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Digital Finance Act: A new era for crypto-assets in the Czech Republic
On 15 February 2025, Czech Act No. 31/2025 Coll., on the implementation of European Union regulations in the area of financial market digitisation (the Digital Finance Act), came into force. This legislation serves as an adaptation act to the EU MiCA Regulation and introduces significant changes to the regulation of crypto-assets and financial markets. Czech National Bank to supervise crypto-asset market Under the Digital Finance Act, the Czech National Bank has been designated as the competent authority for crypto-assets. The Czech National Bank is now responsible for receiving notifications and applications under the MiCA Regulation and exercising supervisory powers over crypto-asset service providers (CASPs)
Kinstellar advises S IMMO AG on its acquisition of EUR 481 million property portfolio in the Czech Republic
Kinstellar has successfully advised S IMMO AG, a real estate investment company, on acquiring a property portfolio in the Czech Republic from CPI Property Group. The property portfolio comprises 11 office and retail properties, as well as development land. The transaction's property value is EUR 481 million, with an annual rental income of approximately EUR 29 million. Klára Štěpánková, Partner and the Co-head of the firm-wide Real Estate sector and Real Estate, Construction & Planning services added: We are thrilled to have advised S IMMO AG on this large and complex portfolio transaction and assist them in further expansion in the Czech Republic. The Kinstellar team was led by Klára Štěpánková
Kinstellar announces new promotions to Managing Associates and Senior Associates in the Czech Republic
Kinstellar is delighted to announce the promotion to Managing Associate of Martin Holub and Václav Kment, and the promotion to Senior Associate of Tereza Mašková, Matěj Večeřa and Jakub Šťastný in our Prague office. With these promotions the firm acknowledges their dedication, teamwork, consistent high level of client service, legal knowledge and transactional expertise. Martin Holub focuses on real estate, in particular real estate transactions and commercial lease agreements. Assisting clients in drafting, reviewing and negotiating of various agreements, such as share purchase, lease for office premises, development management, construction, and other real-estate related documents. Václav Kment
The problem with Dynamic Currency Conversion (DCC)
If a German tourist withdraws cash from an ATM in Prague, the ATM screen may display a choice whether the tourist’s euro account should be charged in the currency of their account (i.e., euro), or in the local currency – Czech koruna. If the tourist chooses the former, they opt for the so-called Dynamic Currency Conversion (DCC) service. DCC is a service enabling instant currency conversions for card-based transactions. DCC was introduced in 1996 to allow cardholders to pay in their home currency when making payments in foreign currencies. This can be either an ATM withdrawal or a card payment at a point-of-sale (POS) terminal in a foreign country. By using the DCC service, the amount of the transaction in the local