The evolution of payment methods in the metaverse and the new meta-economy are key concepts in understanding how tomorrow’s commerce will look: decentralized, secure, and fast. The metaverse is synonymous with innovation. And the biggest players in the market are already taking advantage of the new opportunities it offers.

The
Continue Reading Payment schemes in the metaverse – cryptocurrencies and smart contracts

The recent enrolment of one of the world’s largest cryptocurrency exchanges in the special section of the so-called “Organismo degli Agenti e Mediatori” (OAM) in Italy is something that should not go unnoticed for at least two reasons: (i) first of all, we will observe for the first time how
Continue Reading Cryptocurrency exchanges officially in Italy. What are the applicable regulatory requirements?

The world is currently in a state of unprecedented data availability. Within the financial sector, and indeed every other sector, organisations have found themselves with an abundance of data and information that they can use to better navigate the changing face of commerce. In many ways, this is incredibly helpful.
Continue Reading Financial Conduct Authority issues call for input on AI, synthetic data, and financial services innovation

Introduction

Over the past few years, new innovations under the umbrella term of decentralised finance (“DeFi”) has caught the attention of retail investors, financial institutions and regulators alike. DeFi generally refers to financial products and services which are powered by distributed ledger technologies and  provide permissionless peer-to-peer access to users.
Continue Reading Decentralised Exchanges: The relevant considerations when mapping out how DEXs might be regulated

The media is brimming with articles on the rise of cryptocurrencies and digital assets. Whether it’s news on the rising value of Bitcoin, the acquisition of digital art for large amounts of money, the release of the latest Kings of Leon album as an NFT (non fungible token), or articles
Continue Reading Crypto assets: A new line of enquiry and recovery for insolvency practitioners

On 20 November 2020 the South African Financial Sector Conduct Authority (FSCA) published a draft declaration relating to crypto assets (including cryptocurrencies like Bitcoin and Ethereum). In terms of this draft declaration, crypto assets would be regarded as a ‘‘financial product‘‘ in terms of the Financial Advisory and Intermediary Services
Continue Reading Will we see authorised crypto providers?

Technology conference and event producer TechFire and DLA Piper recently collaborated to present a fireside chat with Victoria Treyger, general partner and managing director at venture capital firm Felicis Ventures, and DLA Piper partner Patrick Anding. Their conversation focused on the impact of the new normal on the venture
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The addition of security tokens to the financial instrument toolbox is helping new, dynamic and lean financial services businesses to emerge and flourish. Blockchain-based technologies help these new entities grow rapidly, offering innovative business initiatives with minimal resources. Many of the required systems and support processes including software, security, operational
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By  Victoria Lee and Andrew W. Grant

On September 12, 2019, the Task Force on Artificial Intelligence, which is a task force within the House Financial Services Committee (FSC), held a hearing titled “The Future of Identity in Financial Services: Threats, Challenges, and Opportunities.” As the FSC wrote before the
Continue Reading Task Force on Artificial Intelligence hearing: the future of identity in financial services – key testimony on threats, challenges, opportunities

On  June 28th, 2019, the UK Financial Conduct Authority (in response to an Opinion published by the European Banking Authority) published a statement on the possible delay of enforcement against businesses that, by September 14th, 2019, will not have met the Regulatory Technical Standards for Strong Customer Authentication (SCA) in
Continue Reading E-Commerce and Payments Developments in the UK: FCA announces possible delay in enforcement of strong customer authentication