Financial Services

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The EU’s new attempt at a financial union: what banks need to know now

By Renate Prinz | Dr. Cornelius Hille on 10. April, 2025

Posted In EU, Financial Services

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Outlook On Financial Regulations And Supervisory Practice In Germany And The EU

By Renate Prinz on 03. April, 2025

Posted In Banking Law, Financial Services

The new article by Renate Prinz in Finextra examines the regulatory framework of the European Union for the year 2025 and offers valuable insights into future developments and challenges.

Read the full article here.

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M&A in the EU market: Essential factors for investors to consider

By Renate Prinz on 27. February, 2025

Posted In Financial Services, Risk Management, Transactions

Investing in Europe: Is it a good time to do so? Opinions differ. The EU financial sector has experienced significant growth in recent years, driven by technological advancements and evolving consumer preferences, but there is also heavy regulation. Despite the downsides of a high degree of regulation, such as increased costs, inflexibility, many internal guidelines, and a higher number of employees, it also has a positive effect on the overall market and economic opportunities.

Financial regulation ensures stability, transparency, and consumer protection. Especially in the financial industry, these are key aspects customers look at, considering the major failures we have seen in the fintech market in recent years. Against this background, the EU financial market presents a unique landscape for mergers and acquisitions (M&A), characterized by stringent regulations, evolving market dynamics, and emerging trends.

Understanding the key considerations for transactions in the financial industry is crucial for investors looking to navigate this complex environment. This article outlines essential factors to review when investing in entities regulated in the European Union. It also highlights the differences from investments in other jurisdictions and industries, discusses the expected timing, and explores current trends in EU FinTech investments.

Investing in the EU financial industry differs from investments in other jurisdictions and industries in several ways, including:

Regulatory Scrutiny: The financial industry is subject to higher regulatory scrutiny compared to other sectors. This means investors must navigate complex regulatory frameworks and ensure compliance with stringent requirements.

Systemic Risk: Financial institutions are interconnected and play a critical role in the economy. As such, they are exposed to systemic risks that can have widespread implications. Investors must assess the target entity’s risk exposure and mitigation strategies.

Capital Requirements: Financial institutions are required to maintain certain capital levels to ensure solvency and stability. Investors must evaluate the target entity’s capital adequacy and its ability to meet regulatory requirements.

Key pre-deal considerations

Conducting thorough due diligence is paramount. It is crucial to ensure that the target entity is appropriately regulated. Investing in an entity that is not regulated but should be can lead to significant legal and financial risks. Supervisory authorities may take enforcement actions against both the entity and the acquirer, including fines, sanctions, and even the revocation of licenses.

Due Diligence

When preparing for and evaluating an acquisition in the financial sector, particularly in the EU, it is important to carefully determine, as part of the due diligence, whether the target complies with the applicable financial supervisory law. In particular, does the target have the license required for its type of business or does it need a license at all?

If a license is required, it is also essential to determine whether the target consistently fulfills the requirements necessary for the license, in particular with regard to risk management, money laundering, reporting, and liquidity and equity. However, on 17 January 2025, it also became necessary to determine whether the requirements for cybersecurity and operational resilience under the Digital Operational Resilience Act are being met, especially with regards to outsourcing.

The legal consequences of noncompliance with the requirements are far-reaching and can not only affect profitability but also lead to a complete ban on business activities, the exclusion of management, severe fines, and a restriction of new business, especially if anti-money laundering (AML) and risk management are not sufficiently set up. Measures taken against a licensed company are always published by the financial supervisory authority, along with the respective deficiencies. This ‘naming and shaming’ leads to a loss of trust in the market, which in turn can lead to a loss of customers.

Does this mean that when it comes to investments, it is better to steer clear of the EU financial sector? With so many regulations, it is challenging to always comply with the numerous requirements, let alone check compliance as part of a due diligence process.

As always, a risk assessment must be convened on the basis of appropriate information. It is neither possible nor necessary to check every single violation and every facet of regulatory compliance in each individual case. This would also exceed any reasonable level of financial investment prior to the transaction. But experienced advice that provides an overview of compliance and potential red flags with regards to the most important parameters and showstoppers is essential.

For example, for many regulations, rectification is possible and sufficient following a notice of noncompliance from the financial supervisory authority. However, a distinction must be made: what are the showstoppers and where can we go along without seeing a major risk.

