In this issue we provide an update on the next steps for the UK Cryptoassets regulation. These publications provide the long-awaited direction of travel for the regulation of this sector, and even though the details are still to be confirmed, they provide some degree of clarity to the industry. This edition also includes an update on the Payment Systems Regulator's recent consultation on market review into cross-border interchange fees remedies.
In this issue we provide an update on the next steps for the UK Cryptoassets regulation. These publications provide the long-awaited direction of travel for the regulation of this sector, and even though the details are still to be confirmed, they provide some degree of clarity to the industry.
Read our insights here on the Crypto Roadmap and next steps for regulating this sector
On 13 December 2024, the Payment Systems Regulator (PSR) published a consultation paper (CP24/14) on remedies connected to its market review into cross-border interchange fees. The consultation accompanies the PSR's final report on its market review into UK-EEA consumer cross-border interchange fees, identifying these fees as excessively high and negatively affect merchants and to the extent of pass-through their customers. To address the detriment, the PSR is therefore proposing to introduce price caps on card fees paid by British merchants when European consumers make online purchases.
Read more on the key proposals here and what this means for relevant firms
For information on our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
If you want to find out what these updates mean for your business, or discuss training opportunities or systems and controls changes, please feel free to get in touch with our Payments Team who would be delighted to speak to you.
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