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22 March 2019
Željka Rostaš Blažeković Virtual currencies – EU legal overview

European Union - Porobija & Porobija

Virtual currencies have been analysed and considered by numerous policymakers at the EU level. According to the European Central Bank, the legal definition of 'virtual currencies' tends to vary depending on the context, while the European Banking Authority defines them as a digital representation of value that is neither issued by a central bank or public authority nor necessarily attached to a fiat currency, but used as a means of exchange and transferred, stored or traded electronically.

Authors: Željka Rostaš Blažeković, Mislav Vukina
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Monic Nisa Devina New Bank Indonesia regulation on prudential rules for offshore debt and FX-denominated liabilities

Indonesia - Ali Budiardjo, Nugroho, Reksodiputro

Bank Indonesia recently issued an umbrella regulation on the application of prudential norms. As with the now revoked Regulation on Offshore Loans in the Banking Sector (as amended), Regulation 21 stresses the importance of compliance with prudential norms for maintaining macroeconomic and financial system stability. However, while the previous regulation's scope was confined to offshore bank loans, Regulation 21 encompasses "offshore bank debt and FX-denominated other bank liabilities".

Authors: Monic Nisa Devina, Maher Asmoro Putra Sasongko
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Marco Penna New banking regulation: temporary measures in event of hard Brexit

Italy - Legance Avvocati Associati

The Ministry of Economy and Finance recently published a press release announcing the measures which the Italian government, in close consultation with the regulatory authorities and following discussions with trade associations, intends to take in order to avoid a hard Brexit having a cliff-edge effect on financial activities. During the transitional period provided by the temporary measures, banking intermediaries will be able to continue to operate according to existing laws and regulations.

Author: Marco Penna
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Oludare Senbore Financial inclusion: Central Bank of Nigeria introduces payment service banks

Nigeria - Aluko and Oyebode

In a bid to promote a sound financial system and enhance access to financial services for low-income earners and the unbanked segments of the Nigerian population, the Central Bank of Nigeria recently issued the Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. The main objective of establishing PSBs is to enable high-volume, low-value transactions in remittance, micro-saving and withdrawal services in a secured technology-driven environment.

Authors: Oludare Senbore, Nafisa Adama
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