The project is collaborating with banks, central banks, enterprises, and even governments.
It is easily the best-connected asset of the crypto industry, and as such, it continues to push adoption.
Mass adoption has been a long-term goal of the crypto industry ever since Bitcoin trading began, some 12 years ago. However, it would appear that another cryptocurrency managed to get ahead of BTC when it comes to being adopted by firms, banks, and governments Quant (QNT).
Quant becomes the world’s most adopted coin
Quant has recently attracted quite a bit of attention after announcing on its Twitter that it has already integrated with a number of central banks, enterprises, and even governments. The project noted that even Europe’s leading payment provider, SIA, also adopted the coin. As a result, the token is now connected to hundreds of banks on the continent.
Brexit
Please see the other sections for product-specific updates relating to Brexit.
Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.
FCA and PRA on passporting in and out of Gibraltar after the transition period
On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics f
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Recent regulatory developments focussed on the payments sector. See also our General Regulatory News of broad relevance in the Related Materials links.
Contents
Proposed new special administration regime for PIs and EMIs: summary of draft rules
COVID-19: Pay.UK report on current account switching behaviours
On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours in the UK.
The report finds that current account switching in 2020 was 30% lower compared to previous years. It explores the mechanisms that have driven these changes, including the pandemic and wider changes to the financial services market.
New Service by Revolut Provides Anti-Fraud Feature in Partnership with Modulr
Digital bank
Revolut has announced a new service: Confirmation of Payee – available to over 3 million UK customers. The feature is part of Pay.UK’s anti-fraud initiative, according to a release. The feature has been enabled by its payments partner Modulr, one of the few non-banks to have direct access to the Bank of England payments infrastructure.
Confirmation of Payee provides improved confidence that payments are going to the right recipient whenever they pay a business or personal account. The new feature automatically checks that the recipient’s name and verifies that account details match the information held by the recipient’s bank or payment service provider. If something is amiss, an alert is forwarded to the payer.