Today in TechREG, the Bank of England deputy governor compared the crypto crash with the dot-com bubble, saying that some of the crypto companies that survive now may become the future Amazon or eBay.
Meanwhile, Google reached an agreement with the French competition authority to end a copyright dispute over online content. Additionally, governments in U.S., the U.K. and Europe are increasingly using national security laws to prevent domestic companies in tech and other critical sectors from being acquired.
US, UK and Europe Ready to Use National Security Laws to Protect Tech Firms
The U.K. government wants the conglomerate SoftBank to list the chip designer Arm in London, rather than in the U.S., and has discussed the use of national security legislation to convince the Japanese investor, according to a note published Wednesday (June 22) in the Financial Times.
The U.K. government has debated internally whether to apply the U.K.’s new National Security and Investment Act (NSIA), but has not formally done so, among other reasons, because some officials have pushed back believing it wouldn’t be applicable as the proposed listing was not considered an acquisition.
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors
Cryptocurrency trading increasingly resembles the U.S. stock market of the late 1920s, Switzerland’s financial market regulator said on Wednesday, calling for other regulators to take more action to protect consumers from abuse in the crypto sector.
“There’s much more that can be done,” said Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority (FINMA). “Let’s also think about the potential of technology to make it easy to deal with the large amounts of data and to protect consumers from trading on abusive markets.”
Google Ends French Copyright Dispute Over Online Content
Google has committed to resolving a copyright dispute in France over online content, the country’s competition regulator said on Tuesday (June 21), as pressure mounts for Big Tech platforms to share more of their revenue with news outlets.
Google, owned by Alphabet, also dropped its appeal against a €500 million ($528 million) fine, the authority said.
EU Regulators, Policymakers Have Reasons to Bet on a Retail CBDC
Most of the central banks in western countries have formally adopted a neutral position when it comes to the decision whether to issue a retail central bank digital currency (CBDC). However, central banks are starting to see more benefits in CBDCs than risks — at least this is what stems from some public appearances.
In Europe, a retail CBDC would offer a new payment rail that could benefit not only the public sector, but also European financial institutions and payment providers.