FameEX Morning Crypto News Recap | March 29, 2023

Unverified Crypto Users Face €1000 Limit Under New European Law
https://www.fameex.com/en-US/news/crypto-trending-news-2023032901
Lawmakers in Europe have passed a new rule targeting crypto users with unverified identities, as part of new measures against money laundering and terrorist financing. Although the law was not solely aimed at crypto, it will affect the anonymous holding and transacting of digital assets. The move comes as the European government continues to work on its regulatory approach towards cryptocurrency.

Mitsubishi UFJ Bank in Japan is Developing Interoperability for Yen Stablecoin
https://www.fameex.com/en-US/news/crypto-trending-news-2023032902
Mitsubishi UFJ Financial Group, the largest bank in Japan, has partnered with Datachain and Solamitsu to develop an interoperable stablecoin called Progmat Coin, backed by the yen. The aim is to enable a smooth mutual transfer and exchange between a wide variety of stablecoins that will be issued domestically, reducing associated fees and improving settlement times.

Banking Crisis Pushes US Economy Closer to Recession, Says Federal Reserve Bank President
Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, has warned that the current banking crisis is bringing the US economy closer to a recession. Kashkari emphasized that there are fundamental and regulatory issues facing the banking system. He stated that the banking stresses could lead to a widespread credit crunch and it is unclear how much of an impact this will have on the economy.

French Officials Conduct Raids on 5 Major Banks for Alleged Fiscal Fraud and Money Laundering
French authorities have carried out raids on five major banks, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, over allegations of money laundering and fiscal fraud. The preliminary investigation into the four French banks and one international bank began in late 2021, according to a spokesperson for France's Financial Prosecutor's Office.

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