sca – FinTech and Blockchain Law Watch

UK Makes Contactless Payments Easier – Purchases up to £100 (~$140) Will No Longer Require Strong Customer Authentication

Mar 08 2021

Following consultation in January 2021 (CP21/3), the UK Financial Conduct Authority (“FCA”) published its decision, on 3 March (PS21/2), to increase the contactless payment limits under the Strong Customer Authentication (“SCA”) requirements. Essentially, SCA is not required for single contactless transactions up to the value of £100 (about $140) per transaction (increased from the previous £45 ($62)), subject to (amongst others) the cumulative transaction value threshold of £300 (about $420) (increased from the previous £130 ($180)). Once this cumulative threshold is hit, the contactless transaction must again be authenticated before the transaction can proceed. The cumulative threshold was initially proposed at £200 in the consultation but is set at £300 in response to the industry feedback (according to the FCA).

UAE Securities and Commodities Authority to Regulate ICOs and Join Growing List of Regulators

Sep 19 2018

By Jim Bulling and Edwin Tan

On 16 September 2018, the UAE Securities and Commodities Authority’s (SCA) chairman Sultan bin Saeed Al Mansouri announced that the SCA would regulate initial coin offerings (ICOs) and recognise them as securities, as well as introduce controls for trading digital tokens. The statement reads: “In light of the rapid development of the digital tokens market and the response thereto by the regulators in a number of countries worldwide towards regulating the initial coin offerings, the SCA Board of Directors has approved the SCA plan to regulate the ICOs and recognise them as securities”.

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