EMEA Daily: EU Crypto MiCA Law Ready For Vote
In today’s major news from Europe, the Middle East and Africa, loan providers who don’t charge penalty fees risk losing revenue, while MiCA, Union legislation European Union on Crypto Asset Markets, is expected to be voted on next week.
Separately, Walmart is working with British retailer Space NK to offer its beauty products on its website and in 250 of its stores. Additionally, buy now, pay later startup Tabby has raised $54 million in a Series B funding round, and the UK’s Financial Conduct Authority has said it won’t block a bid attempt. ‘Amigo Loan to resume issuing loans.
Alma CEO says zero late fee policy is risky for BNPL
Late fees can be a major source of revenue for traditional lenders. For some credit card companies, this can represent up to 20% of their revenue.
As a result, loan providers who choose not to charge these penalty fees, such as Paris-based Alma, Buy Now, Pay Later (BNPL), stand to lose a considerable amount of money each year. With this zero late fee policy, lending to customers who can repay the funds becomes crucial to minimizing Alma’s risk of loss of revenue.
EU crypto law MiCA to be voted on March 14
A vote on European Union legislation on crypto asset markets (MiCA) is scheduled for March 14, following a debate over language that would have banned bitcoin.
While parliament was expected to approve the legislation last month, that vote was delayed due to complaints from crypto advocates who objected to the wording of the proposal that threatened to ban crypto firms from relying on power-intensive proof-of-work mining.
FCA won’t fight high-interest lender’s resumption of operations
The UK’s Financial Conduct Authority (FCA) banned Amigo Holdings PLC from issuing loans in the UK last year, but the tide seems to be turning.
On Monday, March 7, the FCA announced that it would not block an attempt by the company that operates Amigo Loan to start issuing loans again.
Withdrawal of Visa and Mastercard in Russia Highlights the Importance of Traditional Networks for Crypto
With the withdrawal of Visa and Mastercard from Russia, the two easiest and most convenient ways to make payments with Bitcoin are gone.
This makes it more difficult to use crypto as anything other than an investment in Russia as its economy implodes under the weight of public and private sanctions.
Walmart to bring UK ‘Beauty Space’ cosmetic kiosk concept to US stores
Walmart has teamed up with British retailer Space NK to bring “prestige beauty products” to its website and nearly 250 of its stores this summer.
The collaboration leverages Walmart’s size and scale with the iconic British personal care and beauty company’s assortment of high-quality brands and beauty products, Walmart said.
UAE BNPL Tabby Raises $54M in Series B Funding Round
Tabby, a buy now, pay later (BNPL) startup for Saudi Arabia and the United Arab Emirates, raised $54 million in a Series B funding round led by Sequoia Capital India and the capital firm -Saudi STV venture.
The startup, which raised $180 million in debt and equity financing, will use the new capital to expand its products and expand into several new verticals.