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Tech
Refusals alone will not keep AI models safe
Today's AI models are trained to turn down many requests, from dangerous instructions to sensitive topics. MIT Technology Review argues that this habit of refusing is not enough as a safety mechanism. Refusals are often bypassed with clever prompts and do not address the deeper risks. Real safety needs several layers, not just a chatbot saying no.
What it means: The MIT Technology Review argument touches something we see in almost every project built on language models: teams rely on the model refusing harmful requests and skip the ordinary controls they would put on any other system, such as per-user permissions, action limits and audit logs. A refusal is a behaviour the model learned from training data rather than a rule written in code, so it can shift with a new model version, a reworded request or instructions hidden inside a document or web page the model reads. For a business putting a chatbot or agent in front of customers, the practical lesson is to give the model access only to what it needs, route sensitive actions such as refunds, account changes or outgoing emails through a separate check or a human approval, and log every tool call so it can be reviewed later. That way, even if someone does manage to trick the model, the damage stays contained, and safety no longer depends on whether a statistical system happens to say no at the right moment.
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Regulation
ESMA tells crypto firms to stop serving non-MiCA stablecoins
ESMA issued an opinion on 8 October saying licensed crypto service providers should stop all services involving stablecoins that do not comply with the MiCA regulation. This covers trading, exchange, transfers, custody, advice and portfolio management. National authorities should require existing exposures to be cleared within three months at the latest. The document is supervisory guidance, not new legislation.
What it means: ESMA's opinion on stablecoins that do not comply with MiCA is one of the most practical developments of the year for crypto users in Europe, because it covers almost every service a licensed provider can offer, from trading and exchange to custody and portfolio management. In practice, customers of European platforms will see unauthorised stablecoins withdrawn by early 2027, since national authorities are asked to require existing positions to be wound down within three months at most. It should be noted that this is supervisory guidance and not new legislation, but national authorities, such as the Hellenic Capital Market Commission in Greece, usually follow such opinions, so providers will find it hard to ignore. Businesses that accept payments in or hold balances of such tokens should plan the switch to authorised stablecoins now, so they are not converting balances in a hurry when platforms drop support for those tokens.
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Fintech
Modern Treasury and Rain apply for US national trust bank charters
Two payments infrastructure companies, Modern Treasury and Rain, filed applications on 5 October to set up limited-purpose national trust banks. Modern Treasury wants to add supervised digital asset custody, without lending and without issuing a stablecoin. Rain is aiming at custody, reserve management and stablecoin issuance for institutional clients. Both filings are still under review by the federal banking regulator.
What it means: The applications by Modern Treasury and Rain for limited-purpose national trust charters show payments infrastructure firms no longer wanting to rely entirely on partner banks, and instead wanting to control more of the chain, especially digital asset custody and, in Rain's case, stablecoin issuance for institutional clients. A charter of this kind does not allow lending, but it places the company under direct federal supervision, which can raise the confidence of large clients who require regulated counterparties before entrusting their funds. It is another sign that stablecoins are moving from the fringe into the supervised banking system, a trend that in Europe takes shape through MiCA and the licences it sets out for issuers and providers. The applications are still under review, so nothing is guaranteed, but fintechs now choosing to seek banking supervision rather than avoid it shows how much the climate for digital currencies has changed.
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Fintech
Wise adds eSIM data and local QR payments across five continents
Wise has added eSIM data plans to its app that travellers size themselves by data and days, with refunds for anything left unused. It has also connected to local QR payment schemes such as Pix in Brazil and PayNow in Singapore. Through a partnership with Alipay+, users can pay merchants in more than 50 destinations, including mainland China. Alipay+ is not offered to customers in the US and Canada.
What it means: With eSIM data plans and links to local QR payment schemes, Wise is gradually turning from an international money transfer app into an all-in-one travel app that covers both connectivity and spending without the traveller needing to switch cards or SIM cards. Refunds for unused data are a practical difference from many roaming packages, and show fintechs competing on simplicity and price transparency, where traditional providers often fall short. Access to schemes such as Pix and PayNow, along with the Alipay+ partnership, solves a real problem, since in many countries QR codes are the dominant way to pay and foreign cards are not always accepted by small shops. For mobile operators, the message is that roaming revenue outside Europe is under threat from players that are not even telecom companies, while for business travellers it means fewer apps and more predictable costs on every trip abroad, whether for a short meeting or a longer stay.
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Fintech
Revolut Pay arrives at Harvey Norman's online checkout in Ireland
Revolut has partnered with Harvey Norman so shoppers can pay on the chain's Irish online store in one click, using their Revolut balance or saved cards. Revolut has more than 3.4 million customers in Ireland and 80 million worldwide. The company cites an average approval rate of 98.5% and checkout drop-off below 5%. The deal extends an existing partnership between the two firms in the UK.