On that basis, key points to consider in the due diligence process are:

The target’s business model and the necessary licenses in each jurisdiction.

Ongoing proceedings, orders, or enforcements of the competent supervisory authority.

The target’s compliance with key regulatory requirements and whether the necessary structures are in place, particularly with regard to capital requirements, AML compliance, reporting obligations, and risk management.

Deal phase: Owner control proceeding

An owner control proceeding is triggered when an investor intends to acquire a significant stake in a licensed EU entity (i.e., more than 10% of the equity or voting rights in the target entity, alone or together with other parties). This threshold is set to ensure that any significant influence over the management and operations of the entity is subject to regulatory scrutiny. The goal is to maintain the stability and integrity of the financial system by ensuring that only fit and proper persons can exert control over regulated entities.

What happens in an owner control proceeding?

The owner control proceeding involves a comprehensive assessment by the relevant supervisory authorities, such as the European Central Bank, or national competent authorities such as BaFin in Germany. The key requirements include:

Notification: The proposed acquirer must notify the relevant authority of their intention to acquire a qualifying holding. Intention means the obligation to notify may arise already pre-signing (e.g., when the necessary shareholder resolutions to the acquisition are passed). This notification needs to include detailed information about the acquirer, the acquirer’s shareholding structure, the transaction, and the target entity.

Documentation: The acquirer must provide extensive documentation, including financial statements, business plans, and information about the acquirer’s background and reputation. Additionally, financing and origin of the funds used to finance the transaction need to be filed with the competent authority. This will help the authorities assess the financial soundness and integrity of the acquirer.

Fit and proper test: The authorities will conduct a fit and proper test to evaluate the suitability of the acquirer and its managing directors. Documentation to be provided also includes extensive information on the managing directors and board members of the acquirer and its shareholders (e.g., cover letters, certificates of good conduct, and letters of recommendation).

Impact assessment: The acquirer must demonstrate how the acquisition will impact the target entity and its group structure. This includes assessing the potential effects on the entity’s governance, risk management, and overall stability. It is, therefore, necessary to file a three-year business plan for the target company to prove the ongoing financial and economic stability.

Important to navigate smoothly through the process

Navigating the owner control proceeding smoothly requires careful preparation and attention to detail. Here are some key tips:

Early engagement: Engage with the supervisory authorities early in the process. This helps in understanding their expectations and addressing any concerns proactively.

Comprehensive documentation: Ensure all required documents are complete, accurate, up to date, and translated, if necessary. Not all authorities accept English-language documentation. Also, incomplete or inaccurate documentation can lead to massive delays. Some of the necessary documents take time to be obtained, especially if further national authorities are required for such documents.

Clear communication: Maintain clear and transparent communication with the authorities.

Professional advice: Seek early-stage professional advice from legal and financial professionals who focus on regulatory compliance. The process is complex and the risk that authorities will delay or reject the transaction is high. Experienced advice helps to navigate smoothly through the process and understand the key parameters in regulatory proceedings.

What kicks you out?

Several factors can lead to the rejection of an owner control application, especially if the acquirer is unable to demonstrate financial stability and soundness or if the acquirer fails the fit and proper test due to issues related to integrity, competence, or reputation. If the acquisition is deemed to have a negative impact on the target entity’s stability, the application will be denied as well.

Special SPA provisions

The Share Purchase Agreement (SPA) must also take into account the regulatory particularities. Any findings or uncertainties arising from the due diligence can be covered by corresponding representations and warranties, provided that they are not absolute showstoppers.

Successful completion of the ownership control procedure should be included as a closing condition. If the parties agree to a long stop date, it is important to take into account the usual processing times based on experience with the competent supervisory authority.

To the extent necessary, arrangements regarding equity and liquidity must be made with the seller side to ensure that all requirements are met upon closing. This applies, in particular, if equity has previously been secured through financing measures by the parent company.

Depending on the regulation and jurisdiction, managing directors and board members in the target company may also only be able to take up office after the individuals have been approved by the supervisory authority.

Expected timeline

The timeline for completing an M&A transaction in the EU financial market can vary depending on several factors. The main timing issue, which is different from non-regulated deals, is the duration of the owner control proceeding. Even though EU regulators have deadlines within which they need to respond and decide, they usually find ways to stretch these deadlines if necessary, especially by requiring further information.

