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Global Weekly Fintech Update

11 October 2021

11 October 2021

Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

You are welcome to share the round-up with colleagues who may like to subscribe.


A legal guide to the video games industry

The new Italian fintech sandbox opens

SPOTLIGHT: The Fintech Files 

In this short video produced in collaboration with Crafty Counsel, Clifford Chance Tech Group experts demystify Open Banking by providing an overview of its emergence since 2018 and the hurdles surrounding it, discussing the key legal and regulatory challenges to look out for if you’re operating in the Open Banking space, and their perspective on how the market is likely to develop in the future.

You can watch the video here.

Or watch the full boxset of The Fintech Files: Payments and Crypto.



  • (​7 Oct 2021) Financial Stability Board (FSB) report on the progress made by jurisdictions in implementing the FSB's high-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements. | Press release
  • (6 Oct 2021) Consultation issued by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructure and the International Organization of Securities Commissions on their proposed guidance regarding the application of the principles for financial market infrastructures to systemically important stablecoin arrangements. Responses are due by 1 December 2021. | Press release
  • (6 Oct 2021) Speech by BIS General Manager, Agustín Carstens, on the regulation of big tech in finance. Carstens outlines potential public policy responses, including in relation to competition, data governance and financial stability.
  • (1 Oct 2021) International Monetary Fund (IMF) blog post on the challenges that cryptoassets pose to financial stability. The post highlights the IMF's latest Global Financial Stability Report​, which focuses on the risks posed by the cryptoasset ecosystem, particularly in emerging markets and developing economies, and sets out policy recommendations to address them. 



  • (29 Sep 2021) The Special Committee of the Chamber of Deputies has approved a series of amendments to Bill 2303/15 (in Portuguese) to increase the penalty for money laundering crimes related to the use of cryptocurrencies. The Bill proposes to raise the minimum prison term from three to four years and the maximum prison term from ten to sixteen years and eight months. It also includes a proposal to raise the accompanying fine, from one-third of the amount of laundered money to two-thirds. The amendments must be considered by the Chamber's Plenary before being passed into law. | Press release (in Portuguese)


  • (1 Oct 2021) Central Bank of Uruguay statement (in Portuguese) on its roadmap for regulating virtual assets and virtual asset service providers. The Bank intends to finalise a proposed regulatory framework by the end of 2021.


  • (5 Oct 2021) Ransom Disclosure Act introduced by Elizabeth Warren and Deborah Ross. The Bill introduces a legal requirement that victims of ransomware attacks disclose information about ransom payments to the Department of Homeland Security. | Press release
  • (5 Oct 2021) Clarity for Digital Tokens Act introduced by Patrick McHenry. The Bill seeks to establish a safe harbour for digital tokens, in which entities would be able to offer tokens without registering for up to three years, during which time they could create a fully decentralised network. | Press release
  • (5 Oct 2021) Letter from Representative Patrick McHenry to the Securities and Exchange Commission (SEC) Chair, Gary Gensler, in which he calls for the SEC to provide further clarity and consistency in its plans for regulating cryptoassets.
  • (5 Oct 2021) House of Representatives Committee on Financial Services hearing on the oversight of the SEC, in which the agency's Chair, Gary Gensler, discusses cryptoassets and stablecoins. Gensler emphasises that prohibiting cryptoassets would fall under the mandate of Congress rather than the SEC. He also notes that the financial stability implications of stablecoins is a priority issue for the agency. | Memorandum | Video


Hong Kong:

  • (4 Oct 2021) Hong Kong Monetary Authority consultation​ on a draft technical whitepaper on a retail central bank digital currency (CBDC) (the e-HKD). The paper explores potential technical design options for the issuance and distribution of the e-HKD and sets out a series of problem statements on which it is seeking feedback. Responses are due by 31 December 2021. | Press release


  • (1 Oct 2021) Monetary Authority of Singapore consultation on a new regulatory framework and digital platform to allow financial institutions to share customer and transaction data in an effort to prevent money laundering and the financing of terrorism. Responses are due by 1 November 2021. | Press release

Sri Lanka:   

  • (7 Oct 2021) The Sri Lankan Cabinet has approved a proposal to establish a committee responsible for investigating regulations and initiatives designed to attract foreign investment in the areas of digital banking, distributed ledger technology and cryptocurrency. | Press release



  • (29 Sep 2021) European Capital Markets Institute policy briefing, setting out its recommendations for an EU approach to regulating crypto and cyberware. | Press release
  • (28 Sep 2021) European Banking Federation (EBF) response to the EU Commission's proposals for a regulation on artificial intelligence (AI). Overall the EBF supports the proposals but calls for various amendments, including a narrower definition of AI, increased clarity around what makes an AI system 'high risk' and further delineation with the proposed revision of the Consumer Credit Directive.


  • (1 Oct 2021) Independent report​ setting out the findings from an independent investigation into the Open Banking Implementation Entity, which was set up by the Competition and Markets Authority in 2017 to deliver the UK's open banking roadmap. The report also sets out the actions that will be taken to address the failings identified in the investigation. | Press release


  • (8 Sep 2021) The Law on Virtual Assets (in Ukrainian), which was adopted by the Ukrainian Parliament on 8 September, has been remitted by the President, Volodymyr Zelensky. Zelensky returned the legislation to Parliament with a number of proposed amendments. In particular, he objected to the creation of a separate executive agency to supervise digital assets and their service providers and instead proposes to place them under the control of the existing National Commission on Securities and Stock Market. | Press release​ (in Ukrainian)

Global Perspectives Series: Exploring global attitudes to artificial intelligence (AI) and regulation (9 November 2021):

Our expert panel will discuss highlights from our report, 'Attitudes to AI and regulation', an extensive YouGov survey of more than 1,000 tech policy professionals, developed in collaboration with global advisory firm Milltown Partners. We will explore AI issues such as trust and bias, and challenge some of the commonly held misconceptions around attitudes to AI regulation and law. We will also share our predictions for AI in 2022. | For more information and to register, please see the Perspectives Series programme.

Warsaw Perspectives Series: CBDCs and stablecoins – is a revolution in financial markets and payment services approaching? (15 December 2021):

New CBDC solutions are being implemented by central banks, governments and international organisations, and the private sector is developing various types of digital payment instrument as an alternative to fiat currency. Join Clifford Chance Partner, Andrzej Stosio, for a seminar on the fundamental impact these developments may have on global and local financial markets and the legal, regulatory and economic challenges they pose. Please note this seminar will be held in Polish. | For more information and to register, please see the event page.

Additional Information

This publication does not necessarily deal with every important topic nor cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. Clifford Chance is not responsible for third party content. Please note that English language translations may not be available for some content. 

Any content above relating to the People's Republic of China (PRC) is based on our experience as international counsel representing clients in business activities in the PRC and should not be construed as constituting a legal opinion on the application of PRC law. As is the case for all international law firms with offices in the PRC, whilst we are authorised to provide information concerning the effect of the Chinese legal environment, we are not permitted to engage in Chinese legal affairs. Our employees who have PRC legal professional qualification certificates are currently not PRC practising lawyers.