UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14. As multiple news outlets report, HSBC, which is the world’s largest trade finance institution, completed a letter of credit for food and agricultural giant Cargill, the US’ largest private company in terms of revenue. The deal in fact processed last week and involved a shipment of soya beans from Argentina to Malaysia. The success of the trial transaction means there is potential for blockchain to take hold in the global trade finance market, which is …

Crypto Facilities, a UK-based cryptocurrency trading platform, has launched the “first regulated” futures contracts for Ethereum (ETH), the world’s second largest digital currency by market capitalization, according to a press-release May 11. Crypto Facilities, which is regulated by the Financial Conduct Authority (FCA) in the UK, started trading Ethereum derivatives contracts Friday at 4 p.m. UK time. The products will enable investors to take a long or short position on the cryptocurrency, which will reportedly allow them to “broaden investment opportunities and manage risks more effectively.” With ETH futures, the London-based firm will expand its derivatives offering, which currently includes …

European leaders seem to have finally come to a consensus that the innovative technology underlying crypto-assets “has the potential to improve efficiency and inclusiveness of the financial system and economy more broadly,” as emphasized at the G20 summit in Argentina in March 2018. However, when it comes to regulation, the lack of consensus among global leaders made it impossible to enact broad legislation. Various European representatives pushed for coordinated legislation to restrict cryptocurrencies during the G20 summit with no success. Instead, there was agreement to set a July 2018 deadline for regulatory proposals. The hang-up over regulation may be due …

Banking group Santander will be partnering with Ripple to release an international money transfer app using Ripple’s Blockchain xCurrent and RippleNet platforms, Business Insider reports today, March 24. When speaking about the upcoming app release at the International Fintech conference in London yesterday, March 23, Nathan Bostock, the UK CEO of Santander said: “This spring, if not [sic] one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with Blockchain technology.” At the end of January of this year, Ana Botin, the CEO of Santander, had mentioned the app launch …

Unofficial investigations into money laundering at defunct cryptocurrency exchange Mt. Gox alleged that a UK “shell” company was involved in laundering 650,000 BTC (equal to about $6.9 bln at press time) March 7. According to an expose by File On 4, a program on the BBC’s news and current affairs radio station Radio 4, the Always Efficient LLP company participated in processing the funds hacked from the Tokyo exchange. Also the subject of the ongoing official FBI operation, Always Efficient LLP purports to be based in London, yet its address is “shared by several other companies” and is “likely to …

British regulator, the Financial Conduct Authority, has issued a warning to investors against venturing into cryptocurrency contracts for differences (CFDs). The agency claimed that digital currency-based CFDs are considered to be high-risk investments. In a statement posted on its website in mid-November 2017, the FCA issued its warning to investors against investing in crypto-based CFDs due to several risks that they could face. Among the risks are price volatility, leverage, charges and funding costs and price transparency. The agency further added that investors should carefully examine whether venturing into virtual currency CFDs is right for them. It claimed that the …

The UK’s Channel Islands have given the green light to Global Advisors Bitcoin Investment Fund (GABI), marking the launch of the world’s first listed and regulated Bitcoin fund. GABI, which has existed since 2014, is Global Advisors’ first product, the group later launching COINXBT and COINXBE, which both made pioneering debuts on the Swedish Nasdaq. It will trade on the Channel Islands Securities Exchange (CISE). GABI: ‘Time is right’ for Bitcoin “The time is right,” Global Advisor Principal Daniel Masters commented in a press release issued today: “Bitcoin now has a market capitalization of over $12.4 bln, an all-time high, …

The City of London has long been considered the financial hub of Europe, and the inclusion of Bitcoin company, Blockchain, on last weeks trade delegation to South East Asia, suggests the UK Government may be positioning itself to take a similar role in the world of cryptocurrency. Blockchain may be considered an interesting choice to accompany Prime Minister, David Cameron, on such a visit alongside such British stalwarts as Rolls Royce and Lloyds of London. But trade missions are designed to give a more holistic (yet of course unabashedly positive) view of the potential of British trade partners, indicating that …

Cointelegraph reached out to Coinsilium to get some more details on its milestone IPO, set to become one of just a handful of Bitcoin companies in the world — and the first in Britain — to list its shares on London's junior stock market AIM. Why AIM? London-based Coinsilium plans to raise £3 million (US$4.6 million) with its listing on AIM (formerly the Alternative Investment Market), the stock market for small companies run by the London Stock Exchange. Coinsilium's CEO Eddy Travia has been managing VC and private equity funds for over a decade, and the reason this particular exchange …

Today, the UK government has published a report on digital privacy supporting the compulsory mass collection of data for both domestic and “extra-territorial” web traffic. The government tasked David Anderson, an independent UK lawyer, to investigate how the country's anti-terrorism and espionage laws work in practice and what needs to change. The report titled A Question of Trust supports the bulk collection of internet traffic and user data, including information held on servers outside of the UK. An excerpt reads: “Pending a longer-term and more satisfactory solution, the extraterritorial effect in DRIPA s4 should be maintained.” The “extra-territorial effect” is …

American Banker reported that batches of FinTech startups are relocating to London to engage with large financial institutions and banks through connections from accelerators and mentorships, such as Accenture’s FinTech Innovation Lab, or accelerator Level39. Global investments in FinTech ventures have reached US$12.21 billion, a large portion in London. Sir Edward Lister, chief of staff for the mayor of London, told American Banker: "What is most interesting for London is that, as a city, we are leading on the development of specific subsectors that build on London's historical strengths as a financial services hub. Throughout London, more than 44,000 people …

According to the Payments Council, cash transactions in the UK fell to 48% of overall payments last year, down from 52% in 2013. This comes as no surprise, given the international rise of popular social payment services such as Snapcash, Squarecash and Venmo, as well as the already mainstream use of Paypal to shop online. These services, along with debit cards and digital currency trade, have collectively overtaken payments in physical bills and coins as of last year. Crunching the Numbers It is expected that in about a decade cashless payments will account for £28.8 billion, as opposed to £12.7 …