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Singapore: New Payment Services Act Takes Effect

(Apr. 17, 2020) On January 28, 2020, Singapore’s new Payment Services Act went into effect. The Act unifies and streamlines the regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services. The Act was passed by Parliament on January 14, 2019. The Act regulates seven types of […]

United Kingdom: Two Banks Found in Breach of Overdraft Alert Requirement, Must Refund Customers

(Dec. 20, 2019) Two banks with headquarters in the United Kingdom, HSBC and Santander, recently reached an agreement with the Competitions and Market Authority (CMA) to refund customers’ overdraft fees that were incurred after the banks breached Part 6 of the Retail Banking Market Investigation Order 2017 (the Order). This Order was made by the […]

Liechtenstein: Parliament Adopts Blockchain Act

(Oct. 30, 2019) On October 3, 2019, the Parliament of Liechtenstein unanimously adopted the Token and TT-Service Provider Act (TVTG) (“Blockchain Act”), a “comprehensive regulation of the token economy.” The Act has been substantially revised since the conclusion of the consultation process that ran from August to November 2018. The Blockchain Act is subject to […]

Brazil: Provisional Measure Creates Financial Intelligence Unit

(Sept. 5, 2019) On August 19, 2019, Brazilian president Jair Bolsonaro enacted Provisional Measure No. 893 (Medida Provisória No. 893, de 19 de Agosto de 2019), which transforms the Financial Activities Control Board (Conselho de Controle de Atividades Financeiras, COAF) into the Financial Intelligence Unit (Unidade de Inteligência Financeira). The Provisional Measure makes the Financial […]

Italy: Legislation on Economic Growth Enters into Force

(June 12, 2019) On May 1, 2019, a new decree-law with several measures intended to encourage economic growth entered into force in Italy. (Decree-Law No. 34 of April 30, 2019, Urgent Measures for Economic Growth and for the Resolution of Crisis Situations), GAZZETTA UFFICIALE [G.U., OFFICIAL GAZETTE], Apr. 30, 2019, G.U. website (in Italian).) New […]

Italy: Legislation in the Event of Brexit Takes Effect

(May 21, 2019) On March 23, 2019, new legislation addressing the potential effects of Brexit entered into force in Italy. (Decree-Law No. 22 of March 25, 2019, Urgent Measures to Ensure Safety, Financial Stability and the Integrity of Markets as well as the Protection of the Health and Freedom of Residence of Italian Citizens and […]

Iceland: Icelandic Central Bank Publishes Amended Rules on Foreign Exchange

(Apr. 29, 2019) On April 2, 2019, the Central Bank of Iceland published an amended version of its rules on foreign exchange. The new provisions lift some, but not all, of the remaining restrictions on foreign exchange that have been in place since Iceland’s 2008 banking crisis. (Press Release, Central Bank of Iceland, Amended Rules […]

Brazil: Brazilian President Signs Acts Addressing Bureaucracy, Corruption, and Drug Policy

(Apr. 23, 2019) On April 11, 2019, Brazilian President Jair Bolsonaro signed 18 acts, including measures relating to corruption, modernization, bureaucracy, drug policy, and literacy policy. (Assinados 18 Atos para Modernizar e Desburocratizar o País, NOTÍCIAS, GOVERNO DO BRASIL (Apr. 12, 2019).) Five of the most significant of the acts signed by Bolsonaro are as […]

Singapore: Payment Services Act Passed, Regulating Cryptocurrency Dealing or Exchange Services

(Apr. 17, 2019) On January 14, 2019, the Parliament of Singapore passed the Payment Services Act, bringing cryptocurrency dealing or exchange services under the supervision of the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator. (Payment Services Act 2019, No. 2 of 2019 (Jan. 14, 2019, assented to by the President […]

Hong Kong: Hong Kong Monetary Authority Issues Circular on Cryptoassets

(Apr. 4, 2019) On March 18, 2019, the Hong Kong Monetary Authority (HKMA) issued a circular endorsing a statement on cryptoassets made by the Basel Committee on Banking Supervision (BCBS). In the Circular, the HKMA asks banks planning to engage in activities relating to cryptoassets to discuss them with the HKMA and demonstrate that they […]