United Kingdom: Buy Now, Pay Later Transactions to Be Regulated to Protect...
(Feb. 24, 2021) The United Kingdom’s Financial Conduct Authority (FCA) issued a report on February 2, 2021, about the burgeoning use of interest-free “buy now, pay later” agreements and set out 26...
View ArticleBrazil: Chamber of Deputies Approves Autonomy of Brazilian Central Bank
(Mar. 2, 2021) On February 10, 2021, the Brazilian Chamber of Deputies approved Draft Law No. 19/2019, which grants autonomy to the Brazilian Central Bank (Banco Central do Brasil). The law defines the...
View ArticleBahrain: Crown Prince Issues Decree to Suppress Financing of Terrorism
(Mar. 5, 2021) On February 19, 2020, the crown prince and prime minister of Bahrain, Prince Salman bin Hamad Al Khalifa, issued Decree No. 12 of 2021 on the National Terrorism Lists. The decree is...
View ArticleTurkey: New Regulation Bans Use of Cryptoassets in Payments
(May 12, 2021) On April 16, 2020, the Regulation on the Use of Cryptoassets in Payments issued by the Central Bank of Turkey was published in the Official Gazette. The regulation defines cryptoassets...
View ArticleSweden: Central Bank Issues Report on National E-Currency
(May 20, 2021) On April 6, 2021, the Swedish Central Bank (Riksbanken) published a report on its e-currency pilot, which is part of its digital currency e-krona project. The e-krona project was...
View ArticleBank of Israel Steering Committee Accelerates Research and Preparedness for...
(June 24, 2021) The Bank of Israel (BOI), Israel’s central bank, has decided to accelerate its research and preparation for the potential issuance of a digital shekel (central bank digital currency...
View ArticleGermany: Electronic Securities Act Enters into Force
(June 29, 2021) On June 10, 2021, the Electronic Securities Act (Gesetz zur Einführung von elektronischen Wertpapieren, eWpG), which enables the issuance of bearer bonds using innovative technologies...
View ArticleTurkey: New Presidential Decree Establishes Price Stability Committee Under...
On June 30, 2021, Presidential Decree No. 74 establishing a Price Stability Committee (PSC) in Turkey was published in the country’s Official Gazette. The decree entered into force on the day it was...
View ArticleEuropean Union: European Central Bank Starts Investigation Phase of Digital...
On July 14, 2021, the Governing Council of the European Central Bank (ECB) announced that it would start a 24-month long investigation phase of a project to implement a Central Bank digital currency...
View ArticleCuba: Central Bank Issues Directive on Cryptocurrency
On August 26, 2021, Cuba’s government published Resolución 215/2021, a directive issued by its Central Bank that establishes guidelines applicable to the use of virtual assets (such as cryptocurrency)...
View ArticleChina: Central Bank Issues New Regulatory Document on Cryptocurrency Trading
On September 24, 2021, the People’s Bank of China (PBOC), China’s central bank, issued a regulatory document to control the “speculative risks of cryptocurrency trading” (the term xuni huobi (virtual...
View ArticleBrazil: Chamber of Deputies Approves Bill Regulating Virtual Asset Service...
On December 8, 2021, Brazil’s Chamber of Deputies (the lower house of the National Congress) approved Bill of Law 2303/15 (Projeto de Lei 2303/15), which would regulate and provide guidelines for...
View ArticleUnited Kingdom: Government to Introduce Regulations Recognizing Stablecoins...
On April 4, 2022, the government of the United Kingdom announced its plans to introduce legislation that would recognize stablecoins as a valid form of payment with the aim of making the country a...
View ArticleTurkey: Amendments to Foreign Exchange Regulations Mandate Use of Turkish...
On April 19, 2022, Turkey’s Ministry of the Treasury and Finance published amendments to the country’s foreign exchange regulations in the Official Gazette. (Communiqué No. 2022/32-66 of the Ministry...
View ArticleCroatia: Euro to Be Introduced as Official Currency
On July 12, 2022, the Council of the European Union adopted legislation that will enable Croatia to begin replacing its national currency, the kuna (HRK), with the euro (€) on January 1, 2023, and...
View ArticleSwitzerland: Federal Criminal Court Denies Mutual Legal Assistance to Russia...
In a decision published on October 3, 2022, the Swiss Federal Criminal Court (FCC) (Bundesstrafgericht, BStGer) held that Russia is not entitled to mutual legal assistance in criminal matters due its...
View ArticleUnited Kingdom: Government Publishes Regulation of Cryptoassets Consultation
As part of its continued moves to regulate cryptoassets, the government of the United Kingdom (U.K.) has published an 82-page consultation paper seeking public opinion on its plans to regulate...
View ArticleUnited Kingdom: Bill to Regulate Stablecoins Progresses through Parliament
The Financial Services and Markets Bill is currently in the committee stage of the United Kingdom’s (U.K.’s) Parliament. This bill is extensive, with 79 sections and 14 schedules over 346 pages. If the...
View ArticleAzerbaijan: Targeted Financial Sanctions Law Adopted
On February 1, 2023, the Targeted Financial Sanctions Law (TFSL, Law No. 782-VIQ) was published in Azerbaijan’s government newspaper and entered into force. A presidential decree on the implementation...
View ArticleCanada: Commission of Inquiry Finds 2022 Invocation of Emergencies Act Met...
On February 17, 2023, Ontario Court of Appeal Justice Paul Rouleau, acting as commissioner of the Public Order Emergency Commission, found that the situation in Ottawa and at key border crossings...
View ArticleItaly: Initiatives of National Strategic Interest Implemented
On January 6, 2023, Decree-Law No. 2 of January 5, 2023 (D.L. No. 2), containing urgent measures to implement national strategic interests, entered into effect in Italy.Miscellaneous Measures to...
View ArticleEgypt: Authorities Arrest 29 for Fraudulent Cryptocurrency Investment Scheme
On March 7, 2023, Egyptian authorities arrested 29 individuals, including 13 foreigners, for operating a fraudulent cryptocurrency online investment scheme. The Egyptian Public Prosecution’s Social...
View ArticleJapan: Amended Ministry of Health and Welfare Ordinance Allows Salary...
On April 1, 2023, an amendment to a Ministry of Health, Labour and Welfare (MHLW) ordinance that allows businesses to pay their employees electronically, such as via smartphone apps, entered into...
View ArticleVietnam: Anti-Money Laundering Law Takes Effect
Vietnam’s new Anti-Money Laundering Law (Law No. 14/2022/QH15) took effect on March 1, 2023. The law was passed by the Vietnam National Assembly on November 15, 2022, to replace Anti-Money Laundering...
View ArticleEuropean Union: Amendment to EU Wire Transfer Regulation Ensures Traceability...
On June 29, 2023, an amendment to the European Union (EU) Wire Transfer Regulation entered into force. It will apply from December 30, 2024. (Amendment art. 40.) The goal of the amendment is to prevent...
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