Inside FinTech blog

2024 FinTech Outlook

February 22, 2024

Our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and crypto-assets in 2024.

The right of access to personal data: A more extensive view?

February 22, 2024

This article first appeared in PLC Magazine in the January / February 2024 issue of PLC Magazine.

Doing Business in Türkiye: FinTech

February 14, 2024

Türkiye has positioned itself as a dynamic hub for FinTech innovation, undergoing substantial transformation in its financial landscape in recent years. Driven by technological advancements, evolving consumer preferences and proactive regulatory initiatives, the FinTech sector in Türkiye, especially in payment services, e-money and digital banking, has experienced noteworthy growth. Despite limited regulation, the crypto assets sector has also emerged as a very strong force, adding another dimension to the country's evolving FinTech narrative.

BC Supreme Court upholds temporary “freeze” on cryptocurrency interconnections

February 14, 2024

The Supreme Court of British Columbia recently released an important decision considering the validity of government directions to the British Columbia Utilities Commission (BCUC): Conifex Timber Inc. v British Columbia (Lieutenant Governor in Council).1 Under review was an Order in Council (OIC) requiring the BCUC to allow BC Hydro to halt cryptocurrency interconnections for 18 months (until June 28, 2024). In a decision with impacts beyond cryptocurrency operations, Justice Tammen dismissed Conifex’s challenge of the OIC, concluding that the suspension of cryptocurrency interconnections was lawful.

Singapore proposes Governance Framework for Generative AI

February 14, 2024

On 16 January 2024, Singapore’s Infocomm Media Development Authority (IMDA), in collaboration with the AI Verify Foundation, announced a public consultation on its draft Model AI Governance Framework for Generative AI (Draft GenAI Governance Framework), showing the areas where future policy interventions relating to generative AI may take place and options for such intervention.

Overview 2024: securities regulation of activities involving crypto assets in Canada

February 08, 2024

We can look back to 2023 as a year of categorization and enforcement in the crypto space across the world, with significant local and international developments impacting the crypto markets and their regulation in Canada. This was no surprise, as such developments came following the turbulence of 2022 where many important crypto institutions crashed and went bankrupt, resulting in immense financial consequences for investors and users involved.

Blockchain law: Ancient torts and modern assets

January 31, 2024

What relevance does a tort doctrine from the late Middle Ages hold for modern electronic forms of property like digital assets? Quite a bit, it turns out. Recent court rulings show the venerable common-law tort of conversion providing an effective vehicle for relief in a number of cryptocurrency and NFT disputes.

International Data Privacy Day: Unpacking recent significant ECJ decisions

January 31, 2024

A flurry of significant European Court of Justice judgments relating to data protection were published in the final few months of 2023.

The EU AI Act: What obligations will apply to your business?

January 31, 2024

Political agreement was achieved at the beginning of December in relation to the EU’s AI Act (AIA) – the first major step in the regulation of artificial intelligence.

$8 million penalty to NYDFS – and another case of over-retention

January 24, 2024

2024 was not a happy new year for Genesis Global Trading, Inc. (“GGT”). On January 3, 2024, the New York Department of Financial Services announced a consent order with GGT, where GGT agreed to pay NYDFS $8 million and to surrender its BitLicense (for cryptocurrency trading), due to alleged violations of NYDFS’ cybersecurity and its virtual currency regulations. This post will focus on the cybersecurity regulation issues. (For more information about the crypto and financial services/regulation aspects, please see https://www.nortonrosefulbright.com/en/knowledge/publications/4c9650ae/2023-crypto-round-up