European Commission
Law Decoded: Crypto retirement plans get hot with Warren and Lummis making their moves, May 2–9, 2022
Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict of interests” and the “significant risks of fraud, theft and loss,” requesting from Fidelity a detailed outline of risk mitigation actions. Crypto 401(k) plans are still relatively rare, but they have already drawn suspicious attention from the U.S. Department of Labor. Crypto retirement investment...
Crypto industry fires back after EU vote to block ‘unhosted’ wallets
The crypto industry has reacted strongly against a EU Parliament committee voting in favor of a regulatory package for tighter know-your-customer (KYC) and anti-money laundering (AML) rules for ”unhosted” private wallets. The new guidelines would require crypto service providers — most commonly exchanges — to verify the identity of every individual behind an unhosted wallet that interacts with them, while any transaction greater than 1,000 Euros ($1,100) would need to be reported to authorities. Coinbase CEO Brian Armstrong vented his frustrations against the move via Twitter, as he drew comparisons with fiat to highlight the absurdity of reporting and verifying a 1,000 Euro transaction: “Imagine if the EU required your bank to report you to the authorities every time you paid your rent me...
Fury over Belarus airliner ‘hijack’ set to dominate EU summit
Fury over the forced landing of a Ryanair plane in Belarus has upended the agenda of a European Union summit dinner on Monday, where leaders were due to discuss relations with Russia and Britain but will now also consider punitive steps against Minsk. Belarusian authorities scrambled a fighter jet and flagged what turned out to be a false bomb alert to force the civilian aircraft to land on Sunday and then detained an opposition-minded journalist who was among the passengers on board. The diversion of a plane owned by an EU company that was flying between two EU capitals was “an inadmissible step”, the bloc’s foreign policy chief said, and it would be raised at the summit. “The EU will consider the consequences of this action, including taking measures against those responsible,” Josep Bor...
Belarus’s forced landing of Lithuania-bound Ryanair plane sparks outrage
Belarusian President Alexander Lukashenko ordered a Ryanair flight from Greece to Lithuania to land on Sunday in Minsk, where a Belarusian opposition activist on board was detained, prompting international condemnation. EU member Lithuania urged the European Union and NATO to respond, Germany called for an immediate explanation and Poland’s prime minister called it a “reprehensible act of state terrorism”. The head of the European Commission, Ursula von der Leyen, said Belarus’s action was “utterly unacceptable”. The aircraft, flying from Athens to Vilnius, had almost reached Lithuania when it changed direction and was escorted to Minsk, the Belarusian capital, after reports that it had explosives on board, according to an online flight tracker and BelTA state news agency. Belarusian law e...
EU defends vaccine distribution as nations complain it is uneven
The European Commission on Saturday defended its policy of distributing COVID-19 vaccines evenly in the bloc after Austria and five other member states complained that doses were not allocated equally. In a joint letter to the Commission and the European Council, leaders of six European countries, including Czech Republic, Bulgaria, Slovenia, Latvia, and later Croatia, called for discussions on vaccine distribution. The Commission responded that doses have been distributed in proportion with the population of each country and taking into account epidemiological data, adding that was up to member state governments to decide how to share them. A flexible policy agreed by EU governments meant countries facing a more acute phase of the epidemic could access more doses, if some governments opte...
Pfizer, BioNTech to limit delays of vaccine shipments to one week
Pfizer and BioNTech said Saturday they will limit the delays of their vaccine deliveries to just one week, after fears in Europe that shipments of the jabs could be slowed for up to a month. The US drugmaker and its German partner “have developed a plan that will allow the scale-up of manufacturing capacities in Europe and deliver significantly more doses in the second quarter,” they said in a joint statement. “As a result, our facility in Puurs, Belgium will experience a temporary reduction in the number of doses delivered in the upcoming week.” Pfizer and BioNTech pledged that deliveries would be back to the original schedule to the European Union from the week of January 25, with increased delivery from the week of February 15. “To accomplish this, certain modifications of production pr...
