Latest global banking news

Financial regulators in Australia plan to tighten rules for cryptocurrencies, with measures including a map of the country's digital access sector. The map will chart the number, type and code of available cryptocurrencies, as part of an effort to mitigate investor risk and monitor the impact of advertising, reports The Sydney Morning Herald. Cryptocurrency ads are appearing in public venues, including sporting events, and regulators want to create disclosure standards that will inform consumers about the technology and its risks. The government also plans to regulate third parties that act as custodians for cryptocurrency transactions. —John Adams

A bill that could bring digital assets like stablecoins under local payments regulation for the first time will be debated in the U.K. Parliament next month, CoinDesk reports. The proposed bill will include definitions for digital assets and assign oversight to the Bank of England, Financial Conduct Authority and Payments Systems Regulator. Lengthy cabinet discussions are expected before rules take shape. European Union regulators recently agreed on the Markets in Crypto Assets bill to establish licensing rules for crypto assets. —Kate Fitzgerald

Emirates NBD, Dubai's government-owned bank, is collaborating with Microsoft and the Dubai International Financial Centre to operate a technology development program for metaverse startups, part of a plan to create more than 40,000 virtual jobs in the next eight years. The program. The bank and Microsoft are looking for startups that can support a decentralized payment network that will allow users to buy and sell digital assets, as well as other firms that can support 3D technology and virtual reality. The program will run for ten weeks, ending with a demo day during which short-listed companies will present their ideas to Dubai NBD. —John Adams