FinTech

Recent Articles

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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  FCA publishes final rules and supplementary draft guidance on financial promotions for cryptoassets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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  30.05.2023

  UAE Securities and Commodities Authority introduces two new virtual asset regulations

  The UAE has seen a number of developments in the virtual assets space over the last 18 months, including the UAE designating the Securities Commodities Authority (“SCA”) as the UAE’s federal regulator for virtual asset service Operators (“VASP”) (see our summary here). In addition to this, there has also been the introduction of a virtual assets regime in the Emirate of Dubai and the establishment of the Virtual Assets Regulatory Authority (“VARA”), which, through the delegation by the SCA pursuant to Cabinet Decision 111 and 112,  is the regulatory...

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  14.04.2023

  The implications of the new Spanish Law on Securities Markets and Investment Services on the Fintech and Crypto-asset ecosystem

  On 17 March 2023 Spanish Law 6/2023 of 17 March on Securities Markets and Investment Services ("LMVSI") was published in the BOE (Spanish Official Gazette). In this regard, the LMVSI has been approved with all the amendments proposed by the Plenary Session of the Senate, except for the amendments proposed to Article 5.The LMVSI represents a major step forward for the financial sector in Spain as it has integrated a variety of European regulations, included new forms of distribution of financial instruments, and introduced the necessary adaptations for the application of the Regulation of the European...

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  31.03.2023

  Spain: New Law on Securities Markets and Investment Services

  On 18 March 2023, Law 6/2023 of 17 March on Securities Markets and Investment Services (the "LMVSI", as per its Spanish acronym) was published in the Official State Gazette (or "BOE"), replacing legislation currently in force (Royal Legislative Decree 4/2015 of 23 October, approving the revised text of the Securities Market Law).The LMVSI, except for certain specific provisions, will enter into force 20 days following its publication in the BOE, i.e., on 7 April 2023. In the meantime, the LMVSI will be implemented by three royal decrees, expected to be approved and published in the coming days.1....

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