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Navigating legal uncertainty: How the Digital Assets Bill could impact PSPs January 13 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The impact of the UK Digital Assets Bill on PSPs, highlighting legal uncertainties, operational challenges, and strategic opportunities. Why is it important?
We are pleased to launch our globalLegal Outlook 2025, which explores key legal and regulatory developments we expect to see in tech, fintech and payments over the coming year. Explore Financial Regulation
2024 reshaped payments with instant payment mandates, crypto regulations, and enhanced consumer protection driving innovation and security. In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future.
Google has filed a legal challenge against the US Consumer Financial Protection Bureau (CFPB), the agency responsible for overseeing consumer finance, after it placed Google Payment Corp., The move follows the agencys use of a dormant legal authority revived in 2022 to oversee nonbank entities deemed to pose risks to consumers.
The Competition and Consumer Commission of Singapore (CCCS) acknowledged media reports on the possible deal and advised the companies to seek legal counsel to ensure compliance with Singapore’s competition laws. The regulator remains open to discussions through its merger notification and pre-notification processes.
Overview of International Payment Processing At its core, international payment processing involves handling transactions across borders , where factors like currency conversion, payment method preferences, and local regulations come into play. Understanding tax obligations in each market is crucial to prevent legal and financial issues.
In addition to the license revocation, Investree is prohibited from transferring or obscuring company assets, except for fulfilling legal obligations, and must resolve employee rights in line with employment laws. The regulator shared that asset tracing and potential legal proceedings are underway.
According to DealStreetAsia , this move comes as the company faces ongoing investigations and legal challenges from lenders. Concerns escalated after co-founder Adrian Gunadi was dismissed in January amid fraud and contract breach allegations, leading to legal action and his removal as director.
million in penalties by US regulators due to a series of illegal actions, including misleading advertising regarding its fees. Regulators additionally determined that Wise did not refund remittance fees within the legally required timeframe when payments failed to arrive on time. Wise has been ordered to pay nearly US$2.5
With the rise of digital assets, real-time payment methods, and evolving regulations, the pace of change has never been faster. Some governments embrace them, others restrict them, and many are still figuring out how to regulate them. The payments industry is undergoing a profound transformation.
Firms must invest in compliance, adapt workflows, and advocate for fair regulations. 2) End-state safeguarding rules: Statutory trust implementation: Relevant funds will be held under a statutory trust, providing additional legal protection for customers in the event of a firms insolvency. What’s next?
2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon. This transition is currently in progress.
Here Akshata Namjoshi, associate partner, and Ratul Roshan , senior associate, at legal consulting firm KARM Legal Consultants, explore the evolving regulatory landscape of BNPL services in the United Kingdom, Australia, Ireland, and the United Arab Emirates (UAE).
In his new role, Martin will play an instrumental part in continuing to grow the firm’s presence in the sector and enhancing its innovative solutions to continue to support clients with every day legal needs, business critical projects and every touchpoint in between.
With regulatory scrutiny at an all-time high, payments firms must keep pace with evolving regulations to avoid financial penalties and reputational risks. In 2025, three priorities stand out: safeguarding customer funds, expanding open banking, and preparing for stablecoin regulation.
Their key responsibilities as per article 39 of GDPR include: Guiding the controller, processor, and employees on their data protection obligations under relevant regulations, such as GDPR, CCPA, and others. Strong communication skills to easily convey technical and legal concepts to the stakeholders, regulators, and employees.
Compliance in payment communications is essential for trust and security; AI-driven solutions and customised frameworks help businesses meet regional regulations, ensuring secure global operations. Ensuring that communications comply with global regulations is essential for protecting a business’s reputation and operations.
Companies that excel in data protection comply with stringent regulations and gain a competitive edge by building solid relationships with their customers. Data Minimization Data minimization means collecting only the information you absolutely need to serve your customers or comply with legal requirements.
The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.
The new amendments are set to bring legal entities in line with the existing open banking framework. Under the new regulations, banks must now allow account information service providers (AISPs) and payment initiation service providers (PISPs) access to account information for legal entities after securing their consent.
To develop tokenised investment products and services in Dubai, the Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), is inviting firms to express their interest in participating in the DFSAs Tokenisation Regulatory Sandbox.
The work looked at various technical, legal and business case questions surrounding the development of a ‘platform for innovation’ and the main conclusions are: Such a platform, in collaboration with other important initiatives such as Open Banking, could deliver economic value and support innovation in the market.
This article explores the legal landscape surrounding surcharges, shedding light on the intricacies of state and federal laws and strategies for small businesses to manage processing costs. Learn More Are Debit Card Surcharges Legal? Let’s start with the elephant in the room: are debit card surcharges legal?
