Archive: September 2023

On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments.

On 21 September 2023, the FCA published a letter setting out a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime.

On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at first reading. The proposed Directive will enter into force 20 days after it has been published in the Official Journal of the EU.

We have published an article, EU: An overview of the European digital strategy, explaining the aims and key components of the EU digital strategy, outlining at a high-level key legislation that has been published in this space in the past three years and highlighting the way in which the various legislative instruments interact with each other and with European data privacy rules.

On 7 September 2023, the FCA published a letter to firms setting out its findings from meetings with various cryptoasset firms regarding their preparations for the cryptoasset financial promotions regime, and additional actions it is taking to support firms in complying with the regime. The FCA’s rules on financial promotions for cryptoassets, which were set out in Policy Statement PS23/6 published on 8 June 2023, will have effect from 8 October 2023.

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets.

In the space of a very short time, businesses are focusing on what the metaverse means for them. In addition to commercialising the opportunities available to them, such as new channels to market and enhanced customer engagement, businesses will need to understand and address the associated risks.

On 31 August 2023, the Joint Money Laundering Steering Group (JMLSG) published final revisions to Sector 22 (crypto asset providers and custodian wallet providers) in Part II of its Guidance. This includes a new Annex I to Sector 22 relating to cryptoasset transfers.

As public awareness of Web 3.0, the metaverse and other associated technologies increases, there is further pressure on governments, businesses and regulatory bodies to keep abreast of both the possibilities and the risks of these new worlds. In light of this, the European Commission (the Commission) is looking even further ahead than Web 3.0 and recently published a communication entitled “An EU initiative on Web 4.0 and virtual worlds: a head start in the next technological transition”.