Posted on Categories anti-money laundering

How the “travel rule” could change the world of decentralised finance

It has long been obvious that within the next few years we would witness attempts to regulate the world of decentralised finance. As it turns out, one of the most revolutionary laws may be introduced through an amendment to an obscure regulation on information accompanying money transfers.

I’m referring to the proposed changes to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds—also known as WTR2. It is part of a broader package of regulations aimed at combatting money laundering and financing of terrorism. The main aim of WTR2 is to ensure that money transfers are accompanied by relevant information enabling identification of the parties to the transaction.

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Posted on Categories privacy/personal data protection

Cookies: The coming revolution

Last year regulators in the EU devoted a lot of attention to cookie files and other tracking technologies used on websites. This interest was generated among other sources by numerous complaints filed by NOYB—European Center for Digital Rights in the last year with data protection authorities, and has resulted in guidance and several decisions issued by regulators in recent months (e.g. in Austria, Belgium and France). Because they may shape the future approach of regulators to the use of cookies, it is worth discussing some of the main conclusions flowing from these decisions.

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Posted on Categories artificial intelligence, changes in law

Artificial Intelligence Act: Will the EU set a global standard for regulating AI systems?

The world pins high hopes on the development of artificial intelligence systems. AI is expected to generate huge economic and social benefits across various aspects of life and sectors of the economy, including the environment, agriculture, healthcare, finances, taxes, mobility, and public administration.

The progressing development of AI systems is forcing the creation of appropriate legal frameworks, which on one hand should facilitate further growth of AI technologies but on the other hand should ensure adequate protection of persons using such systems and raise societal confidence in the operation of AI systems.

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Posted on Categories changes in law, privacy/personal data protection

Data Governance Act: A step closer to easier sharing of data

On 30 November 2021, the Council of the European Union and the European Parliament reached a provisional agreement on the final wording of a draft Data Governance Act (DGA) (COM/2020/767 final).

The aim of the proposal is to promote the availability of data and to build a trustworthy environment facilitating the use of data (both person and non-personal) for research and creation of innovative new products and services. It is also intended to create a legal framework for easier sharing of data and mechanisms facilitating re-use of certain data held by the public sector, including data involving health, agriculture and the environment.

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Posted on Categories creative industry

Quest: Listing on the Warsaw Stock Exchange

The game development market in Poland and worldwide is steadily growing, and ambitious companies from the game sector are looking for ways to increase brand recognition and raise funds for new productions. This leads them to consider listing their shares on the stock exchange. So the question is, who can go public, what is to be gained from doing so, and how to go about it?

An IPO—is it right for us?

The basic question is whether a stock market listing is the best option. The answer depends on many factors and can vary depending on the candidate. But it is worth considering what benefits a company can gain by deciding to conduct an initial public offering.

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Posted on Categories creative industry, taxes

How to recognise expenditures on production of a computer game in income taxes?

For the costs of developing a computer game to be tax-deductible, they must meet certain criteria. Tax-deductible costs are costs incurred for the purpose of earning revenue from a source of revenue or retaining or securing a source of revenue, except for costs expressly excluded from tax-deductible costs. The method of accounting for these costs depends on whether work on the creation of a new game can be regarded as development work.

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