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Payments & FinTech Lawyer

Volume: 7 Issue: 6
(June 2013)


The indictment sealed on 20 May by a Grand Jury in the Southern District of New York, charging defendants operating international online digital currency and money transfer service Liberty Reserve with conspiracy to commit money laundering and operate an unlicensed money transmitting business, has raised questions about the future of digital currencies like Bitcoin. / read more

Australia’s Communications and Media Authority’s (ACMA) 6 June paper, ‘Near-field communications: emerging issues in media and communications,’ has called for a single regulatory framework for NFC. / read more

A report, commissioned by Ofcom and produced by Goode Intelligence, has highlighted how supply chain fragmentation and the presence of numerous players in smartphone value chains is a key problem affecting smartphone security. / read more


The latest revelations about the NSA and PRISM have once again driven privacy and data protection to the top of the agenda for many politicians, businesses and people as everyone tries to determine the correct balance between protection of personal data while also protecting society through national security. / read more

On the 17 May 2013 the Brazilian government issued the Provisional Measure No. 615 to regulate payment service arrangements in Brazil, which includes prepaid cards and mobile payment services. The specific rules and regulations are yet to be issued; the Central Bank of Brazil has 180 days to release the rules to regulate payment service arrangements and payment service entities. Ricardo S. Russo, a Partner, and Bianca Bocage, Senior Lawyer at Pinheiro Neto, sets the scene for payments in Brazil and examines the detail of the new payments regulation. / read more

There are many aspects of the digital currency Bitcoin that make headlines, but a facet of the currency that continues to frustrate and puzzle Bitcoin enthusiasts and outside observers alike is the state of the Bitcoin exchange market, where Bitcoins are bought and sold. A functioning exchange market may well be crucial to Bitcoin's continued development and importance. However, Julia Dixon, Editor of DGC Magazine, argues that the Bitcoin exchange market is not in great shape, hampered presently by the dominance of one key exchange - Mt. Gox - and exchange rate volatility. / read more

Recent news, including the fraudulent seizing of $45 million across 27 countries via prepaid debit cards by a criminal gang earlier this year, has drawn attention once more to fraud, and how stakeholders, from banks to card schemes, are attempting to handle it. Robert Courtneidge, Global Head of Cards and Payments at Locke Lord LLP, examines the fight against fraud through both current and upcoming regulatory initiatives. / read more

Consumers are protected by a number of regulations with regard to the use of e-money and payment products, and not just the Electronic Money Regulations 2011. Sophie Lessar, Supervising Associate at Simmons & Simmons, looks at the protections in place and at how recent developments, such as the creation of the Financial Conduct Authority in April 2013, enhance consumer protection. / read more

Payments innovation in Poland continues apace with the recent release of IKO, a fully operational mobile payment solution, by the leading Polish retail bank PKO BP. The IKO solution allows banking customers to, amongst other things, make payments in traditional and online stores and withdraw funds from ATMs without a card. Maciej Gawronski and Katarzyna Otwinowska of Bird & Bird, provide a brief overview of the Polish payments arena and the up-and-coming developments that are changing consumer expectations. / read more

With the way we live altered immeasurably by the advent of the internet, should there be a radical change in how we make payments? Ruth Milligan, Senior Adviser of Payment Systems at EuroCommerce, argues a major change is possible, but that the transition requires a number of structural changes to the payments landscape to reap the benefits. / read more

In the past year, mobile payments have become the most popular topic in the Chinese payments industry. According to iResearch's China Mobile Payment Research, the total transaction amount through mobile payments in China by the end of 2011 reached RMB 48.14 billion, an increase of 149.4% compared to 2010. At the same time, mobile payment users in 2011 are 190 million in total. iResearch projects that the total mobile payment transaction amount at the end of 2013 will hit RMB 200 billion. What is the basis for this jump? Vincent X. Wang, Partner at Davis Wright Tremaine, explores this topic. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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