Go back to menu

Global Weekly Fintech Update

13 September 2020

11 September 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.


Blockchain – legal and regulatory guidance report:

The Tech London Advocates' (TLA) Blockchain Legal and Regulatory Group and the UK Law Society have published guidance on some of the key issues that legal practitioners should be aware of when advising on distributed ledger technology-related matters. It includes recommendations on commercial applications, smart contracts, data governance, intellectual property, data protection measures and dispute resolution. Clifford Chance is a member of TLA and contributed to this report. For more information, please contact Laura Douglas, who is co-lead of the Regulation of Crypto working group.



  • (8 Sep 2020) The House Committee on Energy and Commerce has passed a motion to incorporate the Blockchain Innovation Act​ (H.R.8153)​ and the Digital Taxonomy Act (H.R.2154) into a broader Consumer Safety Technology Act. Among other things the new legislation would require the Department of Commerce, in consultation with the Federal Trade Commission, to report on the risks posed by blockchain technology and would call on the federal government to explore how emerging technologies could be used to combat fraud and other unfair practices. The American COMPETE Act (H.R.8132), which was also passed by the Committee, would require the Department of Commerce to report to Congress on the state of artificial intelligence, quantum computing, blockchain and other new related industries.| Press release

Hong Kong:  

  • (4 Sep 2020) Hong Kong Monetary Authority circular​ on enhanced disclosure requirements for digital platforms that process applications for unsecured loan and credit card products

New Zealand:            


  • (4 Sep 2020) Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, response to a parliamentary question, in which he provides an update on Project Ubin, a central bank digital currency (CBDC) initiative to explore the use of blockchain technology to clear and settle payments and securities more efficiently


  • (10 Sep 2020) President of the European Central Bank (ECB), Christine Lagarde, speech on payments in the digital world and the current initiatives aimed at strengthening the European payments system. Among other things, Lagarde indicates that the ECB panel responsible for exploring the possibilities of a central bank digital currency is due to reveal its findings shortly.
  • (10 Sep 2020) EU Commission response to a parliamentary question on fintech regulation following the Wirecard scandal, in which the Commission, among other things, flags its current work on the development of a Digital Finance Strategy and notes that it intends to consider the risks posed by unregulated services in the context of the future revision of the Payment Services Directive


  • (9 Sep 2020) Federal Financial Supervisory Authority (BaFin) note​ (in German) specifying that the installation of crypto-ATMs requires a licence under the Banking Act


  • (31 Aug 2020) Law No.58/2020 (in Portuguese), which transposes the fifth Anti-Money Laundering Directive (AMLD 5) into Portuguese law, was published in the Official Gazette. Among other things, the Law brings entities offering virtual asset exchange, transfer or custody services under the supervision of the Banco de Portugal and the country's anti-money laundering and counter terrorist financing regime. | Banco de Portugal press release (in Portuguese)


  • (10 Sep 2020) The Council of States has passed a package of legislative amendments which are intended to encourage the use of distributed ledger technology and blockchain | Press release (in German) | Legislative proposals webpage (in German)​


  • (7 Sep 2020) The Law Society (in collaboration with the Tech London Advocates' Blockchain Legal and Regulatory Group) report on key issues legal practitioners should be aware of when advising on distributed ledger technologies​. Clifford Chance is a member of Tech London Advocates - Laura Douglas is co-lead of the Regulation of Crypto working group and contributed to this report.
  • Chamber of Digital Commerce – Parallel (18 September 2020):
    Clifford Chance is delighted to be sponsoring the Chamber of Digital Commerce's blockchain digital event series, Parallel taking place online between July and December 2020. On 18 September 2020, Clifford Chance partner Steven Gatti will be talking to attendees about his perspectives on the regulatory landscape and his predictions for the future of capital markets. | For more information and to register, see the event webpage
  • Perspectives series – Artificial intelligence and intellectual property: considerations for businesses (22 September 2020):
  • As the use of artificial intelligence (AI) by businesses increases, there are still a number of questions concerning the relationship between AI and intellectual property (IP). A panel of Clifford Chance experts will look at ways in which a typical software licence may not be fit for purpose, issues arising from the exploitation of AI, and the fundamental question of whether AI can create IP rights from a UK and European perspective. | For more information and to register, see the registration form
  • Webinar – The future of European banking (29 September 2020): 
    Clifford Chance are co-hosting a webinar with FTI Consulting and invite you to join this high-level panel discussion with banking specialists drawn from the highest levels of industry, law and the media. Together they will debate some of the most pertinent themes impacting the European banking sector today, including accelerating digitalisation, profitability, regulation, competition and consolidation. | If you have any queries relating to this event then please contact Misha Amin, and to register, see the event webpage
  • RUSI Event – Tech start-ups and national security: concrete steps for better collaboration (29 September 2020): 
    With the West’s strategic competitors now catching up and sometimes surpassing Western technological capabilities, the innovation gap is now an urgent issue. Clifford Chance, in collaboration with the Royal United Services Institute (RUSI), is hosting a panel discussion between Alex Fox (Managing Partner, UK National Security Strategic Investment Fund), Alex van Someren (General Partner, Amadeus Capital), Merle Maigre (Senior Cyber Security Expert, e-Governance Academy) and Arnav Joshi (Senior Associate, Clifford Chance) on the current divide between the tech community and the national security community and the concrete steps that can be taken to improve collaboration. | This event is invite only, for more information, see the event webpage
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.

Want to get this round-up delivered directly to your email inbox? Please click here to subscribe to the round-up.