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Is this the future of digital banking? The rise of challenger banks and their legality from the perspective of EU regulators protecting the rights of end users of cryptocurrency services

Official announcements from financial market regulators in individual European Union countries confirm the legality of individual challenger and mobile banks as electronic money institutions. One example is Revolut Ltd based in the UK, whose legal status in Europe before BREXIT is that of an electronic money institution established in the UK. Prior to Brexit, receipt of a UK licence granted by the relevant regulator, the Financial Conduct Authority, authorised Revolut to engage in the business of issuing electronic money and providing payment services, including maintaining payment accounts and executing payment transactions. Under the EU freedom to provide services and on the basis of the so-called “single European passport”, challenger and mobile banks such as Revolut Ltd are entitled to operate on the territory of other EU member states, including Poland (according to the notification received by the Polish Financial Supervision Authority from the Financial Conduct Authority on 06 June 2016).

However, the legality of operations is not related to the possibility of proper control and protection of end users using the services of challenger and mobile banks. In view of the above, for example, the Polish Financial Supervision Authority does not have the legal and operational capabilities to identify potential improper practices or actions of such entities at an early enough stage to prevent infringements of the interests of their Polish customers.

Regardless of doubts whether the use of challenger and mobile banks is supervised and safe for customers, the legality of such cryptocurrency services is becoming an everyday reality.

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KIELTYKA GLADKOWSKI PARTICIPATES IN THE TRAINING DIGITAL TRANSFORMATION OF THE LAW FIRM ORGANISED BY THE POLISH ATTORNEY BAR – 10 JUNE 2021

On 10 June 2021 KIELTYKA GLADKOWSKI will participate in the training “Digital transformation of the law firm” organised by The New Technologies Committee of the Polish Bar. The training will discuss new technologies used in legal services, technologies as a factor in changing the model of legal services, the application of artificial intelligence in legal tech as well as practical implementation of technologies in law firms.

KIELTYKA GLADKOWSKI has broad experience in legal tech sector, including technologies in document analysis, data set analysis, AI in analyses of case law and legal doctrine, Document Creation Automation, Process Automation, Data Security and Risk Analysis, cybersecurity, compliance, data, document and collaboration platforms, Online Dispute Resolution, Smart contracts, custom legal tech tool development, debt collection and document management.

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DOCUMENT VERIFICATION SYSTEM USING BLOCKCHAIN TECHNOLOGY

THE STUDY OF THE LEGAL PROBLEM

Blockchain is a cryptographically secured, decentralized register of certain events on the basis of which a database is built, and each subsequent event affects its state. Blockchain technology provides the ability to authenticate documents sent physically. The use of multi-level authentication and signing of documents using Blockchain network is an innovative solution that opens new opportunities for secure and integral exchange of documents between different entities while ensuring their authenticity and invariability. The unquestionable advantage of using this solution is its decentralized character, allowing to omit the institution issuing the document and any other third parties, moreover:

– enables certainty of trading in electronic documents;

– facilitates auditing the institution (even remotely);

– prevents forgery of documents;

– makes it possible to track all modifications of a document over time; and

– ensures undeniable identification of the person/institution making each modification. 

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“IMPACT’21 – A CHANCE FOR DEVELOPMENT FOR YOU AND YOUR BUSINESS”

On May 12-13, 2021, Małgorzata Kiełtyka and Jakub Gładkowski from KG LEGAL Kiełtyka Gładkowski participated in IMPACT’21.

Energy transformation, green economy, the National Reconstruction Plan, the development of local e-commerce, the prospects of the banking sector and the expansion of digital banking were just some of the topics discussed during the event. Speakers talked about the health care system, the development of the cryptocurrency market and cybersecurity. As part of the paths: Sport and Art, it was possible to talk about the management and economic realities of the Polish sports sector as well as investment trends in art in Poland. In a separate path entitled Women Empowerment there was discussed the role of women in business and the fight against discrimination. In terms of the digital future, the speakers talked about technological innovations in 2021, the impact of 5G on the global economy and the issue of whether Asia will remain a key player in the race of technological innovations.

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KIELTYKA GLADKOWSKI KG LEGAL WILL PARTICIPATE IN A WEBINAR DEDICATED TO EU PROPOSAL TO REGULATE AI

On June 3, 2021 KG LEGAL KIELTYKA GLADKOWSKI will participate in a webinar, organized by Jones Day, devoted to EU plans to Regulate AI: “Sweeping EU Proposal to Regulate AI: A New Global Standard?”

The lawyers of Jones Day organize a roundtable discussion with European Commission and corporate and public policy representatives that will explore the global implications of the recent EU proposal to regulate artificial intelligence (AI).

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