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ARTICLE · 26 MAY 2021

UK Payment Services Regulation – Data And Cryptoassets: The Developing Landscape

Kemp IT Law
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In this short piece, we overview the main aspects of payment services regulation in the UK. We also explore two ‘hot topic' trends: data and cryptoassets.

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Chris Kemp
Chris Kemp
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Introduction

In this short piece, we overview the main aspects of payment services regulation in the UK. We also explore two 'hot topic' trends: data and cryptoassets.

Para  1 looks at the rules at a high level. Para  2 takes a closer look at the two data-focused payment services introduced by the Second Payment Services Directive and briefly explores the impact of Open Banking. Para  3 looks at how regulators are starting to bring cryptoassets within the payment services regulatory perimeter.

  1. UK payment services regulation - overview

Two Statutory Instruments underpin the regulation of payment services in the UK:

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