Consultations are nearing the end on the proposed Regulatory Technical Standards (RTS) for strong customer authentication announced by the European Banking Authority pursuant to the revised Payment Services Directive (2015/2366, known as PSD2). This proposal was much awaited by the entire financial technology industry. The standards could have a huge impact on business models and tech solutions applied on the FinTech market.
There are lots of indications that financial technology, or FinTech, is one of the next chapters in the digital revolution unrolling before our eyes.
It has been known for some time that the European Commission plans to extend the EU’s regulations on anti-money laundering and combating of terrorism financing (AML/CTF) to cover digital currencies. In February 2016 the Commission announced that it would present a proposal for changes in law in this area by the middle of the year.
The legislative proposal was presented in July 2016. It may bring about many changes for individuals and firms operating in the area of digital currencies, and perhaps also for those involved in distributed ledger (blockchain) technology.
Controversies surrounding application of money-laundering regulations generate legal uncertainty for businesses operating in the field of digital currencies.
Several regulations setting maximum levels for interchange fees have entered the legal system recently. It is already clear that these regulations are having a major impact on the market, causing some enterprises to revise their business model. An interesting issue from the point of view of the law of new technologies is whether these regulations are technologically neutral, or apply only to a selected group of payment instruments.
Poland’s first clearinghouse for cash-free payments was established in 1990. In 1991 the first payment cards for individual clients were issued in Poland. The history of cash-free trade in this country now goes back over a quarter-century. But one of the key Polish regulations governing money—the Foreign Exchange Law—has not kept pace with the evolution of the forms in which money is used, but remains fixed in times when the dominant form of money was cash. There are many signs that this state of affairs may soon change.