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Banking

21 February 2020
Mary V Ward Blockchain and cryptocurrency regulation 2020

Bermuda - Carey Olsen Bermuda

The current government was elected in 2017, having undertaken to create new economic pillars in Bermuda, identify new opportunities for economic diversification and seek local and overseas investment to develop new local industry and thereby create jobs in Bermuda. Since its election, the government has enthusiastically embraced the fintech sector and the potential that it offers and has repeatedly expressed its intention for Bermuda to be a significant centre for this industry.

Author: Mary V Ward
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Marco Penna Public consultation on techno-finance sandbox launched

Italy - Legance – Avvocati Associati

The Ministry of Economy and Finance recently launched a public consultation process on a draft decree setting out the rules for a fintech sector regulatory sandbox. The draft decree aims to promote technological innovation by allowing fintech companies to test new IT services and products in the financial, credit and insurance sectors under the supervision of the competent authorities for a limited period.

Author: Marco Penna
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Alexander Vogel FinSA/FinIA: proposed follow-up regulation by FINMA

Switzerland - Meyerlustenberger Lachenal

The new Financial Services Act and Financial Institutions Act came into force on 1 January 2020 together with the implementing ordinances. These laws oblige the Swiss Financial Market Supervisory Authority (FINMA) to pass a number of implementing provisions pertaining to selected, mainly technical issues. As a result, FINMA has created a new, streamlined Financial Institutions Ordinance and introduced amendments to several current FINMA ordinances and circulars.

Authors: Alexander Vogel, Reto Luthiger, Lukas Lezzi
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Georgina Thomson Cryptocurrency treated as property in freezing order

United Kingdom - Allen & Overy LLP

The High Court recently granted a freezing order over £1.5 million worth of bitcoin and ethereum cryptocurrency against a trading platform and its directors in only the second known example of the court treating cryptocurrency as property. This decision will provide further reassurance of the English courts' willingness to deal with cryptocurrency as property.

Authors: Georgina Thomson, Amy Edwards
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Recent updates

Andy McGregor Bitcoin is 'property' and can therefore be subject of proprietary injunction

United Kingdom - RPC

Authors: Andy McGregor, Chris Whitehouse
Stephan Schmalzl No worms for early birds? Lexitor and Austrian implementation of EU Consumer Credit Directive

Austria - Schima Mayer Starlinger

Author: Stephan Schmalzl
Freddy Karyadi Lending market review 2019

Indonesia - Ali Budiardjo, Nugroho, Reksodiputro

Authors: Freddy Karyadi, Nina Cornelia Santoso
Katrina Edge Enforcement of Security Interests (Jersey) Law 2012

Jersey - Ogier

Authors: Katrina Edge, Simon Felton, Bruce MacNeil
Irmak Yensel Communique on compliance with principles and standards of interest-free banking

Turkey - Selvi & Ertekin

Author: Irmak Yensel
Alexander Vogel New DLT/blockchain regulatory framework ready for parliamentary deliberations

Switzerland - Meyerlustenberger Lachenal

Authors: Alexander Vogel, Reto Luthiger, Lukas Lezzi

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