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India Safe Harbour, MiCA's 17% Crisis & US Banks' Token Network
Audio is available on Spreaker — see link below.
India's Payments Council drafts a safe harbour framework after a payments bank CEO's arrest, while MiCA's July 1 deadline looms with only 17% of crypto firms authorised. JPMorgan, BofA, and Citi launch a tokenized deposit network as stablecoins pressure traditional banking infrastructure.
Audio is available on Spreaker — see link below.
The arrest of a payments bank CEO over GST evasion has just forced India's fintech industry to confront a question it's been avoiding: what happens when a licensed, regulated firm gets punished for what its merchants do? The Payments Council of India is now drafting a safe harbour framework specifically designed to shield RBI-regulated entities from retrospective penalties tied to merchant misconduct.
The important distinction here is between drafting a framework and having regulators adopt it. The Payments Council can propose.
Across Europe, a different regulatory deadline is creating its own structural pressure. The MiCA transitional period ends on July first.
While regulators tighten in Europe and India, the largest US banks are making a structural move of their own. JPMorgan, Bank of America, and Citi have jointly launched a tokenized deposit network through The Clearing House.
The theme running across all of this is structural adaptation under competitive and regulatory pressure. SBI, backed by Ripple, has assumed control of WIZE's Solana-based treasury, another signal that institutional crypto integration is moving from experiment to operational reality.
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