After the European Commission’s letter in December 2024, which identified the risks of regulatory arbitrage stemming from diverging interpretations, risks that we also encounter in practice, the European Banking Authority (“EBA”), in its outlook, called for no immediate action regarding the PSD2’s applicability to services related to electronic money tokens (“EMTs”). On 10 June 2025, the long-awaited Opinion of the EBA (the “EBA No Action Letter”) on the interplay between Directive 2015/2366 (“PSD2”) and Regulation 2023/1114 (“MiCA”) in relation to crypto-asset service providers (“CASPs”) that transact in EMTs was finally published.  

Dentons has advised Ciklum on its acquisition of GoSolve Group. Davis Wright Tremaine and Legal Logic reportedly advised the sellers.

Gen Temizer Erdogan Girgin Attorney Partnership has advised Ticimax and its founder and sole shareholder Cenk Cigdemli on the sale of a majority stake to Team.blue. Kolcuoglu Demirkan Kocakli advised Team.blue.

CMS has advised Bitdefender on its agreement to acquire Mesh Security Limited.

In April 2007, Estonia made global headlines — not for a military conflict or natural disaster, but for one of the first coordinated large-scale cyberattacks against a nation-state. Sparked by the relocation of a Soviet-era war memorial in Tallinn (known as the Bronze Night), the country’s digital infrastructure was flooded with denial-of-service attacks. Government websites, banks, media outlets, and essential services were knocked offline. It was a wake-up call: digital threats could now paralyze a country just as effectively as tanks and missiles. 

May 1, 2025, brought significant changes to design protection in the EU. Here are three key updates no designer should overlook: