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Global Weekly Fintech Update

01 June 2020

01 June 2020

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.

CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

Talking Tech article – Dutch registration regime for crypto service providers: Implementation of AMLD5 brings crypto service providers under the supervision of the Dutch Central Bank


SPOTLIGHT

Fintech Talents Virtual Spring – Wednesday 10 June

We are delighted to be sponsoring FinTECHTalents Virtual Spring – their inaugural virtual-first festival held online on 10 Jun 2020 from 9am (BST). Clifford Chance partners Simon Crown and Caroline Dawson will be sharing their views on open finance and how fintech companies have responded to COVID-19, and our global team will be participating in live debates and hosting an interactive virtual booth. The event is free to attend and global attendees are welcome.

The event is free to attend and global attendees are welcome. | To find out more and to register.

GLOBAL LEGAL & REGULATORY UPDATES

International

  • (28 May 2020) G7 Science and Technology Ministers declaration on coronavirus, in which they announce, among other things, the launch of a global partnership on artificial intelligence (AI) with the aim of enhancing cooperation on the responsible and human-centric advancement of AI and with an initial focus on its use in the response to and recovery from the pandemic.
  • (26 May 2020) Global Financial Innovation Network coronavirus response statement​ in which it invites firms to get in touch if they are developing financial products or services that are designed to assist people and businesses impacted by the crisis.

Africa

Ghana:         

  • (5 May 2020) The Bank of Ghana has established a fintech and innovation office which is intended to progress the Bank's cash-lite, e-payments and digitisation agenda. | Press release​

Americas

Antigua and Barbuda:            

  • (26 May 2020) Digital Assets Business Bill returned to the Lower House of Representatives for further consideration. The Bill aims to introduce a licencing regime for digital assets, overseen by the country's Financial Services Regulatory Commission.

APAC

Singapore:   

  • (28 May 2020) The Monetary Authority of Singapore has announced it intends to develop 'fairness metrics' in order to aid the responsible adoption of artificial intelligence and data analytics (AIDA) in financial services. This will be the first phase of its Veritas initiative, a project with financial institutions to find a way to incorporate the FEAT (fairness, ethics and accountability) principles into AIDA solutions. | Press release

Europe

France:          

  • (20 May 2020) France's national competition regulator, Autorité de la concurrence, consultation on the country's fintech sector, focusing on the impact of big digital platforms and smaller innovative providers on competition in payment services. 
  • (20 May 2020) The Banque de France has announced it has successfully completed the first test of its blockchain-based central bank digital currency. The test involved the issuance of €40 million of covered bonds as security tokens, which were then settled in the Banque de France's digital euros. | Press release (in French)

Ireland:         

  • (14 May 2020) Central Bank of Ireland (CBI) Director of Financial Regulation, Policy and Risk, Gerry Cross, speech on the CBI's current thoughts around technological innovation and digital finance.

Lithuania:    

  • (26 May 2020) Bank of Lithuania video on the lessons learnt from its blockchain-based sandbox project ('LBChain') and the intended next steps.

Ukraine:       

  • (18 May 2020) Ministry and Committee of Digital Transformation consultation (in Ukrainian) on a draft law on virtual assets, which seeks to provide a legal framework for the issuance, circulation and use of virtual assets in Ukraine.
CLIFFORD CHANCE EVENTS

- Following the outbreak of coronavirus (Covid-19), we are keeping our global events programme under review. We anticipate that many events will be hosted online. Please continue to sign up for events of interest to ensure you receive news of the latest developments and any changes to location or schedule –

Warsaw Perspectives Series – Digitization on financial markets: from blockchain technology to artificial intelligence – regulatory challenges (17 Jun 2020):
At this seminar we will explore the most recent technological solutions that have appeared in the financial markets and identify the key regulatory changes required to address them. | For more information please contact the Warsaw Perspectives team.

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.

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