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Global Weekly Fintech Round-up

5 August 2019

05 August 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.


(1 Aug 2019) Talking Tech article – First fines for GDPR breaches in Romania: failures to implement technical and organisational measures

(30 Jul 2019) Clifford Chance briefing – The treatment of cryptotokens at English law: back to the future

(29 Jul 2019) Talking Tech article – Regulating cryptocurrency related businesses in the Netherlands: may we see your 'licence' please?



China, Tech and the need for global standards

Protectionism and a looming tech war between China and the West may dominate current headlines, but there is an urgent need to work together to develop global frameworks around innovation and the safety of technology. In this extract from his speech at a Chatham House conference on China’s economic future, Jeroen Ouwehand, Global Senior Partner discusses digital borders, data flows and ethics and artificial intelligence.



  • (1 Aug 2019) International Monetary Fund (IMF) paper on fintechs and supply chain financing. | Summary



  • (1 Aug 2019) Regulatory instruction 1888/2019 (in Portuguese), requiring all cryptocurrency transactions over R$ 30,000 to be reported to the Brazilian Internal Revenue Service (Receita Federal do Brasil (RFB)) on a monthly basis, came into effect.


  • (30 Jul 2019) Securities and Exchange Commission (SEC) Commissioner, Hester Peirce, speech on cross-border cooperation in digital assets regulation, in which she cites Singapore's crypto-regulatory framework as a model to follow and calls for the US to emulate Singapore by establishing a safe harbour for the offer and sale of non-securities digital tokens.
  • (30 Jul 2019) Senate Committee on Banking, Housing, and Urban Affairs hearing on regulatory frameworks for digital currencies and blockchain (includes webcast and statements from Committee members and witnesses, including CEO of Circle, Jeremy Allaire).
  • (26 Jul 2019) US Attorney (Northern District of California) files a US$ 100 million civil suit against cryptoexchange, BTC-e, to enforce the monetary penalties issued by the Treasury's Financial Crimes Enforcement Network (FinCEN) for alleged violations of the Bank Secrecy Act. | Press release.
  • (24 Jul 2019) New Jersey man indicted by a federal grand jury for operating an unlicensed money transmitting business through which he charged customers fees to convert more than US$ 2 million in cash into Bitcoin. | Press release.




  • (30 Jul 2019) Financial Supervisory Commission issues virtual banking licences to three online firms. | Press release (in Chinese).



  • (25 Jul 2019) European Central Bank letter to the EU Parliament on the monitoring work the European System of Central Banks is undertaking on stablecoin initiatives.


  • (31 Jul 2019) Financial Conduct Authority policy statement on the cryptoasset activities it regulates. | Press release.
  • (30 Jul 2019) Financial Markets Law Committee paper on issues of legal uncertainty regarding initial coin offerings.

Middle East


  • (30 Jul 2019) Central Bank of Bahrain grants cryptocurrency exchange Rain a cryptoasset module licence. Rain is the first cryptocurrency exchange to receive a regulatory licence in the Middle East. | Press release.

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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