16 July 2018
Spanish Ministry of Economy and Enterprise publishes the 'draft Law on the digital transformation of the financial system'
www.twobirds.com/en/news/articles/2018/spain/spanish-ministry-of-economy-and-enterprise-publishes-the-draft-law-on-the-digital-transformation

Spain's Ministry of Economy and Enterprise has published the draft Law on the digital transformation of the financial system' ("anteproyecto de Ley de transformación digital del sistema financiero"). This draft includes ...

01 June 2018
Public Consultation on 'Regulatory Sandbox' in Spain
www.twobirds.com/en/news/articles/2018/spain/public-consultation-on-regulatory-sandbox-in-spain

Spanish Ministry of Economy launches a Public Consultation on the implementation of a 'Regulatory Sandbox' regime for Financial Services in Spain.

23 May 2019
ICO: Legal Classification of Tokens: part 1 Issuance of coins
www.twobirds.com/en/news/articles/2019/global/ico-legal-classification-of-tokens

Part 1/5: The Issuance of coins and tokens are an innovative way to raise capital and fund projects using distributed ledger technology. This first part introduces the technology, its structure and basic legal ...

11 June 2019
ICO: Legal Classification of Tokens – Update BaFin’s view
www.twobirds.com/en/news/articles/2019/global/icolegal-classification-of-tokens

Depending on the rights a Token conveys, it can be a Security Token, a Currency Token, a Utility Token or take a hybrid form. Legal literature and regulatory practice can at times diverge.

15 October 2018
PSD2/ZAG: Update: Intra Group Exemption remains in Effect
www.twobirds.com/en/news/articles/2018/germany/psd2-zag-update-konzernausnahme-bleibt-doch-weitestgehend-unangetastet

The implementation of the Second Payment Services Directive (PSD2) in form of German Zahlungsdiensteaufsichtsgesetz (ZAG – Payment Services Oversight Act) required a number of adjustments in payment services as of ...

15 April 2020
EBA consultation on changes to AML/CTF risk factors guidelines
www.twobirds.com/en/news/articles/2020/global/eba-consultation-on-changes-to-aml-cf-risk-factors-guidelines

On 5 February 2020, the European Banking Authority (EBA) issued a public consultation on changes to the anti-money laundering and counter-terrorist financing (AML/CTF) risk factors guidelines (Guidelines).

09 December 2019
Dutch regulators consult in parallel about the online decision-making processes
www.twobirds.com/en/news/articles/2019/netherlands/dutch-regulators-consult-in-parallel-about-the-online-decision-making-processes

Recently, two separate consultations were launched by regulators about the online decision-making environment. This refers to the way in which a website is designed to sell products or services. The consultations are ...

19 August 2019
Financing Options – New Framework for Startups in Germany
www.twobirds.com/en/news/articles/2019/germany/financing-options-new-framework-for-startups-in-germany

One of the most important questions for every young enterprise is its financing. Business angels, accelerator programmes and classic bank financing are just some of the options. Rather new is the possibility of ...

09 October 2019
ICO – Germany’s BaFin publishes new guidance notice on crypto token regulation
www.twobirds.com/en/news/articles/2019/germany/ico-neues-bafin-merkblatt

On 16 August 2019, the German Federal Financial Supervisory Authority (BaFin) published an updated guidance notice (German) on the issuance of crypto token (e.g. through ICO, ITS or TGE) providing assistance with ...

07 August 2019
Implementation of the fifth Anti-Money Laundering Directive: Rise or Demise of the German Crypto Market?
www.twobirds.com/en/news/articles/2019/germany/umsetzung-der-5-geldwaescherichtlinie

The German Ministry of Finance (Bundesministerium der Finanzen – BMF) published a draft legislative proposal (German) to implement the European directive to amend the fourth European anti-money laundering directive ...