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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
The Law of Ukraine “On Payment Services” has been adopted, but will come into force from August 1, 2022. The section regarding open banking will come into force from August 1, 2025. Below we analyse what opportunities this Law opens up for the development of financial technology activities in Ukraine. The Law establishes the framework…
Read more
Canada is an ideal destination for business owners and investors who want to expand into a foreign market. Canada has a stable economy, which will prevent you from the risks of business shutdown. Some of the reasons for this economic stability are low tax rates, freedom to do trade and the well-managed bureaucracy. Money Service…
Read more
The cryptocurrency market is developing rapidly, so the governments of many countries have decided to legally regulate the field of cryptocurrencies. It is important to note that the legalization of cryptocurrencies is important, both for the state and for users. Therefore, in order to legally conduct cryptocurrency exchange activities in a particular country, it is…
Read more
