Best Fintech Lawyers in Agia Paraskevi

About Fintech Law in Agia Paraskevi, Greece

Agia Paraskevi is a suburb of Athens and part of the Greek legal and regulatory environment. Fintech businesses based or operating in Agia Paraskevi are subject to Greek national law and to European Union law. Key national regulators include the Bank of Greece for payment and e-money activities and the Hellenic Capital Market Commission for investment and certain digital asset activities. EU rules such as PSD2 - the revised Payment Services Directive - GDPR - the data protection regulation - and recent EU frameworks for crypto-assets also apply. Practical enforcement and administrative contacts are handled at national level, but local presence in Agia Paraskevi matters for company registration, employment and local tax compliance.

Why You May Need a Lawyer

Fintech is a complex area where legal risk can affect licensing, operations and reputation. You may need a lawyer in cases such as:

- Applying for a payment institution or electronic money institution license

- Structuring cross-border payment services or digital banking products

- Complying with anti-money laundering and counter-financing of terrorism obligations

- Meeting GDPR and data protection requirements, including appointing a data protection officer and drafting privacy policies

- Issuing tokens, planning an initial coin offering or navigating crypto-asset rules

- Drafting commercial contracts, terms of service, platform user agreements and vendor agreements

- Fundraising, investor documentation and corporate structuring

- Employment and contractor arrangements, including equity plans and IP ownership

- Responding to regulatory investigations or enforcement actions

Local Laws Overview

The following legal frameworks are especially relevant to fintech in Agia Paraskevi:

- PSD2 and payment services regulation - governs payment initiation, account information services, licensing for payment institutions, and open banking requirements.

- Electronic Money and Payment Services regulation - covers issuance of electronic money and e-wallet operations where applicable.

- Anti-Money Laundering - Greek law implements EU AML Directives and requires customer due diligence, suspicious activity reporting and AML compliance programs. Obliged entities include payment providers and certain crypto-related firms.

- Data Protection - GDPR applies across Greece. Fintech companies must implement privacy-by-design, lawful processing bases, data subject rights procedures and security measures.

- Financial Markets and Investment Services - the Hellenic Capital Market Commission regulates investment products and may have oversight over crypto-assets when they qualify as securities. New EU crypto rules such as MiCA may affect token issuers and service providers.

- Company Law and Taxation - Greek company formation rules, corporate governance, accounting and tax obligations affect fintechs with a local presence. VAT and corporate tax treatment can be complex for cross-border or digital services.

- Consumer Protection - rules on fair marketing, transparent fees and complaint handling apply to consumer-facing fintech products.

Frequently Asked Questions

Do I need a license to run a payments app from Agia Paraskevi?

It depends on the services offered. If you execute payment transactions or hold e-money on behalf of customers you will likely need a payment institution or electronic money institution license under Greek and EU law. If you only provide payment initiation or account information services you may need a specific authorization for those services. A lawyer can help determine the correct license and guide the application process.

How does PSD2 affect my fintech startup?

PSD2 requires strong customer authentication for many electronic payments, mandates open banking APIs for account information and payment initiation services, and sets rules on access to payment accounts. Compliance affects technical design, contract terms and regulatory reporting. PSD2 also defines which activities require authorization.

Are cryptocurrencies and token offerings legal in Greece?

Cryptocurrencies and token offerings are not prohibited, but their legal treatment depends on the token type and use. Tokens that qualify as financial instruments are regulated by securities law and the Hellenic Capital Market Commission. EU-level rules such as MiCA introduce specific requirements for many crypto-asset services. AML and data protection obligations also apply. Legal advice is essential before launching a crypto-related product.

What anti-money laundering obligations apply to fintech companies?

Fintech entities that provide payment services, currency exchange, custody or certain crypto services are typically subject to AML obligations. These include customer due diligence, ongoing monitoring, suspicious transaction reporting and maintaining an AML compliance program with assigned responsible persons. Greek law implements EU AML directives so obligations reflect EU standards.

What are my GDPR responsibilities as a fintech operator?

You must have a lawful basis for processing personal data, implement appropriate technical and organizational measures to protect personal data, provide privacy notices, enable data subject rights such as access and erasure, and keep records of processing activities. Depending on scale and risk, you may need to appoint a data protection officer and perform data protection impact assessments.

Can a foreign fintech company operate from Agia Paraskevi without a Greek subsidiary?

Cross-border provision of services within the EU is possible under passporting and EU single market rules, but specific activities often require local licensing or registration. Having a Greek subsidiary or branch may simplify interactions with Greek customers, banks and regulators. Tax, employment and contractual issues make local legal advice important.

How long does it take and what does it cost to get a payment or e-money license?

Timelines and costs vary significantly by business model and completeness of documentation. Preparation and compliance build-out can take several months. Regulatory review by Bank of Greece and related authorities can add more months. Costs include capital requirements, legal and consulting fees, IT and compliance investment. A lawyer can help estimate realistic timelines and prepare the application to reduce delays.

What documents and policies should I have before launching?

Key documents include terms of service and user agreements, privacy policy, AML policy, data protection impact assessments where relevant, risk assessments, incident response plans, service level agreements, and internal policies for security and compliance. A lawyer will tailor these documents to your product and regulatory obligations.

How can I prepare for a regulatory inspection or inquiry?

Maintain organized records, up-to-date compliance policies, transaction monitoring logs, customer due diligence files and evidence of staff training. Designate responsible compliance officers and ensure rapid access to requested documents. Prior legal counsel can help prepare mock inspections and address gaps before regulators ask questions.

Do I need a local lawyer rather than an international firm?

Local legal counsel brings knowledge of Greek administrative practice, language and relationships with national regulators. International firms can be helpful for cross-border regulatory strategy. Many fintechs benefit from a combination - a Greek lawyer for local regulatory compliance and an international specialist for EU-level or multi-jurisdictional issues.

Additional Resources

Useful public bodies and organizations to consult or monitor include:

- Bank of Greece - the national central bank and payments regulator

- Hellenic Capital Market Commission - regulator for investment services

- Hellenic Data Protection Authority - national data protection regulator

- Hellenic Financial Intelligence Unit - the national AML authority

- Ministry of Digital Governance - for digital policy and national programs

- Local chambers of commerce and industry - for business registration and local support

- Athens law firms and the Athens Bar Association - for local legal representation

- European bodies such as the European Banking Authority and the European Securities and Markets Authority for EU-level guidance and rulemaking

- Industry associations and fintech networks in Greece - for peer support, events and sector updates

Next Steps

If you need legal assistance for a fintech project in Agia Paraskevi, consider these practical steps:

- Arrange an initial consultation with a lawyer experienced in fintech and financial regulation in Greece to discuss your business model and regulatory questions.

- Prepare a brief summary of your product, target markets, planned customers, and technical architecture to enable an accurate risk assessment.

- Ask the lawyer for a compliance gap analysis covering licensing, AML, GDPR and consumer protection obligations.

- Agree a project plan and budget for license applications, required policies and implementation of compliance measures.

- Implement immediate risk mitigations - appoint responsible compliance staff, implement basic AML and data protection measures, and document procedures.

- Keep up to date - fintech regulation evolves quickly. Schedule regular legal reviews and sign up for regulator announcements to avoid surprises.

Legal expertise will help you reduce regulatory risk, streamline market entry and protect your business as it grows. If you are unsure where to start, begin with a local fintech-savvy lawyer who can guide you through the Greek and EU requirements.