We typically advise to plan an additional three to nine months for an owner control proceeding, depending on the jurisdiction and individual license, business model, and whether the investor is already active in the financial market or already has other licensed shareholdings in the EU. Other timing aspects are comparable to other deals. Due diligence and decision-making might take longer because of regulatory and equity factors, which might be more extensive, but this depends on the particular deal.

Outlook

Investing in the EU financial market through M&A offers significant opportunities but requires careful consideration of regulatory, financial, and operational factors. By understanding the unique aspects of the financial industry, conducting thorough due diligence, and staying informed of market trends, investors can navigate this complex landscape and achieve successful outcomes.

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ZuFinG II – The Next Step Towards Strengthening Germany as a Financial Hub?

By Annabelle Rau on 10. October, 2024

Posted In Banking Law, Crypto Regulation, Financial Services, Payment Services

Following the initial steps with the Future Financing Act (“ZuFinG I“), the Federal Ministry of Finance presented the draft of the Second Future Financing Act (“ZuFinG II-E” and “Draft Bill“) on 27 August 2024. The Draft Bill aims to further develop the German financial market and revise some of the existing regulations. The primary focus is on facilitating access to the capital markets and relieving financial actors from excessive bureaucracy.

New Regulations for Payment Service Providers Regarding Customer Funds

Payment service providers are required to safeguard customer funds they receive according to the methods outlined in the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG). This can be done, for example, through an escrow account with a credit institution, as well as through insurance or a guarantee. ZuFinG II-E now introduces an additional provision, allowing customer funds to be deposited with the Deutsche Bundesbank or any other central bank of an EU member state. This gives payment service providers another option for safeguarding customer funds compliant with insolvency law.

To protect customers, the Draft Bill further proposes explicit regulations, whereby the received funds will be legally protected if they are held in a segregated account. Until now, this protection was based only on general, non-codified rules for escrow accounts. Payment service providers will likely need to review and potentially adapt their processes in light of the new regulations. However, these amendments also provide greater flexibility by offering an additional method for safeguarding funds. Furthermore, customer protection is enhanced through the explicit provisions, leading to increased legal certainty for payment service providers as well.

Loosening Employment Protection for High Earners in the Financial Sector

The conditions for high earners in the financial sector are set to become more flexible. ZuFinG II-E proposes loosening employment protection for individuals with very high incomes in the financial sector. This includes employees whose annual fixed remuneration exceeds three times the contribution assessment threshold for general pension insurance (Section 159 of the German Social Code VI) and who are not managing directors, plant managers or similar senior executives.

Specifically, high earners who are risk-takers will be treated similarly to executive employees in terms of employment protection. This means, for example, that the employer may submit an application for termination of the employment agreement in return for severance pay, which does not require any substantiation.

Such a regulation already exists under current rules for risk-takers at significant credit institutions. The limitation to significant institutions will now be lifted and extended to include securities institutions, asset management companies, and insurance companies, among others.

Further Measures to Reduce Bureaucracy: Less Effort, More Efficiency

Additionally, ZuFinG II-E seeks to further promote the reduction of bureaucracy in financial supervision through the following measures:

• Simplifying cross-border services: The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) will no longer be required to substantively review the notification of cross-border services provided by German investment firms. Instead, BaFin will simply forward the notifications to the competent authority in the host member state without a detailed examination.
• Higher threshold for large exposures: The reporting threshold for large exposures and loans will be raised from EUR 1 million to EUR 2 million.
• Facilitations for crowdfunding: An amendment to the German Asset Investment Act (Vermögensanlagegesetz – VermAnlG) will extend the prospectus exemption for crowdfunding offerings to also cover offers of cooperative shares.
• Removal of the list for crypto securities:
  • Under ZuFinG I, the requirement to publish entries of crypto securities in the German Federal Gazette was abolished to reduce the bureaucratic burden and costs for issuers.
  • According to the Draft Bill, the public list of crypto securities maintained by BaFin will also be abolished to save costs and reduce the effort required by BaFin to maintain the list and by issuers to submit notifications.
• Removal of the Employee and Complaints Register (Mitarbeiter- und Beschwerderegisters – “MBR”) at BaFin:
  • The obligation for institutions to notify BaFin of their investment advisors, sales representatives, and compliance officers, as well as to report complaints to the MBR, will be removed, which will reduce the administrative burden on both institutions and BaFin.
  • The obligation for institutions to only employ competent and reliable staff for the relevant tasks remains unchanged and is unaffected by the abolition of the MBR.

