Connect with us

Published

on

Aston in Birmingham can’t become a “no-go area” for Jews, a senior cabinet minister has told Sky News, amid controversy over fans of an Israeli football club being barred from attending a match next month.

Energy Secretary Ed Miliband said he “profoundly” disagrees with the “approach” taken by a local MP who started a petition calling for fans of Maccabi Tel Aviv to be banned from the Aston Villa game, saying it “cannot be the basis on which our country operates”.

But while he said the government is “working with the relevant authorities” to overturn the move, he can not guarantee it will happen.

Politics latest: Miliband ‘welcomes’ Jeremy Clarkson challenge

Villa Park. PA
Image:
Villa Park. PA

Alongside politicians of all parties, Sir Keir Starmer has strongly criticised the decision, calling it “wrong”, and the government has said it will work with local authorities to ensure both sets of fans can attend.

Speaking to Sky’s Sunday Morning With Trevor Phillips, Mr Miliband said work is still ongoing.

“We are working with the relevant authorities on this issue, he said. “I think the principle here is we do not want a situation where people of a particular faith or from a particular country can’t come to a football match because of their faith, because of where they’re coming from.”

Asked if Maccabi Tel Aviv fans will definitely be able to attend the game, the minister replied: “I’m not going to say come what may, but I’m giving you a very, very clear indication of what we are working towards, which is that, you know, the fans from both teams can attend the match.”

Please use Chrome browser for a more accessible video player

Miliband on Israeli football fan ban

Phillips put to Mr Miliband that a petition to ban their fans, launched by local independent MP Ayoub Khan, has been signed by nearly 4,000 people. It states the upcoming game is “not a normal match” because the Israeli fans would be arriving in “Aston, a diverse and predominantly Muslim community”.

Asked if Aston is now a no-go area for Jews, Mr Miliband replied: “No and it can’t be. And I’m very, very clear about that.

“I believe we as a country, we pride ourselves on our diversity, but also our tolerance and our hatred of prejudice, frankly. And so we cannot have a situation where any area is a no-go area for people of a particular religion or from a particular country.”

Asked if the local MP was justified in what he wrote, Mr Miliband replied: “No. I profoundly disagree with that approach, with what is being said in that petition, because that cannot be the basis on which our country operates.”

This isn’t how the vast majority of people in the UK operate, he added. “So let’s not take this petition and say it paints a picture of our country.”

Please use Chrome browser for a more accessible video player

Aston Villa fan says he has received death threats.

Top Tory criticises ‘sectarian politics’

His Tory counterpart, Claire Coutinho, was highly critical of the petition, telling Phillips: “I think politicians need to have the courage to name some of the problems that this country is facing. And one of those problems is political Islam.

“Now, that’s not to say the moderate Muslim community are a problem in Britain, but we have seen in the past extremist Islamism […] and now we are seeing a movement of people – last election, five MPs elected – simply on sectarian politics. That may be higher at the next election.

“So we have to grip this, and part of that is dealing with rising antisemitism. But part of that is dealing with integration.”

Please use Chrome browser for a more accessible video player

Tory calls out ‘lack of integration’

The senior Tory MP described the ban overall as a “disgrace”, saying: “I think the message that is being sent to Jewish people in this country is that they’re not welcome here.

“This has always been a safe haven for Jewish people, and I think to say that we could not possibly police Israeli Jewish fans to watch a football match safely is reinforcing that message that Jews are not welcome here. And I think that is wrong.”

Match classified as ‘high risk’

In a statement on Thursday, Aston Villa said Birmingham’s Safety Advisory Group (SAG) – which issues safety certificates for every match at the ground – had “formally written to the club and UEFA to advise no away fans will be permitted to attend” the fixture at Villa Park on 6 November, as it had been classified as “high risk”.

The club said police had advised of “public safety concerns outside the stadium bowl and the ability to deal with any potential protests on the night” – a statement that triggered outrage across the political spectrum.

Please use Chrome browser for a more accessible video player

Will ban on Maccabi Tel Aviv fans from Aston Villa be lifted?

The move has been condemned by political and Jewish leaders, including Israeli foreign minister Gideon Sa’ar, who called it a “shameful decision”.

The Jewish Leadership Council said it was “perverse” to ban away fans because police can’t guarantee their safety, adding: “Aston Villa should face the consequences of this decision and the match should be played behind closed doors.”

Read more:
Why are Maccabi Tel Aviv fans banned?
Analysis: Ban raises serious questions

Sky News has contacted Mr Khan for a response to the comments made this morning.

Former Labour leader and now independent MP Jeremy Corbyn defended his fellow member of the Independent Alliance group in parliament yesterday, writing on X: “Ayoub Khan has been subject to disgusting smears by MPs and journalists, who have wilfully misrepresented his views in order to stoke anger and division.”

He added that he and his colleagues “diligently represent people of all faiths and none in their communities”.

Continue Reading

Politics

EU may consolidate crypto regulations, IMF warns of stablecoin risk: Global Express

Published

on

By

EU may consolidate crypto regulations, IMF warns of stablecoin risk: Global Express

European tech regulators have fined social media platform X 120 million euros ($140 million) for breaking EU rules pertaining to online content.

