Crypto, FinTech & Digital Assets

Recent Articles

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  26/04/2024

  EU

  Update on the AML-CTF Package: Formal Adoption by the European Parliament on 24 April 2024

  Following the political agreements which have been reached earlier this year, the European Parliament has now adopted the last remaining texts of the AML-CTF Package on 24 April 2024.By way of reminder, the AML-CTF Package is composed of four legislative proposals aiming at harmonising and strengthening AML-CTF rules in the European Union:Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets, which has already been adopted last year and will enter into force on 30 December 2024;Proposal for a Directive on the mechanisms to be put in place by the Member States...

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  24/04/2024

  Spain

  Parliamentary proceedings begin to create the Independent Administrative Authority for the Defence of Financial Customers

  On April 5, the draft law for the creation of the Financial Customer Defence Authority was published in the Official Gazette of the Spanish Parliament.1. INTRODUCTIONThe current text being processed includes modifications introduced in the previous legislature´s parliamentary procedure and which were supported by the majority of MPs. These modifications include the financing of the new Authority by financial institutions and the possibility of appealing binding decisions before the civil courts, thus guaranteeing the protection of financial clients.The Authority aims to resolve complaints...

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  19/04/2024

  United Kingdom

  Digital asset insolvency issues not insoluble for English law

  Digital assets may be new, but existing English insolvency laws and principles can deal with them. So finds the UK Jurisdiction Taskforce (UKJT) in its ‘Legal Statement on Digital Assets and English Insolvency Law’, published this week.Key takeaways include:English insolvency law is entirely capable of application to scenarios concerning digital assets, including the technical and fact-specific issues that may arise. Digital assets are capable of amounting to property for the purposes of English insolvency law. When figuring out which country has jurisdiction, the English...

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  17/04/2024

  Hungary

  Hungary proposes widening scope of financial entities under DORA Regulation

  On 10 April 2024, the Hungarian Parliament adopted a new law on the detailed rules implementing the DORA Regulation – Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (Digital Operational Resilience Act – DORA). The following article summarises the main differences between the scope of DORA and the Implementing Law.Scope of DORA in generalDORA lays down uniform requirements concerning the security of network and information systems supporting the business processes of financial entities...

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  10/04/2024

  Singapore

  Singapore financial regulator introduces expansion of regulated payment services

  On 2 April 2024, the Monetary Authority of Singapore (“MAS”) introduced amendments to the Payment Services Act (“PSA”) and its subsidiary legislation to expand the scope of regulated payment services in Singapore.Starting 4 April 2024, the following activities will fall within the scope of the PSA:The provision of custodial services for Digital Payment Tokens (“DPTs”);Facilitation of transmission of DPTs between accounts and facilitation of the exchange of DPTs, even where the service provider does not come into possession of the moneys or DPTs; andFacilitation...

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  28/03/2024

  United Kingdom

  UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 2)

  In Part 1 of this two-part series, we provided an overview of the myriad developments in the regulation of cryptoasset activities in the UK in 2023 and the first two months of 2024, and looked ahead to what is still to come.In Part 2, we take a step back to assess what these developments mean in the round for cryptoasset businesses providing services in or to the UK, and how that is set to change.A. Overview of the current and future landscapeCurrent position  Key takeawaysNon-security tokens: A business currently needs to be registered...

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