UBS works on a deal with Credit Suisse, while crypto heads to the Supreme Court: Saturday Asia Briefing

    The Swiss multinational banking and financial services firm UBS is allegedly in talks to acquire a portion of Credit Suisse’s prime brokerage business. After the recent Archegos and Greensill scandals, Credit Suisse is reportedly looking to decrease its risk exposure, and the arrangement might see UBS take over specific clients and assets from the bank. There has reportedly been no conclusive outcome to the negotiations.

    If the transaction goes through, UBS will be able to increase the number of institutional clients it serves by providing prime brokerage services including clearing, financing, and securities lending to hedge funds and other large organizations. For some time now, UBS has been eyeing Credit Suisse as a potential acquisition target for its prime brokerage division.

    In other currency-related developments, the Supreme Court of India may soon rule on the legality of bitcoin there. The case will challenge the restriction on banks and other financial institutions working with crypto-related firms by the Reserve Bank of India. Several people are upset with the prohibition because it was implemented in 2018. Critics believe the prohibition is important to safeguard consumers and prevent illegal activities like money laundering, while supporters of cryptocurrencies claim the ban stifles innovation and slows India’s advancement in the digital economy.

    The Internet and Mobile Association of India (IAMAI), a trade group representing numerous internet enterprises, has filed the lawsuit, which will be heard on Monday, March 20. The Internet and Mobile Association of India (IAMAI) claims that the RBI’s restriction infringes the rights of Indian citizens to take part in the digital economy and so is unconstitutional.

    This case is important because a ruling in favor of the IAMAI by the Supreme Court could lead to a more positive regulatory environment for cryptocurrencies in India. If the ban is sustained, though, the country’s burgeoning crypto business could be severely hampered.The Saturday Asia Briefing has come to a close. You may expect to hear more breaking news and regional updates soon.

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