Looking Ahead: What’s Next?

The Draft Bill is still in the legislative process and is expected to undergo several amendments. However, financial sector participants can already consider how they might adapt their internal processes to comply with the upcoming regulations. In particular, the proposed bureaucratic relief and enhanced options for safeguarding customer funds present attractive opportunities for more efficient and flexible business practices.

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From payment service providers to professional football clubs: New EU regulations to combat money laundering adopted

By Annabelle Rau on 30. April, 2024

Posted In Banking Supervision, Crypto Regulation, Financial Services, Money laundering, Payment Services

On April 24, 2024, the European Parliament adopted a new anti-money laundering legislative package to strengthen the EU’s tools to combat money laundering and terrorist financing.

The package includes

• the sixth Anti-Money Laundering Directive (“AMLD6”) as well as
• the EU Regulation on a Single Rulebook and
• a new central supervisory authority.

Extended access to beneficial ownership data

A key aspect of the new legislation is to ensure that persons with a legitimate interest – including journalists, civil society organizations, supervisory authorities and other relevant stakeholders – have direct and unhindered access to beneficial ownership data.

This information, stored in national registers and networked at EU level, also includes historical data going back at least five years. In the case of legal entities, a beneficial owner is any natural person who owns more than 25% of the capital or voting rights of a legal entity or exercises control in any other way. The information on the beneficial owner includes the name, date of birth, nationality, country of residence and the nature and extent of the beneficial interest of the owner.

Stricter due diligence obligations for obliged entities under money laundering law

The new regulations require obliged entities to implement stricter due diligence measures.
Obliged entities under money laundering law include, for example

• Banks
• Asset managers
• Crypto asset service providers (“CASPs”)
• Real estate and virtual real estate agents
• Lawyers, auditors and notaries
• Retailers of luxury goods

In future, the obliged entities will not only have to check the identity of their customers more thoroughly, but also report suspicious activities.
From 2029, this will also apply to professional football clubs involved in high-value financial transactions.

Restrictions on cash payments and stricter monitoring

The legislative package introduces an EU-wide limit for cash payments of EUR 10,000, except in the non-professional sector between private individuals.
In addition, increased monitoring of particularly wealthy individuals (total assets of at least EUR 50,000,000, excluding their main residence) will be implemented.

New central supervisory authority: AMLA

The new Anti-Money Laundering and Terrorist Financing Authority (“AMLA”) will be established in Frankfurt, Germany. AMLA will not only directly supervise the highest-risk financial companies but will also serve as a central coordination point for national supervisory authorities and monitor the enforcement of targeted financial sanctions.

Outlook

Formal adoption by the Council of the European Union is still pending before the new regulations can enter into force. Once adopted, the laws will be published in the EU Official Journal.
Those subject to anti-money laundering obligations should therefore familiarize themselves with the new regulations and extended due diligence obligations now.

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Update for crypto asset service providers: Draft bill to transfer German crypto regulation to the EU MiCAR regime

By Annabelle Rau on 24. April, 2024

Posted In Crypto Regulation, Financial Services

On April 5, 2024, the German Federal Ministry of Finance (BMF) published a draft bill for two regulations intended to facilitate the transition of national crypto regulation into the EU MiCAR regime.
These proposed regulations specify the simplified authorization procedure and create the possibility of submitting applications before the MiCAR regulations become fully applicable.

In brief: Simplified authorization procedure for already regulated institutions

At the end of 2023, the German legislator presented the draft Financial Market Digitization Act (“FinmadiG“), which, among other things, provides for a separate Crypto Markets Supervision Act (“KMAG“) (we reported here). The KMAG enables a so-called simplified procedure through which institutions that already have a national license for crypto asset services can obtain a MiCAR license under simplified conditions.

Key points of the draft bill

The draft bill comprises two regulations:

• The MiCAR-TransitV, which specifies the simplified procedure for already regulated institutions, and
• the MiCAR-AntragsV, which allows applications to be submitted before the MiCAR becomes fully applicable.

Implementation of the simplified procedure through the MiCAR-TransitV

The MiCAR-TransitV is intended to structure the simplified procedure for companies already holding a license. This applies in particular to owners of a German license for the crypto custody business who do not also hold other (EU) licenses that would allow them to make use of the notification procedure. This is intended to enable already regulated institutions to make a simple transition to the MiCAR legal framework.
The BaFin review to be carried out in the simplified procedure in accordance with MiCAR-TransitV should be limited to those aspects in which the MiCAR requirements go beyond the existing requirements under current supervisory law and take into account the special features of the market and business models.
For example, applicants must present their current business organization and corporate governance to BaFin and submit an updated business plan. Depending on the specific crypto-asset service to be provided, additional obligations to provide proof may apply.

