Hassans’ FinTech Digest – January 2021

The FinTech team at Hassans in Gibraltar keep track and analyse the latest developments and challenges in the FinTech industry on a regular basis. Adding their own insights on developments, the Digest brings those involved in space quickly up to speed.

If you like what you read and  you would like to hear from Hassans, or our author Roy Balestrino, on a more regular basis, direct to your inbox, please follow this link.

Latest Developments

MiFID II ‘reverse solicitation’ rules post-Brexit

Against the backdrop of Brexit, ESMA issued a public statement on 13.01.21 to remind firms of the requirements under the MiFID II Directive of the provision of investments services to retail or professional clients by firms not established or situated in the EU… Read more

Gibraltar financial services firms have exclusive rights to passport their services into the UK
In light of Brexit, both the Gibraltar and UK governments put in place a temporary permissions regime to ensure that licensed financial services firms in either jurisdiction can continue to access the others markets post-Brexit. These transitional… Read more

HM Treasury launches consultation on UK regulatory approach to crypto assets and stablecoins
In a continued effort to assess how best to approach crypto asset regulation in the United Kingdom, HM Government has launched a consultation with a focus on stablecoins. On 7 January 2021, HM Treasury released a document setting out a proposed… Read more

FCA bans the sale of crypto-derivatives to UK retail consumers as of 6^th January 2021
The Financial Conduct Authority’s (FCA) ban on the sale of derivatives and exchange traded notes (ETNs) that reference certain types of crypto-assets to retail consumers is now in effect in the UK… Read more

Gibraltar Foundations & Purpose Trusts as Governance Vehicles for Decentralised Crypto Protocols
Protocol Governance Vehicles In this note we discuss why decentralised crypto projects should look to Gibraltar to set up their off-chain legal structures. Gibraltar has positioned itself as a prime crypto jurisdiction by providing legal and… Read more

Central banks publish first report on CBDCs
On 9 October 2020, the group published its first report on the foundational principles and core features of central bank digital currencies (CBDCs). The group is comprised of: Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank… Read more

Client Insights

Staying ahead of the curve: Gibraltar’s pioneering crypto regulation

eToroX, eToro’s highly effective, trusted, and secure crypto trading solution, have republished their analysis from mid-2020 on Gibraltar’s pioneering activity in the blockchain space… Read more

Recent Key Work & Milestones

Hassans ranked Tier 1 for third year running in Chambers’ FinTech: Professional Advisers Guide
Chambers and Partners launched their FinTech: Professional Advisers 2021 guide.

The two co-leads of Hassans’ 13-strong FinTech team, Anthony Provasoli (“top-notch, experienced professional”…”a leader who goes to great lengths to ensure… Read more

Taxation of Crypto Assets
Vikram Nagrani, Partner and Co-Head of the Hassans’ FinTech team, contributed to the Gibraltar chapter of the “Taxation of Crypto Assets” book, published by Kluwer Law International. The book covers the taxation of… Read more