Reports released by the Cambridge Centre for Alternative Finance leave no doubt that Europe has fallen a long way behind the United States and Asian countries in development of modern financial services. This is especially noticeable in crowdfunding. In Asia Pacific countries, this method generates more than USD 200 billion per year, but only some USD 8 billion in Europe. The proposed crowdfunding regulation is intended to change this by harmonising European laws and introducing a European passport for service providers operating crowdfunding platforms.
At a meeting summarising public consultations on a bill implementing the General Data Protection Regulation (GDPR) in Poland, the Ministry of Digital Affairs confirmed that during legislative work a change was approved providing for major exceptions to the GDPR. This change was proposed in October 2017 by the Ministry of Development. This proposed exception is an interesting example of how hard it can be to draft legislation properly aligned to the needs of a digital economy.
On many occasions we have predicted that cryptocurrencies will soon become subject to Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations.
This became clear in July 2016 when the European Commission announced that it will impose new regulations and presented its proposed changes. (Coming soon: A legal definition of virtual currencies).
In our 2014 Virtual currency report we analysed the anticipated impact of the potential regulations on the cryptocurrency market and discussed the subject again in 2015’s Bitcoin and money-laundering regulations article. We have also brought attention to the subject during industry conferences and meetups.
Currently, legislative work on these regulations is nearing the end, both at the EU-level and in Poland. Below, we take a look at what the nearly-ready rules will contain and their practical impact.
As we discuss in another article, legislation extending the coverage of anti-money laundering/combating financing of terrorism (AML/CFT) regulations to include cryptocurrencies is already at an advanced stage in Poland and at the EU level.
The General Data Protection Regulation entering into force on 25 May 2018 is not the only privacy revolution in store for the EU. The proposed ePrivacy Regulation is also generating greater and greater controversy and may change the shape of the internet as we know it.
Changes regarding EU trademarks entered into force on 1 October 2017.
Multimedia marks combine image and sound, and can be for example animations launched on mobile devices or apps, film studio jingles, brief video clips, and so on.
Now filings can be made to register multimedia trademarks in the form of an MP4 file of up to 20 MB.