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Global Weekly Fintech Update

02 December 2019

02 December 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.

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CLIFFORD CHANCE PUBLICATIONS AND MATERIALS

Italy implements next stage of national Cyber Security Strategy: new obligations for companies of strategic importance
Overview of regulation of cryptocurrencies in the Czech Republic: Electronic money? Intangible assets?
SPOTLIGHT

Do we now have crypto certainty under English law?

Cryptoassets are capable of being property which can be owned and smart contracts can be legally enforceable under English law, says a Legal Statement published by the UK Jurisdiction Taskforce of the LawTech Delivery Panel this month.

GLOBAL LEGAL AND REGULATORY UPDATES

International

  • (21 Nov 2019) Financial Action Task Force Executive Secretary, David Lewis, speech on best practice around digital identity.

Africa

Ghana:

  • (26 Nov 2019) Bank of Ghana Governor, Ernest Addison, speech on key issues and priorities for the banking industry, in which he states, amongst other things, that the Bank is currently in discussions regarding the development of a central bank digital currency.

Americas

US:  

  • (21 Nov 2019) Treasury Deputy Secretary, Justin Muzinich, speech on the Treasury's priorities, including in the emerging landscape of financial services and digital currencies.
  • (19 Nov 2019) Federal Reserve Board Chairman, Jerome Powell, has written to US Representatives, French Hill and Bill Foster, in which he clarifies that the Federal Reserve is not currently working on developing a US dollar digital currency but that it has considered the feasibility of such a project and continues to monitor developments in central bank digital currencies. | Press release

APAC

India:             

  • (27 Nov 2019)  Minister of State for Electronics and Information Technology, Sanjay Dhotre, answer to a parliamentary question on the government's use of blockchain, in which he confirms that the government is preparing a framework for the use of blockchain at a national level.

Republic of Korea:    

  • (25 Nov 2019) Bill on Reporting and Using Specified Financial Transaction Information on Crypto Assets approved by the National Assembly, which imposes anti-money laundering requirements on cryptoasset business operators. | Press release

Europe

EU:  

  • (28 Nov 2019) European Central Bank (ECB) report on stablecoins, which classifies existing stablecoin initiatives and explores their potential.
  • (26 Nov 2019) ECB supervisory board member, Edouard Fernandez-Bollo, speech on licensing new fintech banks and digital transformation within traditional banks.
  • (26 Nov 2019) ECB executive board member, Benoît Cœuré​, speech on the future of retail payments, in which he confirms the bank is examining the influences of digital currencies over the existing financial system.
  • (21 Nov 2019) EU Commission report on issues around liability for artificial intelligence and other emerging digital technologies.

France:          

  • (22 Nov 2019) Decree no.2019-1213​ (in French) published in the Official Journal, which implements the PACTE Law provisions regarding digital assets service providers and token offerings.
  • (21 Nov 2019) First Deputy Governor of the Banque de France Denis Beau​​ speech on policy frameworks that could help bring innovation and growth into the European capital markets.

Luxembourg:              

  • (28 Nov 2019) The Dubai Financial Services Authority and the Commission de Surveillance du Secteur Financier Luxembourg have signed a fintech cooperation agreement, under which they agree to share information about innovation and related regulatory issues in financial services in their respective markets and to foster financial innovation in Luxembourg and in the Dubai International Financial Centre. | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

Switzerland:

  • (27 Nov 2019) Federal Council dispatch (in German) which sets out plans to adapt federal law​ to improve the regulatory framework for distributed ledger technologies. | Press release​​

UK:

  • (28 Nov 2019) Financial Conduct Authority article on consumer attitudes towards robo-advice.

Middle East

Dubai:

  • (28 Nov 2019) The Dubai Financial Services Authority and the Commission de Surveillance du Secteur Financier Luxembourg have signed a fintech cooperation agreement, under which they agree to share information about innovation and related regulatory issues in financial services in their respective markets and to foster financial innovation in Luxembourg and in the Dubai International Financial Centre | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.

CLIFFORD CHANCE EVENTS

Frankfurt - Legal Revolution 2019 (4-5 Dec 2019):
CREATE. DISRUPT. DELIVER. The pace of digital change is rapidly accelerating and has an impact on all sectors, including legal advisory services. On 4 - 5 December, Europe's largest congress and exhibition for legal innovation will take place in Frankfurt, Germany: The Legal ®Evolution 2019. We are proud to be the main sponsor of this trendsetting exhibition and congress for legal departments, compliance departments and law firms. With us and many other exhibitors, you will learn more about efficient legal processes, legal tech and legal design, and about artificial intelligence, cyber security, data protection, change management and much more. | For more information see the 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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