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Global Weekly Fintech Round-up

02 September 2019

07 October 2019

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.

Please click here to subscribe to future editions of the round-up.


Talking Tech article – AI in the Dutch financial sector: all SAFEST and sound?

Talking Tech article – Regulating Robots: How will the UK Regulate Algorithmic Decision Making?


Video: How does fintech factor into financial inclusion?

Partner Megan Gordon and Jennifer Chien of The World Bank highlight fintech's impact on widening access in this brief clip.



  • (19 Aug 2019) Cryptoexchange, Binance, announces plans to launch an open blockchain project, 'Venus', which will focus on developing regional stablecoins  | Press release (in Chinese)



  • (26 Aug 2019) Brazil's Central Bank (BCB) note (in Portuguese) in which it classifies traded cryptocurrencies as non-financial products and therefore accountable as goods on the BCB's balance sheet (as per the International Monetary Fund (IMF) guidelines)


  • (27 Aug 2019) Santiago Stock Exchange tweet (in Spanish) in which it announces the launch of a new blockchain consortium in collaboration with Chile's Central Securities Depository and Global Trade Directory, which will develop blockchain-based applications for the financial market


  • (29 Aug 2019) Securities and Exchange Commission (SEC) announces it has settled charges with Bitqyck Inc. and its founders for allegedly defrauding investors in connection with offerings of digital assets constituting securities and for operating an unregistered securities exchange to permit trading in them | Press release | SEC complaint
  • (23 Aug 2019) House of Representatives Committee on Financial Services Chairwoman, Maxine Waters, statement on her meeting with Swiss regulators regarding Facebook's cryptocurrency project. Waters states there are still concerns regarding the project and that the Committee intends to continue its investigation.
  • (23 Aug 2019) House of Representatives Committee on Financial Services statement on its 2019 priorities, which include an ongoing review of Facebook's cryptocurrency project.
  • (23 Aug 2019) US Attorney (Central District of California) charges man with money laundering charges for operating an unlicensed bitcoin exchange and ATM | Press release.
  • (22 Aug 2019) US Attorney (District of Oregon) indicts two Canadian nationals for a scheme to steal bitcoin from an Oregon resident | Press release.
  • (22 Aug 2019) Federal Trade Commission imposes a fine and permanent ban from multi-level marketing on promoters of recruitment-based cryptocurrency schemes for alleged false advertising | Press release.


  • (27 Aug 2019) National Superintendent of Cryptoassets, Joselit Ramírez, announces that the remittance platform for the government-backed cryptocurrency Petro is live and fully operational | Press release (in Spanish).



  • (29 Aug 2019) Monetary Authority Singapore opens applications for its new digital banking licences, which will permit entities (including non-banks) to conduct digital banking services in Singapore | Application webpage.



  • (29 Aug 2019) European Central Bank occasional paper on stablecoins.
  • (28 Aug 2019) EU Commission answer regarding the work the Commission is doing in relation to Facebook's cryptocurrency project and cryptoassets in general.

The Netherlands:      

  • (26 Aug 2019) Minister of Finance answered parliamentary questions (in Dutch) following the announcement of Facebook's cryptocurrency project. The questions relate to, amongst others, the qualification of Libra and the impact Libra may have on the (Dutch) financial sector.


  • (26 Aug 2019) Tax and Customs Authority notice (in Portuguese), in which it clarifies that cryptocurrency transactions and payments are exempt from value added tax.


  • (27 Aug 2019) Federal Tax Administration working paper (in German) on the tax treatment of cryptocurrencies and initial coin offerings.
  • (27 Aug 2019) Swiss National Bank report containing the results of a survey on the use of digitalisation and fintech in Swiss banks | Press release​.
  • (26 Aug 2019) Financial Markets Supervisory Authority (FINMA) guidance on how it applies Swiss anti-money laundering rules to the financial services providers it supervises in the area of blockchain technology.


  • (23 Aug 2019) Bank of England governor Mark Carney speech on monetary policy challenges in which he challenges the dollar's position as the world's reserve currency and suggests it could be replaced with a network of central bank digital currencies.

London – CBI Conference Series: Cyber Security (12 Sep 2019)

Clifford Chance is delighted to be hosting CBI's Cyber Security Conference 2019. The conference brings together business leaders and the UK’s foremost industry experts on cyber security. Through in-depth presentations, panel discussions and breakout sessions, our experts will provide the cutting-edge insight and practical solutions to enable you to plan your strategy with confidence. | For more information and to register see the Talking Tech event webpage.

Berlin – Talking Tech Live: Innovation in Business (19 Sep 2019)

Join us in Berlin, Germany at our inaugural Talking Tech Live conference, where we will be talking tech and looking at managing innovation in business. We'll be joined throughout the afternoon by a series of expert panellists and keynote speakers for a series of energetic and insightful talks by tech industry leaders like Airbus, Microsoft, Nokia and Spotify among others. On request, you will also have the unique opportunity to exchange with our tech experts from around the globe in individual one-on-one-meetings. | For more information and to register see the Talking Tech event webpage

London – Sibos Debrief – Payments Industry Forum (2 Oct 2019)

Clifford Chance will be hosting a payments industry forum event following Sibos 2019, which takes place in London on 23-26 Sep this year. Clifford Chance Partner Simon Gleeson will be moderating The future of banking panel and other members of our market leading payments services team will be at Sibos 2019, with ears open to pick up the very latest market, regulatory and legal issues in the banking, payments and fintech sectors. The following week, on 2 Oct 2019, please join us for a payments industry forum event, where we will update you on what we learned. | For more information and to RSVP see the Talking Tech event webpage.

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

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