The serious, long-term negative impact of the bankruptcy of banking-as-a-service (BaaS) fintech Synapse will be significant “on all of fintech, especially consumer-facing services,” one observer has said. In the wake of that company’s collapse, other startups in the space are working hard to prove that not all BaaS are created equal. As partners to fintechs, […]
Vitesse, a payments and treasury management platform for insurers, raises $93M to fuel US expansion
U.K. fintech Vitesse has closed a $ 93 million Series C round of funding led by investment giant KKR. KKR said it’s making the investment through its Next Generation Technology Growth Fund III, a $ 3 billion fund it closed last year. Founded out of London in 2013, Vitesse is the handiwork of Paul Townsend […]
South African Treasury on Crypto Regulations: Amendments to Relevant Laws to Be Finalized in 2022
The South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. Aligning Local Laws With FATF Standards The South African Treasury has said it expects the proposals to include crypto asset service providers […]
Puerto Rican Treasury Department Aims to Tax NFT Sales
The Treasury Department of Puerto Rico has published a working document that amends the current “Sales and Usage Tax” to include NFT sales. While this proposal has yet to be approved, experts believe the inclusion of NFTs in this reform brings validation to the asset class, but also that the application of this regulation presents […]
US Treasury Secretary Yellen Says She’s Undecided Whether the Fed Should Issue Digital Currency
The U.S. Treasury Secretary Janet Yellen says that she has not made up her mind about whether the Fed should issue a central bank digital currency (CBDC). “There are some benefits” to a digital dollar, Yellen said, but noted that “there are also meaningful costs.” Janet Yellen Has Not Decided Whether the Fed Should Develop […]