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EMEA Daily: Cazoo enters the Italian market

In today’s top stories from Europe, the Middle East and Africa, online car retailer Cazoo has moved to Italy with its online car buying and selling platform.

Additionally, Swiss regulators are exploring more protections for crypto investors in the country, cryptocurrency Tether is targeting a sterling-linked stablecoin, and TikTok has agreed to improve consumer rights in the EU.

Swiss regulators want more protections for crypto investors

Switzerland’s top market regulator has urged the government to do more to protect cryptocurrency investors from abuse in the $890 billion market that has been collapsing for weeks, according to a Reuters report.

The call to action is the latest move by regulators and policymakers to protect crypto investors. US securities watchdogs have warned of the potential for market manipulation, the report notes.

“There is a lot more to do, said Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority, at a conference in Zurich. “It would seem to me that many digital asset exchanges resemble the US stock market of 1928, where all manner of abuse, pumping and dumping, is now in fact frequently commonplace.”

Online car retailer Cazoo lands in Italy

Cazoo, which bills itself as “Europe’s leading online car retailer”, adds Italy to the list of countries in which it operates.

The company announced that Italian customers can now complete the buying and shopping process online, prompting some observers to call it “the Amazon of the used-car marketplace.”

So far, Cazoo’s website for Italy lists 875 cars for sale. Prices range from a Peugeot 108 listed for the equivalent of $8,021 to a Mercedes GLC for the equivalent of $45,427.

Tether to Peg New GBPT Stablecoin to British Pound

Tether, an early mover in the development of stablecoins, has announced the planned launch of a new coin whose value will be pegged to the British pound.

The GBPT token, which joins a Tether lineup that already includes cryptocurrencies tied to the US dollar, Chinese yuan, Mexican peso and euro, will be available in July. It will use the Ethereum blockchain.

Stablecoins are popular with investors as a way to benefit from some of the strengths of crypto – easy transfers, for example – without being exposed to the volatility associated with unlinked currencies.

TikTok agrees to improve EU consumer rights, avoiding potential penalties

TikTok will strengthen protections aimed at helping children avoid persuasive ads on the platform.

TikTok, owned by China’s ByteDance, has faced several complaints from various EU consumer groups, and the company has faced the possibility of sanctions.

In 2021, the European Consumer Organization (BEUC) said TikTok had “failed” to protect children from “hidden advertising and inappropriate content”. Following this, the company had several meetings with consumer groups and the European Commission to find solutions.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.