Licence Financial News

South Africa’s Financial Sector Conduct Authority (FSCA) confirmed Monday that it has, to date, granted crypto license to 75 institutions.

Singapore regulators have granted a Major Payment Institution (MPI) license to crypto market maker GSR Markets, establishing the company as among the initial recipients of such authorization within its sector.

The deadline for virtual asset trading platform (VATP) crypto license applications in Hong Kong has passed , with the number of applicants reaching 24, a significantly lower figure than the 70 applicants seen in a similar scheme in Singapore.

Spain’s financial regulator has issued warnings to investors regarding 18 companies offering services in the country despite facing registration issues.

OKX, one of the world's largest cryptocurrency exchanges, has been granted a regulatory licence in Dubai that will allow it to offer crypto services to retail clients, the company said on Tuesday. Dubai's Virtual Assets Regulatory Authority (VARA) has awarded OKX Middle East a Virtual Asset Service Provider (VASP) licence for exchange services. When operational, it will enable OKX to provide spot services and spot-pairs services to qualified retail clients, as well as institutional customers. The United Arab Emirates is pushing to become a global hub for the crypto industry. VARA was formed in March 2022 to regulate the emerging virtual asset sector in Dubai. «We are looking at this as a game changer because we are able now to target both retail and institutional clients in the UAE and allow them to deposit and withdraw in their local currency,» Rifad Mahasneh, OKX General Manager for the MENA region, told Reuters.

FCRA licence of Centre for Policy Research, a leading non-governmental organisation, for alleged violation of rules, ET has learnt. CPR's Foreign Contribution Registration Act licence was suspended eleven months ago. The cancellation order was issued last Wednesday after long deliberations, an official told ET. When contacted, a senior functionary at CPR said it had received the cancellation order.

Amnesty International India Pvt Ltd (AIIPL), its former executive director Aakar Patel, and six other individuals and entities before a special court, people in the know said. The agency — which had booked the human rights NGO and the rest of the accused for alleged Foreign Contribution Regulation Act (FCRA) violations by committing irregularities in foreign funding in 2019 — has completed its probe in the case, it is reliably learnt. In July this year, the CBI had given an assurance to the special court that it would file its «final report» by October.

payment aggregator licences on Tuesday. The likes of Razorpay, Cashfree, Open Financial Technologies, Enkash, and Google Pay all made it to the list. While recognition from the central bank is always a big deal for startups, for Cashfree and Razorpay it meant finally getting back to business. For a year or so, these startups were barred from onboarding new merchants by the central bank.

Grihum Housing Finance, formerly known as Poonawalla Housing Finance, has applied to the Insurance Regulatory and Development Authority of India for a corporate agency licence, which will help diversify product offerings and earn fee income. The company expects to receive the licence by March.

Binance has withdrawn an application for an Abu Dhabi licence, the latest sign that the giant crypto exchange is reassessing its global structure as regulatory pressures mount. The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi's financial regulator, a spokesperson for Binance said on Thursday.

RBI on Thursday cancelled the licence of Urban Co-operative Bank Limited, Sitapur, Uttar Pradesh as the lender does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with effect from the close of business on Thursday (December 07, 2023), the central bank said in a statement.

Reserve Bank of India (RBI), Monday cancelled the licence of Kolhapur-based Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji and asked the bank not to carry on any banking business, with effect from the close of business on December 4, 2023. “Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect, the Reserve Bank said.

My father has been approached by several public sector undertakings (PSUs) for leasing the property that he owns in New Mumbai. How is leasing different from that of a leave and licence agreement? Additionally, is it necessary to register these documents with the PSU? 

Supreme Court on Wednesday directed the Central government to review by January 17 the legal question of whether a person holding a driving licence for a light motor vehicle is entitled to legally drive a transport vehicle of a particular weight. A five-judge constitution bench headed by Chief Justice D Y Chandrachud noted that the exercise for amendment would require consultation with multiple stakeholders which will take time.

Wint Wealth Group has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in Chandigarh-based non-banking finance corporation (NBFC) Ambium Finserve. The NBFC has already started wholesale lending operations under the brand name Wint Capital. The primary focus of Wint Capital will be lending to growth-stage NBFCs for onward lending in their business lines.

Commerzbank AG has received a crypto custody licence, providing more evidence that European banks are growing warmer toward the asset class. The license will allow the bank to “build up a broad range of digital asset services, with particular emphasis on crypto assets,” the Frankfurt-based bank said in a statement on Wednesday. It’s the “first German full-service bank” to get the license, it said. The move shows how Europe’s lenders are carefully entering the crypto market after initially shying away from the asset class given the associated risks and potential for money laundering. The push comes during a recovery in the price for Bitcoin, the best-known cryptocurrency, following a slump that ensued last year when a string of high-profile businesses collapsed and fraud scandals hit the industry. Other banks are making similar moves which they say reflect client demand. In July, Societe Generale SA’s blockchain unit received the first license issued under France’s new crypto rules. Earlier this month, German cooperative lender DZ Bank AG said it has started a platform for the custody of digital assets. Unlike other European countries, Germany requires banks to get a formal expansion of their existing licenses if they want to provide crypto services including custody. That requirement means the country’s crypto applications afford European banking regulators some transparency into the market.

Germany introduced a new licensing regime for crypto services in 2020 along with an amendment to the EU's Money Laundering Directive, in order to encourage regulated firms to enter the crypto market.Commerzbank first applied for a licence in April 2022. German rival Deutsche Bank followed suit in June this year.Commerzbank has yet to release details of the technology stack for the venture, but says that it aims "to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology".The initiative reognises the de-thawing of banking interest in the market following the recent 'crypto-winter'.

On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Monetary Authority of Singapore (<dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>MAS) for a Major Payment Institution (MPI) licence, marking a pivotal step in the firm's journey to fortify its digital asset venture in the region. This provisional approval allows Upbit Singapore to persist in rendering regulated Digital Payment Token services in alignment with the Payment Services Act 2019, while awaiting the issuance of the full license.

₹10,952 crore, as against ₹10,838 crore in the previous fiscal. Its loans and advances were at ₹6,711 crore in FY21, up from 6,654 crore in FY20, as per information available on its website."Exciting news! Mint is now on WhatsApp Channels

Supreme Court's ruling to treat licence fees as a capital expenditure that could potentially prompt authorities to raise hefty retrospective demands, including penalties on operators for tax payment shortfalls of past periods. Kotak Institutional Equities estimates Bharti Airtel could face a potential tax demand (excluding penalties) of Rs 6,000 crore for 2020-23, while Reliance Jio could be stung by a Rs 8,400-crore tax demand (without penalties) for 2017-2023. Analysts expect the final tax demands to be higher. Amortisation benefits This is after factoring in potential penalties for short payment of taxes for prior periods. While there could be an initial financial impact, sector experts expect that burden to even out over the licence period, with the tax outgo for telcos likely to decline in later years once amortisation benefits accumulate.

₹8,000 crore of additional tax liabilities against the sector's estimated ₹3 lakh crore adjusted gross revenue (AGR) in FY24. Her expects the sector to have clsoe to ₹24,000 crore payout overall.