Global Payments Newsletter – November 2016

In this monthly publication we provide an overview of the most recent payments regulatory and market developments from major jurisdictions around the world as well as sharing interesting reports and surveys on issues affecting the market.

Download the complete newsletter here.

Key developments of interest over the last month include:

UK FCA to update Approach Document for PSD2

  • On 15 November 2016, the FCA published its Feedback Statement on the answers it received to its February Call for Input on the approach to the current payment services regime.
  • The Call for Input asked for views on the guidance currently provided by the FCA to firms to help them comply with the payment services regime.
  • The FCA have said that they will:
    • take into account market changes and address new technologies and business models;
    • provide guidance recent on regulatory initiatives and relevant legislation; and
    • combine the two approach documents on payment services and e-money into one document.
    • The FCA's aim is to issue a consultation on necessary Handbook changes and updated guidance in 2017, and publish the final guidance in advance of the PSD2 implementation deadline in January 2018. See the feedback statement here.

Read more here.

Australia to regulate Bitcoin exchanges under AML laws

  • The Australian government wants to begin drafting legislative proposals to update its anti-money laundering laws to include bitcoin and other digital currency exchanges by the middle of next year.
  • The proposed plan was released months after the Australian government released a broad policy statement on fintech, which included proposals to reduce the tax burden on bitcoin activity in the country and explore other legislative options related to the technology.
  • The Australian Attorney-General's Department wrote: "the AML/CTF Act should be amended to regulate activities relating to convertible digital currency, particularly activities undertaken by digital currency exchange providers.”

SinSingapore and South Korea sign cooperation agreement in FinTech

  • On 24 October 2016, the Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) signed a cooperation agreement to foster greater cooperation in FinTech.
  • The agreement provides a framework for cooperation in FinTech between Singapore and South Korea. Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments.
  • MAS and KFSC will also discuss issues of common interest, and share information on FinTech trends and how it may impact existing regulations.
  • Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “this agreement lays the groundwork for deeper FinTech collaboration between Singapore and South Korea.”

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