European Union: FinTech

The Central Bank of Ireland (“CBI”) has published the second edition of its Payments and E-Money Newsletter (the “Newsletter”), providing an update on its supervisory priorities, regulatory developments and key focus areas for payment institutions and electronic money institutions.

The Court of Justice of the European Union has issued a landmark ruling clarifying that certain escrow and security arrangements involving fund transfers do not automatically constitute regulated payment services under PSD2. This decision provides crucial guidance for fintech platforms and businesses operating escrow models, potentially reshaping how payment service regulations are interpreted across the EU.

El Tribunal Supremo (STS 278/2026, de 12 de marzo) declaró que una compañía aérea debía publicar en su intranet, los escalafones de tripulantes con el nombre y apellidos de los trabajadores...

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Payment Institutions offering crypto-related services face a complex new regulatory landscape under MiCAR, requiring separate authorisation beyond their existing licences. The framework introduces substantial compliance obligations spanning conduct rules, disclosure requirements, and capital adequacy standards, while imposing multi-layered costs that can reach tens of thousands of euros annually. Understanding whether the commercial benefits justify these regulatory burdens has become a critical strategic q

MiCAR introduces two distinct pathways for entities seeking to offer crypto-asset services in the EU: a comprehensive CASP license for new entrants and a streamlined notification procedure for already-regulated financial institutions. While the notification route promises faster market access, practical experience reveals that Dutch regulators demand the same rigorous documentation standards regardless of which path an applicant chooses.

On 5 March 2026, the Central Bank of Ireland (CBI) published a Discussion Paper (DP12) (PDF 1.4 MB) examining the use of DLT and tokenisation within Irish and European financial services, with a particular focus on investment funds, including money market funds and exchange-traded funds.

DAC8 and the OECD’s Crypto-Asset Reporting Framework (CARF) are ending anonymity in crypto transactions across participating jurisdictions, including Portugal. From 2026, crypto asset service providers must collect and report user transaction data to tax authorities, significantly increasing transparency and tax enforcement.

The European Commission has launched dual consultations on the Markets in Crypto-Assets Regulation (MiCAR), seeking feedback from both retail users and industry stakeholders on whether the regulation remains fit for purpose. Key areas under review include the treatment of decentralized finance, stablecoins, crypto-asset service providers, NFTs, tokenised deposits, and the private-law treatment of tokens, with responses due by 31 August 2026.