The Bank of England publishes a report detailing a proposed stablecoin regulatory regime.
PayPal has gained approval from the FCA in the UK as a registered cryptocurrency firm.
At the end of October, PayPal gained official approval from the Financial Conduct Authority (FCA) in the UK, to offer certain crypto services. At first glance, this looks like a positive development if you happen to think crypto adoption is a positive thing. However, on looking at the details of the FCA’s position, it becomes less apparent whether PayPal is being granted meaningful permissions, or whether the permissions on offer serve only to define certain inherent restrictions.
On top of that, the Bank of England this week released proposals relating to the integration of stablecoin payments through a plan for regulation, which again, looks like a step towards crypto adoption, but with the caveat that terms and conditions apply.
This is all coming in the wake of suggestions earlier this year from British politicians (including the Prime Minister himself) that the UK should become a hub of crypto and web3 activity, and so it’s worth reflecting on what that is actually shaping up to look like so far.
What Does FCA Approval Mean for PayPal?
PayPal can now be found on the FCA’s list of registered cryptocurrency firms, meaning it’s compliant with anti-money laundering regulations, but is restricted from onboarding new crypto customers, and existing customers can only hold and sell crypto, while PayPal is unable to expand its crypto service offerings.
From the perspective of individuals looking to interact freely with crypto, this means that PayPal is a highly limited option, or indeed, not an option at all for new users, and that crypto-native decentralized applications remain the most viable solution.
PayPal and Crypto
In August this year, PayPal took what looked like a hugely significant step when it launched its own dollar-backed stablecoin, PayPal USD (PYUSD), which was fully backed, and appeared to mark the moment when crypto products started to be produced by traditional finance and payments companies.
In the same month, PayPal also announced that a new CEO was incoming, with Alex Chriss to take over the position from Dan Schulman, a change that became effective in September, and suggested the possibility of new directions for the platform.
However, PYUSD has subsequently run into potential complications in the US with–perhaps unsurprisingly, considering the agency's continuing hostility towards crypto–the SEC, which at the beginning of November issued a subpoena to PayPal requesting publicly unspecified documents.
Total stablecoin supply
Stablecoins in the UK
Returning to the UK, the Bank of England this week published a proposed regulatory regime which deals specifically with stablecoins and the systemic payments systems they enable. It’s focused on GBP-pegged stablecoins, and sets out its plans alongside a discussion paper from the FCA, and a letter from the Prudential Regulation Authority (PRA).
Critically, the Bank of England’s possible framework emphasizes the innovative nature of stablecoins and recognizes their utility, while making clear its position that,
“As a new form of privately issued money, issuers of stablecoins used in systemic payment systems should meet standards that are at least equivalent to those that apply to commercial banks.”
Additionally, points where the proposed regime is explicitly at odds with the decentralized and non-permissioned nature of crypto are made apparent when it's stated that,
“We recognise the benefits that new forms of ledgers can bring for payments. However, some existing stablecoin payment chains using public permissionless ledgers do not have centralised governance arrangements. In order to be used at systemic scale, any such payment system would have to assure us that a legal entity or natural person could be held accountable and responsible for end-to-end risk management in the payment system and compliance with regulation.”
What appears to be emerging, then, is formal permission for a new kind of money that takes on some characteristics of a CBDC–in that it is fiat-pegged, heavily regulated, and not decentralized–but which is privately issued.
Regulators Draw Distinctions
It seems that in both the UK and the US, a familiar routine is playing out that close followers of crypto will by now have become accustomed to. Even as crypto-native companies push on with development, traditional finance and payments companies move towards crypto integration, and while senior politicians (in some regions) express interest in crypto and web3, regulatory bodies and central banks emphasize the need for restrictions, and pivot away from money-like digital assets which are on public blockchains and that are truly decentralized.
However, while this may at times be frustrating for crypto advocates, it’s a far cry from just a few years ago, when crypto was dismissed by many as an unserious sector, and when regulation wasn’t discussed because it wasn’t expected to become a necessity.
By that measure, the current situation is a step forward, and the direction of movement remains towards the greater adoption and integration of crypto. However, as distinctions are drawn between centralized assets and public blockchains, it becomes apparent that certain core aspects of the crypto world–tokens exchanged without third parties on public networks–may by their nature always fall outside the bounds of closely-controlled oversight.
