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Paula De Biase

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Paula De Biase leads the Financial Services Regulatory Department in the Madrid office. With more than 14 years' experience in financial regulation, she has advised national and international clients in various areas of the financial services sector: payment services, fund management, investment services, consumer credit and other banking and insurance services, including Fintech initiatives and other online and mobile solutions. Paula has taught Banking Law in the Master's programmes of several universities: the International Legal Consultancy degree at IE; the International Law, Foreign Trade and International Relations degree at ISDE; the Business Law degree at the Universidad de Navarra, and the Venture Capital and Entrepreneurship degree at INCARI/Rafael del Pino Foundation.

In October 2022, the Council of the EU published the long-awaited compromise text of the proposed Regulation on Markets in Cryptoassets (MiCA), a “landmark regulation” that, according to the Council, will “put an end to the crypto wild west”. Once in force, MiCA will establish the first comprehensive, pan-EU regulatory regime for the regulation of cryptoassets, including the regulation of (i) cryptoassets issuance activities and (ii) cryptoasset service providers (who will be held to similar regulatory standards to those imposed on investment firms).

On 24 October 2022, the National Securities Market Commission issued a communication regarding investment recommendations made by influencers on social media. If such influencers are recognized as ‘experts’ under EU standards, they will be contacted by the CNMV and be made to comply with applicable regulations established under the framework of Regulation (EU) 596/2014 on market abuse and its Delegated Regulation (EU) 2016/958.

The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).

The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging.
This virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Set out below are details of our 2022 series.

As a consequence of Spain’s late implementation of the 5 AML Directive, the Registry of Crypto Exchanges and Custodian Wallet Providers at the Bank of Spain has only been recently activated. Since the end of October 2021, the procedure together with the necessary forms are now available at the Bank of Spain’s website to apply for registration as Exchange Providers of Virtual Currency into Fiat and Electronic Wallets Service Custodians, as provided for in the Spanish Act 10/2010, dated 28 April, on anti-money laundering and terrorism financing.

The new proposed regulation (“Circular”) is aimed at developing the rules, principles and criteria to which crypto-asset advertising will be subject. The Circular defines the type of entities and assets included in its scope and the powers granted to the Spanish financial regulator, the National Securities Market Commission (CNMV), so it can supervise and control the adverting of certain types of crypto assets that have been deemed unregulated products thus far. The deadline for interested parties to reply to the public consultation is 31 August 2021.

The recent publication of Circular 2/2020, of the National Securities Market Commission (“CNMV”) on the advertising of investment products and services (“Circular 2/2020”) on November 13, 2020 includes new  rules in terms of advertising of investment products, adding clarifications that go beyond the MiFID package. These new rules affect not only Spanish entities but also foreign financial institutions providing services in Spain under freedom to provide services or right of establishment, including branches and agents.