From emerging regulation to deal mechanics, we write about the questions founders and investors actually ask — practical analysis you can put to work.
Strong Customer Authentication (SCA) is the PSD2 requirement (Article 97) that electronic payments be authenticated using at least two of three independent elements: knowledge (something only the user knows — password, PIN), possession (something only the user has — phone, hardware token), and in…
Payment Services Directive 3 (PSD3) is the European Commission’s June 2023 legislative proposal to replace PSD2, accompanied by a parallel Payment Services Regulation (PSR).
Payment Services Directive 2 (PSD2, Directive (EU) 2015/2366) is the EU’s foundational payment services regulation that took effect on 13 January 2018.
The Payment Card Industry Data Security Standard (PCI DSS) is the global information security standard for organisations that store, process or transmit cardholder data, governed by the PCI Security Standards Council (PCI SSC) — established by Visa, Mastercard, American Express, Discover and JCB.
The FATF Recommendations are the global anti-money laundering (AML) and counter-financing of terrorism (CFT) standards issued by the Financial Action Task Force, the inter-governmental body established in 1989.
An Electronic Money Token (EMT) is a category of crypto-asset under EU MiCA (Article 3(1)(7)) defined as a crypto-asset purporting to maintain a stable value by referencing a single official currency.
An Asset-Referenced Token (ART) is a category of crypto-asset defined under EU MiCA (Article 3(1)(6)) as a crypto-asset that aims to maintain a stable value by referencing another value or right, or a combination thereof, including fiat currencies, commodities or one or more crypto-assets.
Crypto-Asset Service Provider (CASP) is the regulatory designation used under EU MiCA (Regulation (EU) 2023/1114) and adopted in adapted form by Türkiye’s 7518 sayılı Kanun (2024) for entities offering crypto-asset services.
Know Your Transaction (KYT) extends traditional Know Your Customer (KYC) due diligence to ongoing analysis of individual transactions for AML/CFT risk.
The Crypto-Asset Reporting Framework (CARF) is the OECD’s August 2022 international standard for automatic exchange of information on crypto-asset transactions between tax authorities.
