Fintech Daily Briefing

Fintech Daily Information Briefing on [January 04, 2021]

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The following is the Fintech Daily Information Briefing on [January 04, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. UK financial technology companies call on FCA to break the “data monopoly” of banks

One of the members of the alliance of digital finance and technology is the alliance of digital finance and technology. Recently, the agency put forward suggestions to the financial conduct authority (FCA), hoping that FCA can help break the monopoly of traditional financial institutions such as banks in financial data, promote the development of open banking in the UK, speed up market competition in major financial services (such as savings, credit and pension) in the UK, and provide users with more transparent services. Coadec believes that Australia’s attempt in consumer data sharing rights is worth learning from the UK. Coadec said that with the brexit of the UK, the UK financial regulatory authorities will have more independent decision-making power in relevant fields in the future.

[2]. Former head of the IRS: the IRS may speed up the enforcement of cryptocurrency tax

Don fort, former head of criminal investigation at the IRS, said in an article that the IRS may speed up the pace of tax enforcement for cryptocurrency. Although the agency has so far focused its resources on providing appropriate reporting guidelines to the public, it will now move to a more stringent level of enforcement, the article said. According to the article, the main trend of the IRS moving the cryptocurrency tax issue to the top of form 1040 shows that it is working hard to eradicate the phenomenon of insufficient payment of cryptocurrency tax. According to the news on December 12, 2020, the IRS has officially moved its cryptocurrency tax issue to the top of form 1040.

[3]. Egypt launches “2021 digital Inclusive Finance Plan”

On January 3, 2020, the Egyptian financial regulatory authority announced the launch of “2021 digital Inclusive Finance Plan”, hoping to provide support for the development of cashless payment system and the improvement of financial inclusive rate. In particular, the plan emphasizes the hope of enhancing the utilization rate of digital payment instruments in non bank financial activities, especially in small and micro businesses.

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