CNB’ experts in the field of payment operations, fintech and regulations participated in the 8th conference "F2 - Future of Fintech", held on 25 and 26 November in Zagreb.

A presentation by Bruno Vukoja, Executive Director of the Payment Operations Area, entitled "Regulation – For How Much Longer?", provided an overview of key regulatory changes in payment operations, focusing on technology, security and disruptive potential compared to today's retail payments market. The presentation of the so-called "instant package", the draft PSD3 directive and the regulation on the digital euro explains how the regulation shapes the future of payments. The presentation focuses on the challenges and opportunities brought by the obligation to provide instant credit transfers, the opening of the market to non-bank service providers and technical requirements, such as the IBAN name check. Vukoja also pointed to significant changes in payment regulations that should be adopted by PSR/PSD3, with an emphasis on payment security, fraud prevention and the unification of rules within the EU. With regard to the arrival of the digital euro (d€),Vukoja pointed out that d€ represented a major step forward in the autonomy and resilience of the European payments market, providing an alternative to existing commercial schemes and, without excluding the use of cash, ensuring the preservation of public money in the digital age. "Regulation, although often perceived as restrictive, can serve as a catalyst for innovation, opening up space for the development of new products and cooperation among all stakeholders in the payment market," Vukoja concluded.

Linardo Martinčević, advisor at the Governor's Office, as part of the panel discussion "Finance Security", in response to the question about what the CNB is doing regarding financial security and whether citizens in this area can do more, pointed out that the CNB supervised the financial system and financial institutions and through this action helped to maintain financial security, but also to maintain citizens' trust in the financial system. "We work a lot on financial education either through the Visitor Centre and the Consumer Protection Monitoring Office, participate in television and radio shows on financial literacy, publish educational materials on the CNB website and social networks," Martinčević said. He particularly emphasized Monettera – the CNB Money Museum as an information and education centre and the work on raising the level of knowledge and awareness of financial behaviour. "Citizens themselves can do more by educating themselves about financial products and at the same time acting conscientiously when using these products, especially digital ones," Martinčević emphasized. Commenting on the area of regulations on digital resilience and digital finance, he pointed out that DORA (Regulation on Digital Operational Resilience for the Financial Sector – in application since 17 January 2025) and MiCA (Regulation on Markets in Crypto Assets – in application since 30 December 2024), regulations of the European Union, helped set the regulatory framework for the CNB to supervise the safety of the financial system, but also to act on consumer complaints regarding some new digital financial products and services.

Dario Hlupić Radić, Head of the Supervisory Law Division, gave a more detailed presentation on the entry into force of the Regulation on Markets in Crypto-assets. The Regulation applies as regards e-money tokens and asset-referenced tokens from 30 June 2024 and as regards the remainder from 30 December 2024. It defines crypto-assets as assets that exist solely and exclusively as a digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology. The Regulation regulates trading in crypto-assets, marketing, provision of crypto-asset services, issuance of e-money tokens and asset-referenced tokens. In Croatia, said Hlupić Radić, the Act on the Implementation of the Regulation on Markets in Crypto-assets was adopted and entered into force in July this year, ensuring the implementation of that Regulation. The Act designates the Croatian Financial Services Supervisory Agency and the Croatian National Bank as competent authorities for the supervision of the application of the Regulation. "The HNB is in charge of the supervision of issuers of e-money tokens and asset-referenced tokens. Issuers of e-money tokens may be credit institutions and electronic money institutions, and asset-referenced tokens may also be issued by credit institutions and any other legal person established as a joint stock company or a limited liability company and licensed by the CNB to issue these tokens," concluded Hlupić Radić.