Application before MiCAR comes into force through the MiCAR-AntragsV

Parallel to the MiCAR-TransitV, the MiCAR-AntragsV regulates the details of the application for authorization as a crypto asset service provider (also “CASPs“) under MiCAR. This regulation is particularly relevant as it enables applications to be submitted before MiCAR comes into full force on December 30, 2024.
This is the BMF ‘s response to the business community’s need to make the transition as smooth and efficient as possible. Both already regulated companies and new market entrants should be able to enter into dialog with the supervisory authority at an early stage in this way. The MiCAR-AntragsV will expire once its purpose has been fulfilled, probably at the end of 2024.

Practical implications for CASPs

The new legal framework in Germany, which is to be introduced by the MiCAR-TransitV and the MiCAR-AntragsV, represents a significant step in the right direction for existing and prospective crypto asset service providers:

• Regulated institutions should now consider the substantive requirements that will be placed on their application as part of the simplified authorization procedure and start preparing their application.
• Furthermore, regulated institutions as well as new market entrants can prepare for the possibility of submitting an application as early as this year. With regard to the exchange with BaFin required as part of the application procedure, this option should be made use of in order to be able to offer crypto asset services in the EU single market at the same time as MiCAR becomes fully applicable.

Market participants and experts had until April 19, 2024 to comment on the proposed regulations. It is expected that the regulations will be adopted and enter into force by summer 2024 at the latest.

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Licence requirement for credit service providers – services for non-performing loans now require a licence

By Renate Prinz on 28. February, 2024

Posted In Banking Law, Financial Services, NPL

When the Secondary Credit Market Act (Kreditzweitmarktgesetz) came into force on 30 December 2023, services relating to non-performing loans, i.e. loans that are no longer being settled or are at risk of default, will require a licence. Companies that already provide credit services today had to register with BaFin in February and state that they will continue to provide these services and now have until April to submit a licence application. A transitional regulation will then apply to them, under which the services can initially still be provided without a licence. In addition, the sale of NPLs by credit institutions will be subject to clear rules, particularly with regard to the standardised communication of information on the NPLs sold.
BaFin has published FAQs on the new regulation.
These summarise initial information on the licensing requirement and licensing procedures. BaFin has also drawn attention to the changed submission deadlines.

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FinmadiG and KMAG – Implementation of European crypto-financial market regulation in Germany

By Annabelle Rau on 29. January, 2024

Posted In Crypto Regulation, Financial Services

The German legislator has responded to the harmonization of European financial market regulations: In October 2023, the Federal Ministry of Finance published the draft bill for the Act on the Digitization of the Financial Market (Finanzmarktdigitalisierungsgesetz – “FinmadiG“), followed by the publication of the government draft of the FinmadiG just one month later.

MiCAR, DORA and money transfers – what does the FinmadiG implement?

The FinmadiG is intended to implement the following EU regulations on digital financial market regulation:

• Markets in Crypto-Assets Regulation (“MiCAR”): The first EU-wide uniform set of rules for markets in crypto assets (we provided information here, for example)
• The EU DORA package (Digital Operational Resilience Act): The financial sector-wide EU regulation of cybersecurity, ICT risks and digital operational resilience
• Revision of the EU Transfer of Funds Regulation (TFR): Including regulating the collection and disclosure of customer information in crypto transfers

New regulations on the terms “crypto assets” and “crypto custody business”

The FinmadiG is intended to harmonize the German definition of crypto assets with the European MiCAR standard. The term crypto assets will be removed from the catalogue of financial instruments of the German Banking Act (“KWG“), which means a realignment of the regulatory coverage of crypto assets. In future, crypto assets as defined by MiCAR will be directly covered and regulated by MiCAR.
At the same time, a new term – cryptographic instrument – will be introduced. This is intended to cover digital assets that do not fall within the scope of MiCAR (e.g. security tokens within the meaning of MiFID II) and must therefore continue to be regulated by the KWG and the German Securities Institutions Act.
Consequently, the previous national crypto custody business will also be renamed “qualified crypto custody business”. In future, it will apply to the custody of crypto assets that do not fall under MiCAR but qualify as cryptographic instruments within the meaning of national regulations.
In future, both issuers and providers of crypto services will therefore have to check exactly which crypto asset term the respective tokens fall under and which supervisory regime will subsequently apply.

