Fintech Features Newsletter
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A Fintech news and event round-up from Bird & Bird's cross practice group Fintech team.
Each quarter we feature articles and commentary on a range of issues affecting the Fintech sector with input from specialists across the firm.
This month we take a look at the proposed changes to the regulation of BNPL services, UK proposals on a financial services regulatory regime for cryptoassets, the BoE and HMT’s blueprint for a digital pound and more.
We also feature a guest article from our colleagues in Dubai from Bird & Bird’s international fintech network.
Bookmark this page for updates from our Fintech team.
Buy Now Pay Later - UK publishes consultation and draft legislation
On 14 February 2023, the UK Government, published its consultation on the regulation of Buy-Now-Pay-Later which includes draft legislation (the Consultation).
The Future of FS Regulatory regime for cryptoassets
In this video, Jonny Emmanuel (partner, Tech Transactions) and Gavin Punia (partner, FS Regulatory) discuss the key takeaways from the recent UK proposal to create a financial services regulatory regime for crypto-assets and the impact this will have on traditional finance.
Starter Guide to Trade Marks for Fin-Tech Start-Ups
A crucial element to start-up success is creating brand recognition and brand value. In order to ensure that you have the best chance of doing so, it is important to consider IP strategy early on. Registering your brand name as a trade mark helps to prevent copycats from diluting your reputation.
FCA issues statement of objections to 3 money transfer firms
The UK’s Financial Conduct Authority disclosed, via a statement issued on 25 January 2023, that it is investigating three transfer companies for possible violation of the UK’s Competition Act 1998.
New developments in the journey of the "digital pound"
On 7 February 2023, the Bank of England ("BoE") and HM Treasury published a joint consultation paper on the potential introduction of a central bank issued digital currency or "digital pound" to be issued by the BoE for retail use (used by individuals and businesses for everyday payments), that would exist alongside physical cash.
Meta – DPC & EDPB Decisions on lawful basis of processing and transparency
On 5 December 2022, the European Data Protection Board issued binding decisions under the Art.65 dispute resolution process to the Irish Data Protection Commission. The Facebook and Instagram decisions concluded that Facebook and Instagram were processing personal data for certain behavioural advertising activities without a lawful basis and that such processing was unfair; in addition, there were failings of transparency in relation to privacy notices.
Spotlight on Dubai
The New Dubai Virtual Asset Regime
The Virtual Asset Regime follows the implementation by the Dubai Financial Services Authority, the independent regulator of financial services in the DIFC financial freezone of the DIFC Crypto Token Regime on 1 November 2022 which will apply to crypto products and services in the DIFC. These separate regimes have reinforced Dubai’s intention to position itself at the forefront of a regional and international hub for virtual assets and related services to develop Dubai’s digital economy.
Upcoming Events
Roundtable 'Tax & EU VAT in the Digital Age', Tuesday 14th March 2023
The European Commission announced significant reforms to the EU VAT system on December 8, 2022. The reforms are part of its VAT in the Digital Age initiative, which aims to combat EU VAT revenue loss and to modernize the EU VAT system by making it simpler, more efficient and fit for the digital age.