At the end of October, PayPal gained official approval from the Financial Conduct Authority (FCA) in the UK, to offer certain crypto services. At first glance, this looks like a positive development if you happen to think crypto adoption is a positive thing. However, on looking at the details of the FCA’s position, it becomes less apparent whether PayPal is being granted meaningful permissions, or whether the permissions on offer serve only to define certain inherent restrictions.
On top of that, the Bank of England this week released proposals relating to the integration of stablecoin payments through a plan for regulation, which again, looks like a step towards crypto adoption, but with the caveat that terms and conditions apply.
This is all coming in the wake of suggestions earlier this year from British politicians (including the Prime Minister himself) that the UK should become a hub of crypto and web3 activity, and so it’s worth reflecting on what that is actually shaping up to look like so far.
What Does FCA Approval Mean for PayPal?
PayPal can now be found on the FCA’s list of registered cryptocurrency firms, meaning it’s compliant with anti-money laundering regulations, but is restricted from onboarding new crypto customers, and existing customers can only hold and sell crypto, while PayPal is unable to expand its crypto service offerings.
From the perspective of individuals looking to interact freely with crypto, this means that PayPal is a highly limited option, or indeed, not an option at all for new users, and that crypto-native decentralized applications remain the most viable solution.
PayPal and Crypto
In August this year, PayPal took what looked like a hugely significant step when it launched its own dollar-backed stablecoin, PayPal USD (PYUSD), which was fully backed, and appeared to mark the moment when crypto products started to be produced by traditional finance and payments companies.
In the same month, PayPal also announced that a new CEO was incoming, with Alex Chriss to take over the position from Dan Schulman, a change that became effective in September, and suggested the possibility of new directions for the platform.
However, PYUSD has subsequently run into potential complications in the US with–perhaps unsurprisingly, considering the agency's continuing hostility towards crypto–the SEC, which at the beginning of November issued a subpoena to PayPal requesting publicly unspecified documents.
Total stablecoin supply
Stablecoins in the UK
Returning to the UK, the Bank of England this week published a proposed regulatory regime which deals specifically with stablecoins and the systemic payments systems they enable. It’s focused on GBP-pegged stablecoins, and sets out its plans alongside a discussion paper from the FCA, and a letter from the Prudential Regulation Authority (PRA).
Critically, the Bank of England’s possible framework emphasizes the innovative nature of stablecoins and recognizes their utility, while making clear its position that,
“As a new form of privately issued money, issuers of stablecoins used in systemic payment systems should meet standards that are at least equivalent to those that apply to commercial banks.”
Additionally, points where the proposed regime is explicitly at odds with the decentralized and non-permissioned nature of crypto are made apparent when it's stated that,
“We recognise the benefits that new forms of ledgers can bring for payments. However, some existing stablecoin payment chains using public permissionless ledgers do not have centralised governance arrangements. In order to be used at systemic scale, any such payment system would have to assure us that a legal entity or natural person could be held accountable and responsible for end-to-end risk management in the payment system and compliance with regulation.”
What appears to be emerging, then, is formal permission for a new kind of money that takes on some characteristics of a CBDC–in that it is fiat-pegged, heavily regulated, and not decentralized–but which is privately issued.
Regulators Draw Distinctions
It seems that in both the UK and the US, a familiar routine is playing out that close followers of crypto will by now have become accustomed to. Even as crypto-native companies push on with development, traditional finance and payments companies move towards crypto integration, and while senior politicians (in some regions) express interest in crypto and web3, regulatory bodies and central banks emphasize the need for restrictions, and pivot away from money-like digital assets which are on public blockchains and that are truly decentralized.
However, while this may at times be frustrating for crypto advocates, it’s a far cry from just a few years ago, when crypto was dismissed by many as an unserious sector, and when regulation wasn’t discussed because it wasn’t expected to become a necessity.
By that measure, the current situation is a step forward, and the direction of movement remains towards the greater adoption and integration of crypto. However, as distinctions are drawn between centralized assets and public blockchains, it becomes apparent that certain core aspects of the crypto world–tokens exchanged without third parties on public networks–may by their nature always fall outside the bounds of closely-controlled oversight.
Sam White is a writer and journalist from the UK who covers cryptocurrencies and web3, with a particular interest in NFTs and the crossover between art and finance. His work, on a wide variety of topics, has appeared on platforms including The Spectator, Vice and Hacker Noon.
Kalshi Prediction Market and TRON Integration Bridges Traditional Finance with Crypto
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
