Beste Fintech Anwälte in Ihrer Nähe

About Fintech Law

Fintech law governs how technology is used to provide financial products and services. It covers licensing, consumer protection, data privacy, cybersecurity, anti money laundering (AML) and know your customer (KYC) requirements, and securities or lending rules for digital platforms. The field spans payment apps, digital lending, robo advisory, crowdfunding portals, and crypto asset activities.

Regulators aim to balance innovation with financial stability and consumer protection. Fintech companies must navigate licensing regimes, ongoing compliance programs, reporting duties, and potential enforcement actions. Understanding your regulatory landscape early reduces risk and helps deliver a compliant product to users.

Why You May Need a Lawyer

• Launching a payments or money transmission service in a new state or country. A fintech startup offering digital wallets and transfers may need a money services business license or equivalent in each jurisdiction. An attorney can map licensing paths, prepare filings, and coordinate multi state requirements to avoid gaps.
• Launching a crypto or digital asset exchange or custodian. Crypto platforms face AML/KYC obligations and may be regulated as virtual currency businesses or by securities laws depending on offerings. Legal counsel helps with FinCEN registrations, state licensing, and appropriate disclosures.
• Rolling out a crowdfunding or token sale. Reg CF offerings are subject to SEC disclosure and investor protection rules. A lawyer can structure the offering, prepare a proper disclosure document, and ensure exemptions are used correctly.
• Developing a lending product or credit platform. Lending products trigger consumer protection and disclosure requirements under laws such as TILA and related regulations. An attorney can design compliant disclosures, rate limits, and collection practices.
• Handling data privacy and breach response obligations. Fintechs process sensitive information and must comply with privacy laws and data breach notification rules across jurisdictions. Counsel helps implement data mapping, robust security measures, and incident response plans.

Local Laws Overview

• Bank Secrecy Act (BSA) and FinCEN AML/KYC regimes (US). The BSA requires financial institutions and certain fintechs to establish AML programs and report suspicious activity. Registration or registration-like obligations apply to money services businesses registered with FinCEN. FinCEN provides guidance and enforcement actions related to BSA compliance.
• New York BitLicense framework (NYDFS, state-specific). New York regulates virtual currency activities under 23 NYCRR Part 200 with a BitLicense regime. The framework began in 2015 and has been updated to clarify supervisory expectations and consumer protections for crypto firms operating in New York.
• Regulation Crowdfunding (Reg CF) under the JOBS Act (US). Reg CF rules are codified at 17 CFR Part 227 and implemented by the Securities and Exchange Commission. The framework governs small offerings conducted online and requires certain disclosures and investor protections. SEC Reg CF overview and related materials provide current requirements.
• Open Banking and PSD2 concepts (European Union). PSD2, Directive 2015/2366/EU, promotes open banking by requiring banks to grant access to payment and account data to licensed third party providers with customer consent. Member state implementations vary, with ongoing updates to rules and APIs. EU PSD2 information.

Open banking under PSD2 enables licensed providers to access payment account data with customer consent, encouraging competition and new services.

Recent changes and trends to watch include increasing emphasis on AML/KYC for digital assets, evolving open banking standards in the EU, and regulatory updates expanding small offerings under Reg CF. For fintechs serving residents, understanding jurisdiction-specific rules is essential to avoid enforcement actions and investor or consumer lawsuits. FDIC and SEC materials provide useful regulatory context for financial service providers.

Frequently Asked Questions

What is Fintech law and what does it cover?

Fintech law governs how technology and finance interact in markets. It includes licensing, AML/KYC, consumer protection, data privacy, and securities rules for digital products and services. It also includes contract and enforceability issues for online platforms.

How do I know if my product is regulated and by whom?

Start by mapping activities like payments, lending, or asset custody. Determine whether you operate as an MSB, a broker, or a custodian, and identify applicable federal and state regulators. A fintech attorney helps with a regulatory map across jurisdictions.

When should I hire a Fintech lawyer for licensing?

Before filing any license or registration, consult counsel to assess requirements and prepare a project plan. Early involvement reduces the risk of costly re filings or license delays. A lawyer can also help with pre filing compliance gaps.

Where can I find official guidance on Reg CF offerings?

The SEC publishes official rules and investor guidance for Regulation Crowdfunding. Use the SEC website to read the final rules, updates, and compliance checklists for issuing offerings online. SEC.

Why might a crypto platform need FinCEN registration?

Many crypto platforms are treated as money services businesses and must comply with BSA AML/KYC obligations. Registration with FinCEN helps ensure proper supervisory oversight and regulatory reporting. See FinCEN guidance for MSB obligations.

Do I need a state license to operate a digital payments app?

Yes, many states require money transmission or payment processor licenses for digital payment activities. Requirements vary by state, and some states classify crypto or digital assets differently. An attorney can coordinate multi state licensing plans.

How long does it take to obtain a BitLicense in New York?

Times vary with the complexity of operations and readiness of documentation. Typical licensing projects can take several months from initial inquiry to final approval. An experienced NY regulatory attorney can provide a practical timeline.

What is the difference between a bank license and a money transmission license?

A bank license authorizes depository, lending, and wide range banking activities. A money transmission license permits transfer of funds and payment services but does not typically authorize taking deposits. The two regimes operate under different regulators.

Can Reg CF offerings be conducted by fintech platforms without registered brokers or funding portals?

Reg CF requires offerings to be conducted through registered portals or broker-dealers, with certain disclosure and investor protections. Conducting Reg CF transactions outside these channels may violate SEC rules. Check current SEC guidance for compliance requirements.

Should I implement a formal data breach response plan now?

Yes. Fintechs handling personal data should have an incident response plan, breach notification procedures, and cyber security controls in place. Regulators expect preparedness and timely notification in many jurisdictions.

Do I need to consider cross border compliance for customers outside my home jurisdiction?

Yes. Cross border fintech activities raise additional licensing, tax, privacy, and data transfer considerations. You may need to comply with PSD2 in Europe or other jurisdictions where customers reside. Engage counsel to design a cross border strategy.

Additional Resources

• Consumer Financial Protection Bureau (CFPB) - Consumer protection guidance and enforcement actions for fintech products and payment services. CFPB
• Financial Crimes Enforcement Network (FinCEN) - AML/KYC requirements for financial entities and MSBs; registration guidance. FinCEN
• U.S. Securities and Exchange Commission (SEC) - Regulation Crowdfunding rules and securities compliance for fintech portals and issuers. SEC

Next Steps

1. Define your product and target markets. Clarify whether you handle payments, lending, crypto, or data services, and identify where customers reside. This informs jurisdiction selection and licensing priorities.
2. Collect essential documentation. Gather business plans, product specs, customer disclosures, and data privacy policies. This materials help your lawyer map regulatory needs efficiently.
3. Consult a fintech attorney for a regulatory map. Schedule an onboarding call to review licensing paths, proposed jurisdictions, and a phased compliance timeline. Ask for a written engagement letter with milestones.
4. Develop a regulatory roadmap and budget. Create a schedule for filings, AML/KYC program design, privacy compliance, and cyber security measures. Allocate resources and set realistic timelines.
5. Launch licensing or registration steps with regulators. File MSB registrations, state licenses, or crypto related registrations as needed. Prepare for potential requests for information or audits.
6. Implement compliance programs and governance. Build AML/KYC, privacy, cyber security, and incident response policies. Establish ongoing monitoring and annual compliance reviews.