Inside FinTech

“We will find you and hold you accountable”: Treasury’s warning to digital asset bad actors

Deputy Secretary of the Treasury Wally Adeyemo, speaking last week at a virtual currency summit in Washington, DC, made an urgent call to action to the digital asset industry to partner with the US Government to cut off illicit actors’ access to virtual currency exchanges. Pointing to regulatory partnerships forged over decades with traditional financial institutions, Adeyemo called on digital asset players in blunt terms to work with Treasury “to prevent terrorists, transnational criminals and rogue states” from using virtual currencies to move and shield their assets while recognizing the great potential the still relevant infant technology holds.

Global | Articles | December 13, 2023

Future of FinTech

New Regulation Tomorrow Plus podcast: DE&I series “Data protection”

In the fourth podcast in our DE&I series, Hannah McAslan-Schaaf and Lara White discuss the data protection aspects of the FCA’s recent consultation paper on diversity and inclusion.

Global | Articles | December 13, 2023

Data and cybersecurity

Navigating NFTs (Non-Fungible Tokens): A global legal and regulatory guide

Once relegated to the fringe of the crypto/FinTech communities, non-fungible tokens (NFTs) are suddenly mainstream, appearing in new and increasingly commercial use cases, such as financial services, automotive industry applications, electronic gaming, sport highlights, music albums, film, art, fashion and digital branding.

Global | Articles | December 11, 2023

Cryptoassets / cryptocurrencies / stablecoins and CBDCs

Technical Working Group publishes report on fund tokenisation

On 24 November 2023, a Technology Working Group of industry experts established by HM Treasury’s Asset Management Taskforce issued a report, UK Fund Tokenisation – A Blueprint for Implementation.

Global | Articles | December 06, 2023

Cryptoassets / cryptocurrencies / stablecoins and CBDCs

HMT publishes response to consultation on the Digital Securities Sandbox

On 22 November 2023, HM Treasury (HMT) published its response to the July 2023 consultation on the Digital Securities Sandbox (DSS). The response sets out the Government’s final approach to implementing the DSS, which will facilitate the use of digital assets in financial markets.

Global | Articles | December 06, 2023

Cryptoassets / cryptocurrencies / stablecoins and CBDCs

How to effectively draft Data Processing Agreements to protect information shared with service providers – Part 1

Modern businesses collect and process personal information about their customers and employees for the benefit of their business – these benefits include identifying opportunities to enhance their products or services, streamlining operations, reducing costs or maximizing profits. Processing such data is often outsourced to a third-party data processing service provider. For example, third parties may be retained to perform payroll activities, store data in a centralized location, or send targeted advertisements to consumers.

Global | Articles | December 06, 2023

Data and cybersecurity

HMT publishes report on the Future of Payments Review

On 22 November 2023, HM Treasury (HMT) published a report on the Future of Payments Review. The report, published alongside the Chancellor’s Autumn Statement, considers how payments are likely to be made in the future and makes recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness.

Global | Articles | December 06, 2023

Payments / open-banking

FSB assesses risks of multi-function crypto-asset intermediaries

On 28 November 2023, the Financial Stability Board (FSB) published a report on the financial stability implications of multifunction crypto-asset intermediaries (MCIs).

Global | Articles | December 06, 2023

Cryptoassets / cryptocurrencies / stablecoins and CBDCs

EBA consults on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes

On 24 November 2023, the European Banking Authority (EBA) issued a public consultation on new guidelines on preventing the abuse of funds and certain crypto-asset transfers for money laundering and terrorist financing purposes.

Global | Articles | December 06, 2023

Cryptoassets / cryptocurrencies / stablecoins and CBDCs