Jones Day Presents: State Regulations and Blockchain
The VASP Act defines “Virtual Assets” as digital representations of value that can be digitally traded or transferred and can be used for payment or investment purposes. Digital representations of fiat currencies (which is...more
The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 were laid before parliament, together with an explanatory memorandum. The Regulations relate to the Digital Securities...more
On January 3, 2025, the Consumer Financial Protection Bureau (CFPB) announced a comprehensive reboot of its No-Action Letter (NAL) and Compliance Assistance Sandbox (CAS) policies. The proposed policies on its face, marks a...more
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
On January 3, 2025, the CFPB announced a reboot of its no-action letter and compliance assistance sandbox policy, aimed at promoting consumer-beneficial innovation in financial services. The new policies are designed to...more
Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more
The Gulf Cooperation Council ("GCC") region, particularly the United Arab Emirates ("UAE") and the Kingdom of Saudi Arabia ("KSA"), is experiencing a dynamic transformation in its financial sector driven by the rapid rise of...more
The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 came into force on Jan. 8, creating the U.K.'s first digital securities sandbox within which firms would be able to test new...more
Take-aways From Director Chopra’s Semi-Annual Report to Congress - On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) issued its semi-annual report to Congress required under Dodd-Frank....more
As home to the second largest banking center in the country, North Carolina has stepped onto the leading edge of innovation in the FinTech and InsurTech arenas. Late last year, Governor Cooper signed into law H624, the North...more
Challenges and opportunities in the US, UK and Europe - "Many Fintechs that previously avoided bank-like regulation in the US are now actively seeking that status." The digital revolution was well underway long before most...more
Chopra Sworn in as CFPB Director On October 12, 2021, Rohit Chopra was sworn in as the CFPB Director. Acting Director David Uejio will leave his post but will remain at the CFPB as he awaits his likely confirmation to a fair...more
The rapid development of new technology impacts every industry, but regulators are paying significant attention to the current disruption of the financial services and FinTech industry. This is particularly true in the crypto...more
Bank of Italy, Consob and IVASS launched the Italian Sandbox announcing the first call for submitting FinTech projects. On 17 July 2021, the Decree of the Italian Ministry of Economy and Finance No. 100 of 30 April 2021...more
On 2 July 2021, the Decree of the Italian Ministry of Economy and Finance for the launch of a Sandbox in Italy and the establishment of a FinTech Committee was published in the Italian Official Gazette....more
The past six months for me have been exciting and inspirational. I had the privilege of coordinating, together with Dr Kay Swinburne (KPMG), the policy and regulation chapter of Ron Kalifa OBE's report on the UK's Fintech...more
New provisions have been introduced to the Italian law concerning the development of FinTech initiatives and the establishment of an Italian Fintech Sandbox. Secondary measures are expected to be enacted by 31 January 2021....more
SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more
Business Legal Updates - Collegiate Student Athletes Can Now Receive Compensation - With the passing of Section 1006.74, F.S., effective July 1, 2020, intercollegiate athletes at a “postsecondary educational...more
BigTech: International Banking Federation report - The House of Lords EU Services Sub-Committee has published the letter it has sent to John Glen, Economic Secretary and City Minister, on the UK-EU negotiations in...more
Although Israel is a world leader in the fintech field, companies operating in this area face many regulatory challenges. A newly published legal memorandum aims to enable the creation of a “sandbox”, with inspiration from...more
Join Brad Rustin, Craig Nazzaro, and Mark Miller as they cover the shift in customer needs and experience and the impact this shift has on your BSA/AML/KYC concerns, CRA program, and fintech partnership risks. They will also...more
At over $30 billion USD in transactions a year, the United States-Mexico remittance corridor is one of the largest in the world. The rapid development of cryptocurrencies has enabled cross-border transactions at just a...more
Key developments of interest over the last month include: Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more
The FinTech sandbox would aim to foster innovation in the financial, credit, and insurance sectors. The Italian Ministry of Economy and Finance has launched a public consultation on a draft ministerial decree (Draft Decree)...more