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Turkey: 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 as “intangible assets that are virtually created with distributed ledger technology or similar technologies and are distributed through digital networks, but are […]

Brazil: 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 period for the mandates of the president and directors of the Central Bank, which must not coincide with that of the president […]

United Kingdom: Buy Now, Pay Later Transactions to Be Regulated to Protect Consumers

(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 recommendations to the U.K. government, including an urgent call to introduce legislation to regulate the unsecured credit market. The COVID-19 pandemic resulted in […]

China: Country’s Second Specialized Financial Court to Be Established in Beijing

(Feb. 10, 2021) On January 22, 2021, China’s National People’s Congress Standing Committee (NPCSC) issued a decision approving the establishment of a new specialized financial court, the Beijing Financial Court. The establishment of China’s first financial court, the Shanghai Financial Court, was approved by the NPCSC on April 27, 2018. The Supreme People’s Court (SPC, […]

Argentina: National Digital Payment System Implemented

(Jan. 28, 2021) On December 7, 2020, the Central Bank of Argentina (Banco Central de la República Argentina, BCRA) implemented the first stage in the rollout of a new national digital payment system. The system, named Transferencias 3.0 (Transfers 3.0), will allow any business or company in the country to charge for its services through payments made through […]

Russian Federation: New Bill Defines Cryptocurrency, Proposes Tax Regulations

(Jan. 11, 2021) On December 1, 2020, the government of the Russian Federation introduced to the State Duma (the country’s parliament) Bill No. 1065710-7 on Amendments to Parts One and Two of the Tax Code of the Russian Federation. The bill, proposed in mid-November by the Ministry of Finance, includes provisions that would regulate the […]

European Union: European Court of Justice Rules on Liability of Banks for Unauthorized Low-Value Transactions Using Contactless Payment

(Dec. 21, 2020) On November 11, 2020, the Court of Justice of the European Union (CJEU) held that the near-field communication (NFC) functionality of a bank card, also known as contactless payment, in itself is a “payment instrument” as defined in the EU Payment Services Directive 2015/2366 (PSD 2). The CJEU also clarified the meaning […]

Qatar: Minister of Justice Issues Regulation on Lawyers’ Legal Obligations Regarding Anti-money Laundering and Terrorist Financing Requirements

(Dec. 3, 2020) On July 9, 2020, Qatar’s minister of justice issued a regulation laying out lawyers’ legal obligations when developing an anti-money laundering and counterterrorist financing program and policies for the lawyers’ organization. Minister of Justice Regulation No. 24 of 2020 was published in Qatar’s Official Gazette following the ratification of the draft by […]

Algeria: National Bank Officially Launches Islamic Banking

(Nov. 23, 2020) On August 4, 2020, Algeria’s National Bank officially launched Islamic banking as the first state-owned bank to practice Islamic banking services in Algeria. The launching of Islamic banking on the level of state-owned banks is in accordance with the government’s efforts to establish a more effective and diversified national financial market. The […]

European Union: Commission Publishes Legislative Proposal to Regulate Crypto-Assets

(Oct. 6, 2020) On September 24, 2020, the European Commission published a legislative proposal on markets in crypto-assets (MICA), which would regulate crypto-assets that fall outside the scope of current European Union (EU) financial market regulation. In addition, it includes special rules for stablecoins, meaning crypto-assets that are designed to maintain a stable value by […]