Digital currencies and the software developed to track them have become attractive targets for cybercriminals while also creating a lucrative new market for computer-security firms. In less than a decade, hackers have stolen $1.2 billion worth of Bitcoin and rival currency Ether, according to Lex Sokolin, global director of fintech strategy at Autonomous Research LLP. Given the currencies’ explosive surge at the end of 2017, the cost in today’s money is much higher.
HSBC has agreed to pay just over $100m in penalties to settle a US Department of Justice probe into currency rigging. The payment comprises of $38.4m in restitution and a $63.1m fine, with the latter reflecting a 15pc reduction "in recognition of HSBC's cooperation during the investigation and its extensive remediation".
Switzerland has established a working group tasked with investigating the possibility of regulating blockchain technology and initial coin offerings (ICOs) in the country, as per a report by Reuters. The working group will be required to present a report to the government by the end of 2018.
While regulations continue to be top of mind for financial institutions, banks have another main concern: the innovations and progress being made by fintechs, according to a survey released by EY. Financial institutions need to be more aware of the effect fintechs—which provide “simpler, more convenient, more transparent” services, are having on the industry, EY stated in its Global Banking Outlook survey for 2018. In its Global Banking Outlook 2018 survey, EY assessed 221 financial institutions across 29 markets. According to the results, banks argue that innovation, not just regulation, is behind the wheel of progress.
For the first time in half a century, Sweden is seriously prepping its country for the possibility of war. Growing national anxiety over the threat of Russia has led the government to send out 4.7m information pamphlets to all households informing them of what to do in the event of war. "All of society needs to be prepared for conflict, not just the military. We haven't been using words such as total defence or high alert for 25-30 years or more. So the knowledge among citizens is very low", says the government.
George Soros has lamented that the European Union is on the verge of collapse while Russia is becoming “a resurgent nationalist power.” Hungarian-American tycoon George Soros, who runs the $26 billion Soros Fund Management and chairs the global board of the Open Society Foundations (OSF), made the remarks while speaking to the Financial Times.
South Korean policymakers joined the global chorus of virtual-coin critics on Thursday, saying Seoul is considering shutting down domestic virtual currency exchanges as the new breed of market exposes users to speculative frenzy and crime. The country’s tough stance comes as policymakers from the United States to Germany struggle to come up with stricter regulation against money laundering and other crimes.
Private messaging app Telegram is planning to gatecrash the cryptocurrency world with a blockbuster ten-figure initial coin offering. The company, which reaches more than 170 million monthly users, is looking to raise at least $1.2 billion from a token sale which would include a private sale set for February 2018 and public sale in March, as Business Insider reported.
Latest reports on the Canadian labour market outperformed expectations by the end of the year. The country's unemployment rate was at its lowest level in more than four decades, becoming the reason for the BoC to consider further rate increases more willingly.
Switzerland has banned crustacean cruelty, which means no boiling a lobster while it's alive. On Wednesday the Swiss government announced the ban of boiling live lobsters without stunning them first, swissinfo reported. By March 1, 2018, the government has ordained Swiss chefs will have to "stun" the crustaceans first before they drop them into the boiling hereafter. “Live crustaceans, including the lobster, may no longer be transported on ice or in ice water. Aquatic species must always be kept in their natural environment. Crustaceans must now be stunned before they are killed,” according to the new Swiss law.
The caspian week conference is a meeting point of visionaries, market leaders and experts with the f
The climate transition creates opportunities and risks, and financial institutions and corporations
Seit über 30 Jahren ist die ZfU International Business School Gastgeber für die angesehensten Inve
Over 150 Fintechs CEOs from all over the world will be in both panels & interviews and on this stage
From 2018 onwards, Switzerland’s financial fair will only be open to professional investors. This
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