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In the past ten years, the financial services industry has experienced significant change. Customer behaviours have developed significantly. In this report, we look at the changing nature of the Financial Services sector and how collaboration (including through M&A) is increasing between established financial institutions and FinTechs.
Tokenization is at the heart of the digitisation of infrastructure for several industries - it is the foundation for a digitised society with the potential for disruptive social opportunities. These opportunities are seen particularly in the field of energy, more specifically for a flexible and sustainable energy system. Part of this is the search for (i) a system in which "energy data" becomes more widely available, while at the same time the end-user (ii) retains control of his data and (iii) has control over who has access to his data.
Several international airlines have been exploring various ways in which Blockchain technology can be used to help improve the efficiency in the way they operate. Team Blockchain go into further detail and share some examples from within the sector.
The issuance, sale and purchase of crypto-currencies and/or other crypto-assets is not a regulated activity in Spain, to the extent such crypto-assets do not qualify as financial instruments, in which case the relevant Prospectus Directive and MiFID rules would apply.
Spain has not implemented the fifth anti-money laundering directive (AML5) yet - although implementation is expected this year - and, when implemented, crypto-currency exchanges and custodians will need to register with the Bank of Spain and comply with Spanish AML rules.
Following Order no 2020-1342 of 4 November 2020 reinforcing the system for asset freezing, the adoption of the French Decree no 2021-387 of 2 April 2021 clarified the requirements relating to digital assets and the anti-money laundering and terrorist financing national framework. These provisions became effective on 5 April 2021, with the exception of those relating to digital assets, applicable as of 1 May 2021.
On 31 March 2021, the Financial Conduct Authority (FCA) published policy statement PS21/4 which extends the annual financial crime reporting obligation to a wider range of firms, including cryptoasset businesses.
The FCA has recently taken action against a number of individuals for market manipulation and insider dealing. This is a clear sign of the regulator re-focusing its attention on these offences, and is something that readers need be aware of to ensure they stay on the right side of the rules.
On 11 March 2021, the European Commission (Commission) published for consultation a Draft Roadmap on the development of an EU-wide instant payments scheme.
Lessons learned by a crypto artist as he engaged with Non-Fungible Tokens (NFTs). From caveman paintings to selling digital art to a global audience, with a few tips of what to look out for if you also wish to get involved with NFTs as a buyer of this asset class or have creative works that you wish to sell.