nina stoyanova : forthcoming new developments in the area of payment services and digitalisation publication by ms nina stoyanova, deputy governor and head of the banking department of the bulgarian national bank, in the quarterly bulletin of the association of banks in bulgaria, issue 65, january 2021. digital technologies have changed the financial services provision business, and the payment sector is the leader in this trend. the speed of development of innovations and the scale of technological changes in it require concrete and targeted effort. the pending strategic projects and directions of development of the european payment infrastructure in the short term, as presented in the digital finance package of the european commission of november 20201, are related to the development of instant payments, digitalisation of financial services and support of secure, profitable and interoperable payment solutions within the single market. 1. forthcoming review of the second payment services directive in 2021, there will be a review of the second payment services directive2 ( psd2 ) adopted in 2015 and transposed in the national legislation at the beginning of 2018 with the new law on payment services and payment systems. an analysis of the results of the directive ’ s implementation is expected to cover the following areas : - updating the requirements to technical solutions used by payment services providers for strong customer authentication, which are to ensure high level of security to customers, while being convenient and user - friendly. emphasis will be placed on the so - called ‘ nontransmittable ’ elements, such as biometrics. this presupposes gradual decrease in the use of elements with lower degree of security, such as static passwords, and limiting the use of older technologies and communication channels that are prone to attacks ( such as sms text messages ) ; - prevention of new types of fraud, particularly in the context of instant payments, as well as strengthening payer ’ s protection and regulating a chargeback procedure in specific cases ( e. g. an error ), which would make instant payments come close to card transactions ; - review of the possible exceptions from applying strong customer authentication, such as contactless card payments, also exploring the possibilities for introduction of an individual limit set by the customer, for which no pin entry is required ; - potential measures to reduce the risk of fraud due to ‘ social engineering ’ or ‘ targeted phishing ’, with a possible requirement for a match between the names of the payee to the payment transaction and the account holder, and the implementation of technological solutions for validation of the e - mail

exchange of crypto - assets for fiat currency that is legal tender ; - the exchange of crypto - assets for other crypto - assets ; - the execution of orders for crypto - assets on behalf of third parties and placing of crypto - assets ; - the reception and transmission of orders for crypto - assets on behalf of third parties ; - providing advice on crypto - assets. if a crypto - asset service provider needs the execution of payment transactions, that crypto - asset service provider itself must have authorisation to provide payment services or it must use a third party authorised to provide payment services. the regulation introduces stricter supervisory requirements, including direct supervision by the european banking authority, for the issuers of so - called ‘ significant tokens ’ – tokens the total value of which exceeds a certain threshold. the regulation puts in place rules and requirements to prevent market abuse involving crypto - assets, such as the obligation for disclosing inside information and conditions for delaying disclosure of inside information ; prohibitions on insider dealing, on unlawful disclosure of inside information and on market manipulation. 5. 3. proposal for a regulation on a pilot regime for market infrastructures based on distributed ledger technology ( dlt ) 11. this regulation puts in place requirements for multilateral trading facilities and securities settlement systems which use the distributed ledger technology ( dlt ) ( ‘ market infrastructures based on dlt ’ ) and have received specific permissions granting one or several exemptions from certain provisions of directive 2014 / 65 / eu12 and regulation ( eu ) no ‘ asset - referenced token ’ means a type of crypto - asset that purports to maintain a stable value by referring to the value of several fiat currencies that are legal tender, one or several commodities or one or several cryptoassets, or a combination of such assets. ‘ commodity ’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity ; ‘ electronic money token ’ or ‘ e - money token ’ means a type of crypto - asset the main purpose of which is to be used as a means of exchange and that purports to maintain a stable value by referring to the value of a fiat currency that is legal tender ; https : / / eur - lex. europa. eu / legal - content / bg / txt / html /? uri = celex :