(PNA graphics) MANILA - A House of Representatives panel has approved a bill seeking to promote the adoption of digital payments for financial transactions of the government and all merchants. During a hearing on Tuesday, the House Committee on Banks and Financial Intermediaries, chaired by Manila Rep. Irwin Tieng, approved the consolidated version of House Bills 275, 358, 2946, 3737, 4344, and 5073, or the proposed "Use of Digital Payments Act." Tieng said the proposal is advantageous for both the merchant and the customer. He explained that with digital payments, merchants would no longer need to hire a cashier to handle physical currency while the buyer would no longer need to prepare coins and bills for payment. Tieng added that the sales of the merchant would be more secure because electronic payments go directly to the store's account, which cannot be easily pilfered or stolen by employees or shoplifters. He also cited the lesser face-to-face transactions between go
An overview of key legal and practical considerations surrounding the use of cryptoassets for investment and financing in Austria, including regulatory thresholds and the rules governing ICOs.
An overview of key legal and practical considerations surrounding the use of cryptoassets for investment and financing in Austria, including regulatory thresholds and the rules governing ICOs.
Regulatory threshold
What attributes do the regulators consider in determining whether a cryptoasset is subject to regulation under the laws in your jurisdiction?
The Financial Market Authority (FMA) operates a ‘technology-neutral’ approach, meaning that products and services involving cryptoassets are subject to the same regulatory framework as traditional products and services. The underlying rationale is ‘same risk, same rules’. Whether and to what extent financial services regulation and securities laws apply depends primarily on the actual product features and business model.
Business models involving cryptoassets may be subject to licensing requirements and are governed by:
the Banking Act – for example, if funds are raised for investment into cryptoassets or in the case of dealing as principal or agent in cryptoassets that qualify as financial instruments under the Markets in Financial Instruments Directive (MiFID) II (2014/65/EU);