The fine follows a two-year investigation under the Digital Services Act (DSA), which reportedly found that X was not doing enough to tackle illegal and harmful material.

Regulators also said that the blue check marks on Elon Musk’s platform were deceiving. They did not follow industry decisions and negatively impacted users’ ability to make informed decisions about the authenticity of an account.

The fine is part of a wider crackdown on Big Tech companies, particularly social media. TikTok reported it had avoided a fine by making concessions.

The actions against X are bound to create tension with the US. Vice President JD Vance said that EU regulators shouldn’t be “attacking” American companies.

Source: JD Vance

The DSA will also apply to crypto platforms, DeFi frontends and NFT marketplaces if they grow to a sufficiently large size. It can influence how these platforms handle ads, user-directed content and market financial instruments.

EU banks launch euro-stablecoin firm as EU considers ESMA crypto oversight

A group of 10 European banks, including institutional heavyweights such as BNP Paribas, is planning to launch a stablecoin backed by the euro by the second half of 2026.

BNP Paribas partnered with Danish Danske Bank, the Netherlands’ ING, Austria’s Raiffeisen Bank International and others to create and incorporate the project as Qivalis. The company will be based in Amsterdam.

Qivalis CEO Jan-Oliver Sell said that stablecoins provide both convenience and monetary autonomy “in the digital age.” He said it will give “new opportunities for European companies and consumers to interact with on-chain payments and digital asset markets in their own currency.”

The new project was announced days before the European Commission proposed expanding the powers of the EU’s key financial regulator, the European Securities and Markets Authority (ESMA).

The proposal, released Thursday, would transfer supervision “over significant market infrastructures such as certain trading venues, Central Counterparties (CCPs), CSDs, and all Crypto-Asset Service Providers (CASPs)” to the ESMA.

The move is part of a broader effort to streamline European market regulation. Three countries — France, Italy and Austria — have requested that the ESMA take over crypto regulations. This followed concerns that there was uneven enforcement of Markets in Crypto-Assets (MiCA) standards across member states.

Related: What is Markets in Crypto-Assets (MiCA)?

Spot crypto assets to begin trading on futures market, CFTC says

In the United States, the Commodity Futures Trading Commission (CFTC) has approved spot cryptocurrency products to trade on futures markets.

Acting Chair Caroline Pham said that the move brings these products onshore to “safe U.S. markets.” She said the approval followed recommendations from the White House’s Working Group on Digital Asset Markets and engagement with the Securities and Exchange Commission (SEC).

Earlier this year, the SEC and CFTC established the “Crypto Sprint” initiative to share recommendations and consult on best practices.

Source: Acting CFTC Chair Caroline Pham

Pham became acting chair at the beginning of the year. She is expected to step down when the Trump administration’s nominee, Michael Selig, is approved by Congress.

South Africa flags crypto risks; new rules in the works

The South African Reserve Bank, the country’s central bank, issued a warning on Nov. 25 about the perceived risks associated with stablecoins and cryptocurrencies. These include a lack of comprehensive regulations.

The bank was concerned that the global and borderless nature of cryptocurrencies would make them ideal for skirting financial regulations.

South Africa is second on the continent for value received in crypto. Source: Chainalysis

Herco Steyn, the bank’s lead macroprudential specialist, reportedly said the risk stemmed from “the lack of a complementary and full regulatory framework, which is not possible at the moment.”

In 2023, he wrote, “Regulatory influence over stablecoin issuers – whether domiciled domestically or abroad – may result in spillovers from the crypto asset ecosystem to the traditional financial system, particularly if South African regulatory authorities are unable to impose prudential requirements on stablecoin issuers.”

To address this, the reserve bank is reportedly working on new rules with the National Treasury to monitor cross-border crypto transactions and change exchange control laws so they fall under regulatory scrutiny.

IMF warns stablecoins could upend fragile financial systems

On Thursday, the International Monetary Fund (IMF) published a report on stablecoins outlining a number of risks, including:

  • Volatility in value and runs

  • Disintermediation of banks

  • Interconnection with the financial system

  • Currency substitution.

It said that the “use of foreign currency-denominated stablecoins, especially in cross-border contexts, could lead to currency substitution and potentially undermine monetary sovereignty, particularly in the presence of unhosted wallets.”

The IMF also noted that many major stablecoin issuers don’t provide or offer any redemption rights for holders. “Uncertainty of treatment in case of insolvency of stablecoin issuer may also accelerate runs,” it said.

Runs would also create first-mover advantages when there is a crisis of confidence, which could result in investors selling their holdings at a significant discount.

The IMF did acknowledge possible benefits of stablecoins, including faster transactions compared to bank transfers, particularly in the context of cross-border transactions and remittances. They can also facilitate digital payment in remote areas and reduce counterparty risk when integrated with smart contracts.

Magazine: Indian investors look beyond Bitcoin, Japan to soften crypto tax: Asia Express