European Union
European Central Bank unveils an Instant Payment System
The European Central Bank (ECB) has unveiled an Instant Payment System which they claim it’s ‘Better’ than Blockchain.
The world is just recognizing the countless applications of blockchain technology, not to mention the speed, security and simplicity at which transactions can be completed, and Yves Mersch of Luxembourg has suggested he’s got something that can run circles around it. Mersch, an executive board member of the European Central Bank (ECB), told Bloomberg the organization is readying a new settlement system dubbed Target Instant Payment Settlement, or TIPS, for its November debut, which he suggests leaves blockchain in the dust.
TIPS (not to be confused with US Treasury Inflation Protected Securities) is a product of a knee-jerk reaction among policymakers and regulators to create something that competes with blockchain, with the purpose of offering real-time payment transactions to disrupt the disrupter, if you will, of distributed ledger technology and digital coins.
Mersch, in a separate Bloomberg article, is quoted as acknowledging the connection between what he described as the virtual and physical worlds, saying a “collapse” of the former could trigger a liquidity event in the latter. As a result, cryptocurrencies and the underlying blockchain have captured their attention.
Crypto Culture
Mersch touted the features of the new blockchain rival. “TIPS is 10 seconds, 0.2 cents. DLT transactions are at best 30 euros and take at least one hour,” he said, adding that the ECB is more result-driven than technology focused, which he alleges gives it an edge. Policymakers were more engaged than usual in the new technology, no doubt for the unexpected competition that blockchain has introduced.
But there are other alternatives to bitcoin, such as Ripple’s XRP for payments, not to mention the bitcoin-accelerating Lightning Network’s famous pizza transaction.
The fact that the supposed next iteration of a decentralized blockchain is being unveiled by a centralized bank will no doubt raise some eyebrows among participants in the cryptocurrency community. But it also shows the influence that blockchain is having on the establishment, with central bankers finally addressing payments and settlement, which till now has been a cumbersome and antiquated process that’s failed to keep up with the rest of technology.
For his part, Mersch admitted that TIPS is in the early stages, which only underscores blockchain’s headstart on the ECB, not to mention the high-tech and top financial talent who have been educated at Ivy League universities and worked at top Wall Street firms drawn to the crypto culture, including rising stars.
Meanwhile, cryptocurrencies are expected to be in focus at the forthcoming G20 meeting of monetary policymakers and finance ministers, which is to be held in Buenos Aires in March.
Sources: ccn.com and bloomberg.com
Compliance Updates
European Union Updates Country List for Stricter AML Checks
The European Commission, the executive branch of the European Union (EU), has updated its list of high-risk countries, from which players should be subjected to stricter customer checks by gambling operators.
Based on Directive (EU) 2015/849, Article 9, the Commission identifies any high-risk third countries that have strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism.
As such, operators based in the EU that are offering services to these countries or dealing with players from these nations are obliged to carry out heightened vigilance checks.
The list was first published in July 2016 and has been updated a number of times as further countries of concern are identified and flagged by the Commission.
The latest countries to be added to this list – in an update published last month – include Burkina Faso, the Cayman Islands, Haiti, Jordan, Malo, Morocco, Myanmar, the Philippines, Senegal and South Sudan.
Other nations included on the list include Afghanistan, Barbados, Cambodia, the Democratic People’s Republic of Korea, Iran, Jamaica, Myanmar, Nicaragua, Pakistan, Panama, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen and Zimbabwe.
Baltics
Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.
Looking to take your career to the next level in the games industry? Then, Nordic Game Talents is the place to be! Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.
From Oct 27-29, the online and interactive event is dedicated to recruitment and career building in the creative & games industry within the Nordic region. The event empowers participants to be part of a bigger community and motivates them to explore new paths in achieving their career goals.
Hiring creative & games studios – Supercell, Funcom, Panzerdog, Tactile Games, Gamecan, Fingersoft, Dazzle Rocks, Redhill Games to name a few from the Nordic region will be participating in the event. These studios will share information on their latest projects, work culture and what it takes to be part of their team. The individual games associations from Finland, Denmark, Sweden, Norway and Estonia will share insights through live sessions on the booming games industry in their respective countries. Career development topics pertinent to job seekers like – How to have a successful first interview, Creative Portfolio reviews will also be discussed.
Experienced game industry professionals and individuals beginning their careers from around the world are welcome to join the event. One-to-one interviews with the hiring studios can be scheduled through the event platform. A great opportunity to get to know the studios and network with game professionals from around the world.
Participating in the event
As a job seeker attending Nordic Game Talents, take a few minutes to fill out a simple registration form. After filling the registration form you will receive a link to the online event platform – PINE, to join the event on 27th October. Participants joining Nordic Game Talents will also receive a free-of-charge pass to the Nordic Game Conference.
To view the complete agenda, please click here and to learn more about the event please visit Games Job Fair
About Games Factory Talents
A Helsinki-based talent attraction agency dedicated to the games & creative industry. Our services include direct recruitment, organizing game job fairs and managing a community of game industry professionals through our GameDev Talent Board.
To learn more about Games Factory Talents visit – Games Factory Talents
European Union
EC Rejects Call to Reform Expert Group on Gambling
The European Commission (EC) has stated that will not support the re-establishment of an “Expert Group on Online Gambling” – a cross member state collaborative body supported by 14 regulatory agencies.
Dutch gambling regulator Kansspelautoriteit (KSA) published the EC’s response to a letter sent by KSA Chairman Rene Jansen on behalf of European regulators requesting to reinstate the group which had been decommissioned in 2018.
Regulators backed the reinstatement of an Expert Group to exchange knowledge and best practices with regards to governing gambling and protecting national consumers from risks and harms.
Jansen’s letter further stated that regulatory cooperation was required to secure greater oversight on technical requirements and to better evaluate the legislative outcomes of member-states governing their regulated gambling marketplaces.
“The work of the Expert Group was particularly successful. We achieved results that benefited consumers, national authorities and the gambling sector and the active participation in the group also demonstrated that member states are well equipped and willing to achieve positive outcomes together. And we still believe this to be the case,” Jansen said.
Issuing a response, the office of European Commissioner Thierry Breton referred to the EC’s original verdict to decommission the group taken in December 2017.
The expert group was deemed as no longer viable following the European Court of Justice (ECJ) arbitrating 30 cases related to gambling, in which all casework stated that national regulations superseded EU rules.
The EC underscored that gambling laws and standards would be maintained as the domain of the individual member state – which can choose to apply its legislative preferences to taxation, the licensing of market incumbents, industry standards and how a member state should protect its national consumers from harms.
The Commission can only intervene on member-states gambling laws if they are deemed to have breached the wider EU policies on market competition, fair business policies and state aid rules.
Replying to Jansen’s concerns, the EC responded that gambling regulators had the support of individual policy units carrying comprehensive oversight on “anti-money laundering (DG FISMA), consumer and youth protection (DG JUST), the prevention of addiction (DG SANTE) or issues of taxation (DG TAXUD)”.
“At this stage, our Directorate General does not intend to reverse this decision and to reinstate the Expert Group on Gambling Services under its responsibility,” the EC letter concluded.
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