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Insights May 2022

Uzbekistan liberalizes regulatory framework for mining of crypto-assets

On 27 April 2022, the President of Uzbekistan signed decree No. UP-121 (the “Decree”), which (i) reorganized the National Agency for Project Management into the National Agency of Perspective Projects (the “Agency”) and authorizing it to regulate circulation of crypto-assets in Uzbekistan (covering issuance, registration, and circulation of crypto-assets by residents of Uzbekistan), and (ii) established a special regulatory regime in the sphere of crypto-asset circulation. According to the Decree, only legal entities are entitled to engage in mining[1] of crypto-assets[2] in Uzbekistan, following compulsory e-registration with the Agency. Mining of crypto-assets does not require obtaining a license. The Decree

News May 2022

Kinstellar takes part in the ‘Brave Ukraine’ fundraising event organised by the Ukrainian Embassy in London

Kinstellar is honoured to have taken part in the ‘Brave Ukraine’ event organised by the Ukrainian Embassy in London on 12 May 2022. We were represented by Jason Mogg, Senior Partner, and Daniel Bilak, Chairman of the Management Committee of the firm’s Ukraine office.  Thanks to generous donations, the event raised desperately needed funds to re-equip the Western Ukrainian Specialised Children's Medical Centre, which has become a hub for seriously ill children from across Ukraine displaced by the war. Through the fundraising platform www.withukraine.org established by the Embassy of Ukraine in the UK, almost £30 million have been raised to provide food packs, medical supplies, generators, armoured ambulances

Insights May 2022

Kinstellar’s Banking & Finance team in Budapest contributes to ICLG Project Finance 2022

Kinstellar’s Banking & Finance team in Budapest is honoured to have had the opportunity to contribute the chapter on Hungary to this year’s International Comparative Legal Guide to Project Finance.  The Q&A-style chapter provides an overview of the main legislative considerations—including security, bankruptcy, restrictions, insurance and arbitration—that should be taken into account by lenders and equity investors when participating in project finance transactions in Hungary.  We also address the trends and recent developments in project finance in the country.  You can read our chapter, coordinated by Csilla Andrékó, Partner, Budapest and Head of the firm-wide Banking & Finance and Restructuring

Insights May 2022

5G auctions

As the process of 5G coverage expansion continues, we bring you a short status update on 5G auctions and 5G rollout in the Central and Eastern Europe and Central Asia regions. Kazakhstan Frequency already allocated: 3.5 GHz. Announced / expected 5G auctions: Three lots each for 100 MHz around 3.5 GHz will be sold at auctions that are planned for the end of May 2022. One lot per city—Almaty, Nur-Sultan and Shymkent—will be offered. Stage of 5G auctions and auction method: The relevant law and regulations for holding auctions have been adopted. Auctions will be held in two stages. At the first stage the bidders' compliance with qualification requirements

Insights May 2022

Transposition of New Deal for Consumers (Omnibus Directive, SGD, DCD)

Nearly a year has passed since the lapse of the transposition period for the Digital Content Directive and the Sale of Goods Directive, which brought important changes to national consumer protection rules. However, many jurisdictions still have not implemented the Directives. We are closely monitoring the implementation process in our EU jurisdictions. Below is an overview of the implementation status of the Directives in the remaining EU Member States where Kinstellar operates that have not yet implemented the Directivesand a brief summary of the main changes and the expected country-specific implications for business. In addition, we bring you information from several non-EU countries that have taken inspiration from the

Insights May 2022

Cookies: New Legislation

With France and Austria deciding on data protection issues in relation to Google Analytics, many more countries have followed suit in relevant changes to so-called web browser cookies. In order to limit the amount and quality of data retrieved by providers from users, mainly without them realising the true scope of this data and the use of such data by providers, legislators are passing stricter rules on data collection. Below is an overview of new legislation adopted to combat the extensive collection and usage of user data: Bulgaria The current legislative environment provides a more relaxed opt-out model of user consent regarding the use of cookies.

Insights May 2022

Misinformation in cyberspace

Since the war in Ukraine became the main subject of newspaper headlines, the amount of related misinformation spread online has reached new heights. As a result, several governments have adopted legislation that provides tools to combat the spread of misinformation.  Below is an overview of legislation used to combat misinformation in the Central and Eastern Europe and Central Asia regions: Bulgaria It is worth noting that on 1 March 2022 the Bulgarian electronic media watchdog decided to suspend the distribution of TV channels “Russia Today” and “Sputnik” in line with the EU response to Russian military activity in Ukraine.

Insights May 2022

Cybersecurity in Emerging Europe and Central Asia

With the invasion of Ukraine and a substantial increase in cyberattacks on governments, critical infrastructure and other strategic targets, the topic of cybersecurity has gained even more importance. Below is an overview of the steps that national security authorities have taken to strengthen national security. Bulgaria On 24 November 2021, the Bulgarian government designated the State e-Government Agency as a national coordination centre for the purposes of Regulation (EU) 2021/887. The establishment of the coordination centre is expected to contribute to achieving a high level of network and information security, thus boosting the standards and

Insights May 2022

Setting up operations in Slovakia

Today’s uncertainties at the European Union’s eastern border have left companies questioning the safety of their people and the continuity of their operations in that part of the world. Businesses in the IT and BPO sectors that had found talent and growth opportunities in counties such as Ukraine, or Moldova are now rethinking their strategy and options to move operations across the border, either temporarily or permanently. Our team in Bratislava has prepared a quick overview of the most important aspects that you need to consider if you decide to move your operations to Slovakia. Download in English: Download in Ukrainian:

Insights May 2022

Unblocking the registration of presence of foreign NGOs in Ukraine

Following the introduction of martial law in Ukraine on 24 February 2022, registration actions were significantly limited and the registration of presence of foreign NGOs was suspended. On 28 April 2022, the CMU introduced further legislative amendments that have expanded the list of available registration actions. Below we provide important highlights related to the new regulations and procedures. Download in English: Download in Ukrainian:  For more information, please contact: Anastasiya Bolkhovitinova, Counsel, Head

Insights May 2022

Long term renewable power purchase agreements with renewable energy generators

The sale of the generated electricity by renewable energy generators through market-based long-term power purchase agreements (PPAs) is a fairly new phenomenon in the Hungarian electricity market. Whilst PPAs have already been concluded between conventional power plants and off-takers in the past, the interest towards renewable PPAs has only started to increase recently, primarily for the following reasons: Firstly, over the last few years the economics of renewable energy generation has substantially improved, and renewable energy generation has become more and more competitive with conventional forms of power generation. Secondly, the governments started to gradually phase out many of the formerly existing “old school”