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Global Weekly Fintech Update

16 February 2020

16 March 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.


Talking Tech article – Big data: Italian authorities call for more regulation

Clifford Chance briefing – Data protection and artificial intelligence: the new AEPD guidelines | Spanish language version

Coronavirus - Tech Aspects.

The outbreak of the novel coronavirus – Covid-19 – is having a deep impact on businesses across all sectors. Are there challenges specific to tech-heavy businesses or ways that technology can help? Some of our broad range of client briefings cover these issues including Coronavirus: the data protection challenges and Coronavirus: can electronic signatures help?

For more on Coronavirus and its (tech and non-tech) impact on businesses operating in the financial markets, find our new Topic Guide here as part of our wider Financial Markets Toolkit



  • (11 Mar 2020) United Nations Educational, Scientific and Cultural Organization (UNESCO) appoints an international group of experts to draft global recommendations on the ethical development and use of AI | Press release
  • (6 Mar 2020) Financial Action Task Force guidance on how digital identity systems (digital ID) can be used for customer due diligence



  • (25 Feb 2020) Bank of Canada Deputy Governor, Timothy Lane, speech on money and payments in the digital age


  • (10 Mar 2020) New York Department for Financial Services letter to virtual currency businesses calling on them to provide detailed coronavirus preparedness plans.
  • (9 Mar 2020) Crypto-Currency Act (H.R. 6154) introduced to Congress by Paul Gosar. The Bill seeks to clarify which Federal agencies regulate digital assets and calls on those agencies to publish their requirements regarding activities relating to digital assets.​
  • (6 Mar 2020) The Treasury and Internal Revenue Service priority guidance plan​ for 2020, which includes, amongst other things, the publication of guidance on virtual currencies and on the reporting of virtual currencies.
  • (4 Mar 2020) Federal Bureau of Investigation (FBI) Director, Christopher Wray, speech on cybersecurity risks (including cryptocurrencies) and the steps the FBI is taking to counter them.



  • (10 Mar 2020) The Financial Services Agency (JFSA) has announced the launch of, and its participation in, a new Blockchain Governance Initiative Network (BGIN). BGIN is intended to facilitate discussions and collaboration amongst blockchain stakeholders. | Press release
  • (28 Feb 2020) The JFSA, National Police Agency and Consumers Affairs Agency have met to exchange ideas on the monitoring and regulation of cryptoasset exchanges | Press release (in Japanese)
  • (27 Feb 2020) Bank of Japan Deputy Governor, Masayoshi Amamiya, speech on central bank digital currencies and the future of payment and settlement systems.



  • (27 Feb 2020) Autorité des Marchés Financiers legal analysis on the application of financial regulations to security tokens and on proposals to establish a regulatory sandbox designed to study the impact of security tokens in the EU. | Press release


  • (12 Mar 2020) Bank of England consultation on the benefits and challenges posed by central bank digital currencies and on their future design if introduced in the UK. Comments are due by 12 Jun 2020. | Consultation webpage​​
  • (11 Mar 2020) HM Treasury Budget 2020 which announces, amongst other things, a review of the UK fintech sector and continued funding for the Fintech Delivery Panel.
  • (6 Mar 2020) Financial Conduct Authority Director of Retail and Regulatory Investigations, Therese Chambers, speech on financial regulation and the prevention of financial crime in the emerging market for cryptoassets.


- 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/remotely instead. 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 -

London Perspectives Series ­– The new cryptoassets regime in the UK – some practical challenges (17 and 18 Mar 2020):
The UK has gold-plated its implementation of the Fifth Money Laundering Directive (5MLD) and created a bespoke cryptoassets regime. This created some uncertainty in respect of the scope and practical application of requirements. In this session we will consider difficulties that custodians of cryptoassets may face and raise some important practical points that arise when custodying cryptoassets. | For more information and to RSVP see the London Perspectives form.

London Perspectives Series – Data litigation (24 and 25 Mar 2020):
Businesses are aware of the eye-watering fines that can be levied by the ICO for failures to meet GDPR obligations. However, businesses have not tended to focus on the rapid increase in data litigation – and the risk of significant, data 'class actions' in the UK. We will examine how the landscape has changed and consider the defences businesses can deploy when seeking to defend group litigation for losses arising out of data breaches. | For more information and to RSVP see the London Perspectives form.

London Perspectives Series ­– Ready, steady, grow – what every global business needs to think about when developing their tech-driven growth strategy (5 and 6 May 2020):
Clifford Chance teamed up with Forbes to survey 300 senior business executives globally on their approach and attitude to tech-driven growth. In this session we look at some of the big tech trends and issues raised by the report – including ethical tech, Board reskilling, tech regulation, the workforce of the future and AI and big data. Our speakers will discuss their real-life experiences and highlight the impact these issues could have over the next decade, and what you need to think about now.| For more information and to RSVP see the London Perspectives form.

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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