What it means: Revolut's deal with Harvey Norman in Ireland shows neobanks no longer content with offering accounts and cards, and wanting to sit on the merchant side as well, as a payment method at online checkouts, claiming a share of revenue that until now went to card networks and traditional processors. Revolut's large customer base in Ireland is a strong argument for the retailer, because one-click payment without typing in details reduces abandoned baskets, although the approval and drop-off rates the company cites are its own figures rather than an independent measurement. The fact that the partnership extends an existing relationship in the UK shows these deals are built step by step, market by market, on results the merchant has already seen. For European online shops, it means checkout options will grow beyond cards, and it is worth comparing costs and conversion before adding new payment methods to their own checkout.
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Crypto & Digital Euro
ECB: digital euro pilot in 2027, possible issuance in 2029
In a speech on 6 October, the ECB set out the timeline for the digital euro. The Council agreed its position in December 2025 and the European Parliament in July 2026, and trilogue negotiations are under way. If the legislation is finished by the end of 2026, the ECB aims for a possible first issuance in 2029. A 12-month pilot will start in the second half of 2027 with 36 selected payment providers.
What it means: The timeline set out by the ECB turns the digital euro from a theoretical debate into a planning item for banks, merchants and point-of-sale vendors, since there are now concrete milestones: legislation completed during 2026, a pilot from the second half of 2027 and a possible first issuance in 2029. The pilot with selected payment providers will show in practice how the system works in real conditions and what technical requirements participants will face, which will shape later investment in software and terminals. It must be stressed, however, that everything depends on the trilogue negotiations being concluded, and that the ECB will only decide on issuance once the regulation is adopted, so the dates are targets rather than commitments. For businesses in Greece, the practical step is to ask terminal and payment providers whether their systems will support the new instrument, so that adapting fits into the normal upgrade cycle.
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Regulation
ESMA sets out its proposals for the MiCA review
ESMA has responded to the Commission's consultation on reviewing the MiCA regulation, drawing on its early experience of applying it. It notes that the transitional period ended on 1 July 2026. In ESMA's view MiCA offers a solid level of protection but falls short of the rules for traditional financial instruments. It asks for targeted changes to avoid duplicate requirements and legal uncertainty.
What it means: ESMA's response to the Commission's consultation on reviewing MiCA is a reminder that the European crypto framework is not a finished text, but legislation that will keep changing as supervisors gain experience applying it, especially now that the transitional period has ended and every provider must operate with a full licence. The view that MiCA offers significant protection but lags behind the rules for traditional financial instruments points towards stricter requirements in future, while the request for targeted changes to avoid duplicate obligations and legal uncertainty shows supervisors themselves seeing problems in practice. For businesses in the sector, this means compliance is not a one-off project but a process that must be able to adapt to new requirements every few years. Anyone designing products in this area in Greece or elsewhere in Europe should build flexible processes and follow the Commission proposals that will come next, since the review could reshape key obligations.
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Crypto & Digital Euro
Digital euro trilogue weighs merchant fees and holding limits
On 30 September the European Parliament and the Council held a third round of political talks on the digital euro, without a deal. The Council wants the maximum merchant fee tied at first to debit card pricing for up to 10 years. Parliament wants five years and a rule that merchants never pay more than for a comparable payment method. The two sides also disagree on who sets the holding limit per person.
What it means: The third round of political talks on the digital euro showed that the hardest issues are practical and economic rather than technical: how much merchants will pay to accept it and how much each citizen may hold, two questions that will decide whether the new instrument becomes popular or stays on the sidelines. The gap between Council and Parliament on how long the fee cap should be tied to debit card pricing, and Parliament's proposal that merchants should never pay more than for a comparable method, show that acceptance cost is central to whether merchants see it as an opportunity or yet another charge. The holding limit matters mostly to banks, because it determines how many deposits could move from their accounts into digital euro during a crisis, and the dispute over who sets it is also about control of policy. Until there is a deal, businesses cannot calculate costs precisely, but they should follow the talks, because the outcome will also influence fees on other payment methods.
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Regulation
Greek e-invoicing now starts on 2 November for firms under €1m turnover
Joint decisions by Greece's Deputy Finance Minister and the head of the tax authority AADE move the mandatory e-invoicing start for businesses with turnover under €1,000,000. The obligation now begins on 2 November 2026. Until 31 January 2027 a phased period allows parallel use of ERP software or the myDATA entry form, provided the start declaration was filed on time. The second phase of digital delivery documents is also postponed.
What it means: Postponing mandatory e-invoicing for businesses with turnover below one million euros gives smaller firms a little more time, but it does not change the direction: issuing invoices through certified providers and sending data to myDATA is becoming the rule for everyone. The transition period to the end of January 2027, allowing parallel use of business software or the myDATA entry form, is a practical relief, but it requires the start declaration to be filed on time, so anyone who misses it loses that margin and risks being out of compliance from day one. Postponing the second phase of digital delivery notes too shows the market needs more time to adapt, as often happens with major digital reforms by the tax administration. For small businesses and freelancers, now is the right moment to choose a provider, test the myDATA connection and train whoever issues documents, so the switch in November happens without errors or fines, always checking the official AADE announcements.
Summaries are ours. Copyright in the original articles remains with their publishers.
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