Germany starts coronavirus vaccines a day early
A 101-year-old woman in an elderly care home became the first person in Germany to be inoculated against coronavirus on Saturday, a day before the official vaccination campaign was scheduled to get under way in both Germany and the EU. Edith Kwoizalla was one of around 40 residents and 10 staff in a care home in the eastern state of Saxony-Anhalt to receive a jab of the Pfizer-BioNTech vaccine, the home’s manager Tobias Krueger told AFP. The Pfizer-BioNTech vaccine became the first to get the go-ahead for use in the West, when Britain gave its approval on December 2. As other nations from the United States to Saudi Arabia to Singapore followed suit, Germany impatiently prodded the EU’s drugs regulator, the European Medicines Agency, to bring forward its decision from December 29. The EMA f...
EU criticises ‘hasty’ UK approval of coronavirus vaccine
The European Union criticised Britain’s rapid approval of Pfizer and BioNTech’s COVID-19 vaccine on Wednesday, saying its own procedure was more thorough, after Britain became the first western country to endorse a COVID-19 shot. The move to grant emergency authorisation to the Pfizer/BioNTech vaccine has been seen by many as a political coup for UK Prime Minister Boris Johnson, who has led his country out of the EU and faced criticism for his handling of the pandemic. The decision was made under an ultra-fast, emergency approval process, which allowed the British drugs regulator to temporarily authorise the vaccine only ten days after it began examining data from large-scale trials. In an unusually blunt statement, the European Medicines Agency (EMA), which is in charge of approving COVID...
Europe to pay less than US for Pfizer COVID-19 vaccine
The European Union has struck a deal to initially pay less for Pfizer’s COVID-19 vaccine candidate than the United States, an EU official told Reuters News Agency as the bloc announced on Wednesday it had secured an agreement for up to 300 million doses. The experimental drug, developed in conjunction with Germany’s BioNTech, is the frontrunner in a global race to produce a vaccine, with interim data released on Monday showing it was more than 90 percent effective at protecting people from COVID-19 in a large-scale clinical trial. Under the EU deal, 27 European countries could buy 200 million doses, and have an option to buy another 100 million. The bloc will pay less than $19.50 per jab, a senior EU official involved in talks with vaccine makers told Reuters, adding that partly reflected ...
EU, China to hold talks on blocked investment deal
Agence France-Presse German Chancellor Angela Merkel is to speak with Chinese President Xi Jinping on Monday as part of high-level talks between Beijing and the European Union that should reinvigorate stalled talks on an investment pact. The EU wants to agree on a plan to wrap up the deal, according to a high-ranking EU official, with the goal being to conclude negotiations by the end of the year. The European Commission has been negotiating with China on an investment agreement for more than six years. But Brussels wants further concessions from Beijing on market access and assurances for EU companies. From the EU side, Commission President Ursula von der Leyen and European Council Charles Michel are to participate in the video meeting, with an agenda covering climate change, economic and...
FIFA, WHO, EU launch campaign to help domestic violence victims amid coronavirus lockdown
FIFA, the World Health Organization (WHO) and the European Commission have announced the #SafeHome campaign designed to support women and children at risk of domestic violence during the coronavirus pandemic. With many families all over the world quarantined during the pandemic, there have been spikes in recent reports of domestic violence as at-risk women and children are forced into dangerous situations at home. The three organisations have launched a five-part video campaign designed to raise awareness, with several past and present footballing stars taking part. Among the players featured are Alvaro Arbeloa, Rosana Augusto, Vítor Baia, Khalilou Fadiga, Matthias Ginter, David James, Annike Krahn, Marco Materazzi, Milagros Menendez, Noemi Pascotto, Graham Potter, Mikael Silvestre, Kelly ...
EU must focus on health, jobs now, fiscal matters later – Commission
European Union (EU) countries must now focus on investment in public health and protecting jobs and companies, and worry about fiscal sustainability later, the European Commission said on Wednesday. European Commissioner for Economic and Financial Affairs Paolo Gentiloni said that EU should coordinate its approach to economic recovery once the coronavirus pandemic subsides in its annual recommendations to the bloc’s 27 countries. Budget gaps in all EU countries except Bulgaria will widen well beyond the EU’s usual ceiling of 3 per cent of gross domestic product this year as governments use public money to prop up economies that are expected to plunge into their deepest recessions ever this year. Public debt is also going to rocket, breaching the EU’s normal requirement that it should be fa...
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