Revolut and Visa have filed legal challenges against the Payment Systems Regulator over the UK watchdog's decision to cap interchange fees on cross-border online payments, according to the Financial Times.
In this article, Akshata Namjoshi, Kabir Kuma, and Ahlam Faouzi from KARM Legal Consultants , the emerging technologies-focused law firm, provide an in-depth analysis of the UAE’s regulatory landscape for stablecoins. A unique characteristic of FSRA’s regulatory framework is the regulation and licensing of the issuance of fiat tokens.
In addition to securing FIU registration, Coinbases Chief Legal Officer, Paul Grewal , has joined the board of the U.S.-India India Business Council (USIBC), which plays a key role in strengthening commercial ties between the two nations. The company intends to be an active participant in this dialogue as it deepens its presence in India.
When used legally, the dual pricing approach can help businesses navigate the complexities of processing fees and empower consumers to make informed decisions at the point of sale (POS). For businesses, it provides a legal way to manage the hefty credit card processing costs and maintain competitive pricing for cash-paying customers.
Well, from a legal standpoint, there’s actually quite a lot. We will provide insight into how these regulations differ between card schemes, and help financial institutions to better understand the dispute process from all sides. Certain regulations known as “chargeback rules” are, in fact, based on legal statutes.
Vixio was recognised for its innovativ , technology-driven platform that empowers payments companies to stay ahead of ever-evolving regulations, mitigate risk, and unlock new growth opportunities across 180+ jurisdictions worldwide.
It necessitates robust safeguards and adherence to data protection regulations. “AI brings significant legal challenges to the fintech sector. AI regulations are nascent, with a growing, fragmented patchwork of federal, state, and industry-specific rules. There is a growing demand for transparent and explainable AI models.
A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Additional Responsibilities of DPO (As seen in other Regulations) 1.
A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Additional Responsibilities of DPO (As seen in other Regulations) 1.
The regulatory landscape: FCA and PSR’s roles in de-risking The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are pivotal in shaping the UK’s financial ecosystem. By undermining regulated channels, de-risking paradoxically amplifies the very threats it aims to mitigate.
Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Voices from the industry Virtual IBAN regulations are evolving as regulators tighten AML compliance, data protection, and cross-border payment rules. What’s next?
This legislation represents a significant shift in corporate accountability, aiming to strengthen the UKs legal framework against financial crime. Voices from the industry Businesses subject to the Failure to Prevent Fraud offence must understand their legal obligations under the new law.
As the UK payments industry begins implementing the National Payments Vision (NPV), the role of regulators in fostering innovation is increasingly pivotal. Regulators do not generally drive innovationbusinesses do, he explains. However, he acknowledges significant hurdles, including technical, legal, and commercial challenges.
Their key responsibilities as per article 39 of GDPR include: Guiding the controller, processor, and employees on their data protection obligations under relevant regulations, such as GDPR, CCPA, and others. Strong communication skills to easily convey technical and legal concepts to the stakeholders, regulators, and employees.
Cash discounts are legal across the United States but must comply with specific guidelines and transparency requirements to avoid legal discrepancies. Both methods require care to ensure transparency, as misleading pricing can damage customer relationships or lead to legal non-compliance. How do cash discounting programs work?
The General Data Protection Regulation (GDPR) plays a key role in safeguarding individuals’ privacy rights and ensuring the responsible handling of biometric data. Use beyond the original purposes requires explicit consent or legal justification. was fined EUR 20 million by the Italian SA for violating several GDPR regulations.
As more jurisdictions refine regulations and expand open finance frameworks, the focus will shift to interoperability, consumer trust, and cross-industry data integration. Unlike open finance, which typically operates within regulated frameworks, open data relies heavily on voluntary data sharing and commercial agreements.
Non-compliance with regulations like GDPR, HIPAA, and CCPA can have severe repercussions, including hefty fines and operational restrictions. Industries with stringent regulatory requirements, such as finance and healthcare, particularly benefit from strong cybersecurity, as compliance avoids legal penalties. 5 / 5 ( 1 vote )
If your business engages with these customers, it is subject to the EU’s General Data Protection Regulation (GDPR). This extensive data privacy regulation has an impact on many U.S. Yes, companies in the US, as well as US companies inside of the EU, are bound by the GDPR’s regulations. entities due to its extraterritorial reach.
Improving regulations, using technology for detection, and fostering industry-wide cooperation. Tao described the difficulties of navigating the legal and organisational hurdles that often impede data sharing. McMurtrie opened the discussion by underscoring the limitations of current regulations. Why is it important?
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