Last week, the Bank of Israel published a preliminary design of the central bank’s Digital Shekel system. In a detailed document, holding more than 100 pages, the Bank of Israel presents guiding principles and a work plan for...more
Potential issues identified from stakeholder feedback to the FCA and PSR call for information include insufficient competition between digital wallets and between payment systems within digital wallets. The majority of...more
As the fintech and payments industries evolve in 2025, businesses, financial institutions, and regulators must adapt to rapid technological advancements and shifting regulations. The rise of real-time payments, embedded...more
The Consumer Financial Protection Bureau (CFPB) has issued a new rule addressing its supervision of large nonbank companies offering US consumers certain digital funds transfer services and payment wallets and apps....more
Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more
The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more
Ransomware Attacks Predicted to Occur Every 11 Seconds in 2021 with a Cost of $20 Billion - Confirming what we are seeing in the field, cybersecurity firm Cybersecurity Ventures has predicted that, globally, businesses in...more
Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens. After much anticipation, and following consultations with the industry at large, the...more
With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more