FinTech

Recent Articles

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    02/02/2024

    DORA obligations apply to different payment operators and processors in Spain

    Royal Decree-Law 8/2023 applies certain obligations of DORA Regulation to payment system operators, payment scheme operators, electronic payment arrangement operators, payment processors and other technological or technical service providers.On 28 December 2023, Royal Decree-Law 8/2023, of 27 December, adopting measures to address the economic and social consequences of the conflicts in Ukraine and the Middle East, as well as to mitigate the effects of the drought (hereinafter the "Royal Decree-Law"), was published in the Official State Gazette (BOE). Among other measures, the text includes certain...
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    12/10/2023

    FCA publishes consumer protection undertaking from e-money firm

    On 4 October 2023, the FCA published a Notice of Undertaking (the “Undertaking”) given under the Consumer Rights Act 2015 (the “Act”). The Undertaking relates to the providing firm’s e-money terms and conditions (the “Contract”), but the terms to which it relates are of broader application. This article sets out summary details of the Undertaking and some thoughts as to what it means for regulated firms in respect of their consumer-facing terms and conditions.Background A principal objective of the Act is to regulate unfair terms in consumer contracts....
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    03/10/2023

    VARA issues further rules governing staking and stablecoin regulation in Dubai

    Dubai’s Virtual Assets Regulatory Authority (“VARA”) has recently introduced two significant updates to its virtual assets regulatory framework, which is relevant for all entities providing services to or from Dubai, other than entities conducting business in the Dubai International Financial Centre ( “DIFC”).  For an overview of VARA’s virtual assets framework, please refer to our previous articles here and here.These two updates involve changes to VARA’s Custody Services Rulebook and Virtual Asset Issuance Rulebook respectively, and represent key...
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    20/06/2023

    CBDC – the next milestone in the evolution of payments?

    IntroductionIn an ever changing payments landscape the interest in central bank digital currencies (CBDC) has grown considerably.  According to a survey conducted by the Bank for International Settlements (BIS), CBDC is being considered by nine out of 10 central banks.  In fact certain countries such as Jamaica and the Bahamas have already launched a CBDC. But what is a CBDC? Put simply it is a digital form of fiat money issued by a central bank.  It can generally either be a retail CBDC in which case it is available to the general public for everyday payments (in the same way...
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    19/06/2023

    What’s new in the UAE Virtual Asset Space - Regulatory Updates

    The virtual asset landscape is everchanging across the UAE and this does not appear to be slowing down anytime soon.  The Virtual Assets Regulatory Authority (“VARA”) recently published its virtual assets regulations and associated rulebooks (see our summary here) and the UAE Securities and Commodities Authority recently repealing and replaced its crypto asset regulations (find our summary here).  Now, to add to the developments, the Central Bank of the UAE (“CBUAE”) has issued guidance to Licensed Financial Institutions (“LFIs”) on the risks related...
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    08/06/2023

    FCA publishes final rules and supplementary draft guidance on financial promotions for cryptoassets

    On 8 June 2023, the UK Government confirmed that the financial promotion regime should apply to cryptoassets from 8 October 2023. As part of implementing this new regime the Financial Conduct Authority (“FCA”) also published:its rules on financial promotions of cryptoassets; anda guidance consultation on cryptoasset financial promotions.The new requirements, rules and guidance are expected to come into force on 8 October 2023 and will apply to all firms marketing cryptoassets to UK consumers, whether based in the UK or overseas. As mentioned in our previous articles (see below),...
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