stated that the department is committed to holding accountable those who break the law and undermine the well-being of American families, as evidenced by this settlement.
PayPal will temporarily halt crypto purchases in the United Kingdom starting from Oct. 1, 2023, expecting to reenable the service in early 2024. 😏😏😏
Cryptocurrency-friendly payments platform PayPal is making some crypto adjustments on its platform in the United Kingdom to comply with local financial regulations.
PayPal is temporarily pausing the ability for its U.K. customers to buy cryptocurrencies like Bitcoin (BTC) as it works to comply with new regulations, the firm told Cointelegraph on Aug. 16.
The news comes as the U.K. government prepares to implement the “Travel Rule,” major Know-Your-Customer and Anti-Money Laundering regulations developed by the Financial Action Task Force (FATF). Starting from Sept. 1, 2023, all crypto firms registered with the FCA will need to comply with the Travel Rule.
Interesting story…things that make you hmmm. 🤔🤔🤔
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted financial services permission to virtual asset firm M2 to operate a multilateral trading facility from the United Arab Emirates capital.
In an Aug. 16 announcement, the Abu Dhabi-headquartered M2 said the regulatory approval would allow institutional and retail clients in the UAE to “buy, sell and custody virtual assets,”
The M2 platform, which is scheduled to launch later in 2023, has been developed over the past year with a long-term vision to establish “the highest levels of trust, security and integrity in the emerging virtual asset class,” the announcement said.
Once live, the M2 platform will also allow UAE users to buy cryptocurrencies using fiat money, as well as access to derivatives and yield services.
“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets,” said Stefan Kimmel, the CEO of M2.🥳🥳🥳
Remember Nick talking about M2?
Two private banks in Uzbekistan — Kapital Bank and Ravnaq Bank — acquired approval from the National Agency for Perspective Projects (NAPP) to participate in the digital sandbox of crypto regulation. The banks will issue plastic crypto cards powered by Mastercard.
On August 14, the NAPP reported the approval for Ravnaq Bank to participate in its pilot. Earlier, in May 2023, the Agency confirmed that Kapital Bank would issue its crypto card as well.
According to the release, the Uzbeki crypto card will be called UzNEX, which will integrate a bank account with access to a crypto exchange and automated exchange mechanism.
The current deadline for final customer rollouts of both banks’ crypto cards is the end of December 2023. Kapital Bank and Ravnaq remain two of the three registered participants in the national digital sandbox.
From 2023, the government of Uzbekistan has restricted the provision of crypto services to licensed cryptocurrency firms. The first licenses were granted to local crypto firms in November 2022. Before that, Uzbekistan restricted access to a number of large international crypto exchanges, including Binance, FTX and Houbi due to accusations of unlicensed activity.
The country’s regulatory approach to crypto was initiated by a presidential decree in 2022 when the NAPP was launched to oversee the digital assets industry.
The decree also provided comprehensive legal details related to cryptocurrency mining operations in Uzbekistan.
Things are sure getting interesting in the banking and crypto world, as more comes out about linking the two. 🔥🔥
Households across China have been thrown into panic over the past week. The company building their flats, Country Garden, missed $22.5m in coupon payments on August 6th. 🔥🔥🔥
Now the firm, one of the world’s largest homebuilders, has until early September to make the payments or follow hundreds of other developers into default and restructuring. Trading in its bonds, which are worth just pennies on the dollar, was halted on August 14th. 🤣🤣🤣
The firm’s debts are smaller than those of Evergrande, a big, heavily indebted company that defaulted in 2021. But at the start of the year Country Garden was building four times more homes than Evergrande was before it defaulted.
Country Garden’s biggest creditors are not banks or bond holders, but folk who have paid for homes upfront. Some 668bn yuan, or about half the firm’s liabilities, were put up by homebuyers. Last year thousands stopped paying their mortgages in protest at years-long delays in delivering homes. There is now the threat of much broader protests across the 300 cities in which Country Garden builds.
Country Garden almost certainly has the $22.5m it needed to cover payments this month. By not paying up, its bosses are signalling a desire to eventually restructure its debts—perhaps betting that the firm is too big to fail.
This puts the central government in an excruciating position. Letting Country Garden fail could lead to wider panic, more economic pain and potentially more defaults, risking contagion and social unrest.
I pray for our China brothers and sisters but I bid a farewell to Country Garden! Another one bites the dust 💥
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