MiCAR supervision by BaFin: the new Crypto Markets Supervision Act (KMAG)

The German Federal Financial Supervisory Authority (“BaFin“) is responsible for the supervision of crypto assets, issuers, and service providers within the meaning of MiCAR. To regulate its powers and sanctions in connection with the new regulation, a separate Crypto Markets Supervision Act (“KMAG”) is to be created.
The KMAG also addresses the possibility of a simplified licensing procedure for institutions that are already regulated. The exact structure of the simplified procedure is then to be regulated by a separate ordinance to be issued by the BMF.

Digital resilience of the financial sector: implementation of DORA

DORA addresses the digital operational resilience of financial companies in a standardized manner to create a common framework for the effective management of cyber security and ICT risks. BaFin recently published its own DORA information page on this.
To implement DORA, the FinmadiG provides for numerous amendments to national supervisory laws. This also includes authorization bases for BaFin orders in the event of violations of DORA as well as the introduction of administrative offenses that can be punished with a fine.

Crypto and money laundering: implementation of the TFR

The FinmadiG also aims to adapt national regulations to the requirements of the updated EU Funds Transfer Regulation. In future, crypto service providers will have to collect, transmit and make available information on the originators and beneficiaries of the transfers of crypto assets they carry out. In addition, such crypto service providers will continue to be considered obliged entities under money laundering law within the meaning of the Money Laundering Act (“GWG“).

Outlook

The form in which the implementation proposals of the FinmadiG will find their way into legislation remains to be seen. In particular, the dual regulation of crypto assets under MiCAR on the one hand and security tokens under MiFID II on the other, which was already laid out in MiCAR, will continue to challenge legal practitioners in the future. It is to be hoped that the German legislator will find a way of implementation that is comprehensible and legally secure in practice.

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Update for securities institutions: German Securities Institutions Owner Control Ordi-nance published

By Annabelle Rau on 17. January, 2024

Posted In Banking Law, Financial Services

On January 15, 2024, the German Securities Institutions Owner Control Ordinance was published in the Federal Law Gazette and thus entered into force today, January 16, 2024.

Owner control procedures for securities institutions

The Securities Institutions Owner Control Ordinance regulates the material and formal requirements for the acquisition of a significant shareholding in a regulated securities institution (so-called owner control procedure).

A significant or qualified shareholding is defined as the direct or indirect holding of shares in a company that represents at least 10% of the capital or voting rights of this company or that otherwise enables the exercise of significant influence over the management of this company.

Specification of the notification of the acquisition of shareholdings by the ordinance

Anyone intending to acquire such a significant shareholding or increase an existing shareholding must notify BaFin (Section 24 (1) WpIG). The Securities Institutions Owner Control Ordinance specifies how this notification must be made.

The checklists in the ordinance are useful in particular, e.g. for

• Notification of the acquisition or increase of a significant shareholding by a natural person
• Notification of the acquisition or increase of a significant shareholding by a non-natural person

The regulation now contains notification forms for both constellations. In addition, it contains the forms for information on the required reliability of the interested acquirer, on the presentation of complex shareholding structures and on the disposal or reduction of a significant shareholding.

Outlook

With the entry into force of the German Securities Institutions Owner Control Ordinance, there is now finally an owner control procedure tailored to securities institutions. The previously necessary recourse to parallel regulations from other German supervisory laws no longer applies. Interested acquirers should familiarize themselves with the requirements for the acquisition of a significant shareholding in a securities institution at an early stage to be able to initiate the process with BaFin as well prepared as possible.

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United Kingdom’s digital pound meets public backlash – Why?

By Annabelle Rau on 17. July, 2023

Posted In Financial Services

It’s not only the EU with its plans for a digital Euro that’s addressing the matter of Central Bank Digital Currency (“CBDC“). The UK has also unveiled an ambitious roadmap for the introduction of a ‘Britcoin’ by 2030. In a conversation with Cointelegraph, Annabelle Rau sheds light on the impacts of CBDCs on privacy, financial inclusion, and the risks of bank runs.

Follow this link to the full version of the article on Cointelegraph.

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