The Anti-Money Laundering Authority (AMLA) is a new body for combating money laundering in European Union which will coordinate the national efforts of the EU countries in this area and take over the support of risky international financial transactions. The AMLA will focus on addressing current shortcomings in AML/CFT supervision within the EU. It will…
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The EU’s primary legislation on cryptocurrencies, known as MiCA, came into effect for stablecoin regulation on June 30, 2024. Broader MiCA rules will apply starting December 30, 2024, encompassing the regulation of other tokens such as Bitcoin and Ether, along with the regulatory framework for crypto-asset service providers (CASP). Currently, the focus is on Sections…
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The European Parliament has approved new laws aimed at bolstering the EU’s anti-money laundering (AML) and terrorist financing efforts, with significant implications for the cryptocurrency sector. Key provisions of the legislation include enhanced due diligence measures and identity checks for customers. Banks and cryptocurrency asset managers are now required to report suspicious activities to Financial…
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Despite the multitude of concerns that surround AI and its impact in the future, there are many benefits the technology can have on the fintech industry. Here are some of the key advantages in our opinion:▪️ Process Automation: AI can automate repetitive and rule-based tasks, such as data entry, transaction processing, and document verification, leading to…
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The fintech market in 2023 is undergoing transformative changes driven by various dynamics, as highlighted in this insightful article by Mayon. Key factors influencing the fintech market include below. Regulatory Environment: The regulatory landscape plays a vital role in shaping the fintech market. Regulatory bodies are actively establishing frameworks to promote innovation while ensuring consumer…
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The non-fungible token (NFT) market has fallen significantly in recent months, with trading volumes down by over 90% since their peak in January 2022. This has led to numerous concerns about the long-term viability of the NFT market and the legal implications of owning and trading NFTs. There are a number of reasons for the…
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The Directive on Administrative Cooperation (DAC) serves as the primary legal framework governing the exchange of information among EU tax authorities. Enforced since 2014, DAC plays a crucial role in fostering tax cooperation among EU Member States by combatting tax evasion, money laundering, and other financial crimes. The recent proposal of DAC8 by the European…
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On September 1, 2023, The Data Protection Commission of Ireland reached a final decision following its investigation into TikTok Technology Limited. The investigation’s objective was to assess TikTok’s compliance with GDPR requirements regarding the processing of personal data from child users, specifically focusing on public default settings and age verification at sign-up, covering the period…
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In the digital financial sector, innovation has outpaced European legislation and regulation concerning crypto assets. Currently, the European Union lacks consistent guidelines for issuers and service providers operating in the crypto space. However, the EU is poised to address this gap through the Markets in Crypto Assets Regulation (MiCA). MiCA aims to establish an environment…
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As technology advances, Artificial Intelligence (AI) systems like Chatbot GPT (Generative Pre-trained Transformer) have become increasingly prevalent in various fields, including the legal industry. Chatbot GPT is designed to understand natural language and provide contextually relevant responses. While these chatbots have shown remarkable capabilities in various domains, their integration into legal sector raises significant concerns.…
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