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Global Weekly Fintech Update

16 December 2019

16 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.

Please click here to subscribe to future editions of the round-up.


Global Intellectual Property Newsletter: IP topics from around the Globe, containing articles on the ownership of works generated by artificial intelligence in Australia and personal data, artificial intelligence and interim measures in arbitration in China

Proposed rule to create national security review for acquisitions in US Information and Communications Technology and Services sector | Chinese version


Digital Future of Syndicated Loans –How much do you know about the impact that technology is already having on the syndicated lending market? Or what the future realistically holds? In this article, we explore the benefits and opportunities, as well as the legal, regulatory and practical challenges, of some of today’s most talked about technologies in relation to syndicated loans. 



  • (12 Dec 2019) Bank for International Settlements Committee on Payments and Market Infrastructures report setting out criteria for developers and market participants to consider when designing digital tokens for use in wholesale transactions. | Press release.
  •  (12 Dec 2019) Basel Committee on Banking Supervision consultation on designing a prudential regulatory framework for cryptoassets. Responses are due by 13 March 2020. | Press release.
  • (9 Dec 2019) Financial Stability Board report on the potential financial stability implications of the increasing involvement of BigTech firms in financial services and report on the use of cloud computing and data services for a range of functions at financial institutions. | Press release.
  • (5 Dec 2019) Bank for International Settlements general manager, Agustín Carsten, speech on the future of money and the payment system and the role for central banks.



  • (4 Dec 2019) Revenue Code 5720 (in Portuguese) published in the Official Gazette by the Brazilian Internal Revenue Service, which sets out fines for omitted, incorrect or delayed reporting of cryptocurrency transactions 


  • (12 Dec 2019) Federal Reserve Bank of New York Legal Group Executive Vice-President, Michael Held, speech on US regulations and approaches to cryptocurrencies.
  • (11 Dec 2019) New York Department of Financial Services consultation on proposed updates to its guidance on the adoption and listing of virtual currencies, which, amongst other things, would allow virtual currency firms that have already received approval for coin listings to introduce new coins without requiring additional permission.
  • (11 Dec 2019) The Securities and Exchange Commission has charged a dual South African and Israeli citizen, the founder of a company that would purportedly allow customers to create a 'universal shopper profile' that would track their information across numerous online retailers and ecommerce platforms using blockchain technology, resulting in more accurate product recommendations and more effective targeted advertising, with fraud and securities registration violations in connection with an initial coin offering that raised over US$ 42 million. | Press release.
  • (10 Dec 2019) Treasury's Financial Crimes Enforcement Network Director, Kenneth Blanco, speech on crime enforcement, in which he states, amongst other things, that virtual currency exchanges, kiosks, and peer-to-peer exchangers are filing an increased number of Suspicious Activity Reports, which is helping the agency fulfill its duties under the Bank Secrecy Act.
  • (10 Dec 2019) US Attorney (District of New Jersey) has arrested three men on federal charges originating in New Jersey in connection with a US$ 722 million cryptocurrency fraud scheme. | Press release.
  • (6 Dec 2019) The US House Financial Services Committee held a hearing entitled 'Robots on Wall Street: The Impact of AI on Capital Markets and Jobs in the Financial Services Industry'. | Webcast of hearing | Committee hearing website.
  • (5 Dec 2019) The US House Financial Services Committee held a hearing entitled 'Promoting Financial Stability? Reviewing the Administration's Deregulatory Approach to Financial Stability', at which Treasury Secretary, Steven Mnuchin, stated that he does not expect the US to develop a national digital currency over the next five years | Webcast of hearing | Committee hearing website



  • (10 Dec 2019) Central Reserve Bank of Australia Governor, Philip Lowe, speech on innovation in the Australian payments system.


  • (5 Dec 2019) Beijing in piloting various regulatory guidelines for the fintech industry with the intention of developing a more inclusive and effective supervisory framework. | Press release (in Chinese)


  • (9 Dec 2019) Central Bank of Malaysia Deputy Governor, Jessica Chew Cheng Lian, speech on the steps the bank is taking to keep pace with change in the digital age.



  • (6 Dec 2019) EU Parliament report on the impact of cryptocurrencies on the fundamental functions of money.
  • (5 Dec 2019) EU Commission Vice-President, Valdis Dombovskis, speech on the future of money and the payment system and the role of central banks.
  • (5 Dec 2019) EU Parliament report on the future of money, in which it considers the rise of privately issued stablecoin initiatives.


  • (10 Dec 2019) Bank of Lithuania analysis paper on central bank digital currency design choices and their implications on monetary policy and financial stability. | Press release​.


  • (10 Dec 2019) Malta Financial Services Authority circular on amendments to its Virtual Financial Assets Rulebook which adjust the requirements of virtual asset service providers regarding system audits and live replication servers (servers which host a copy of a provider's data in Malta, if the provider's normal IT infrastructure is located elsewhere).


  • (12 Dec 2019) The Financial Conduct Authority updates its webpage on its role as the AML/CFT supervisor of UK cryptoasset businesses to include its cryptoasset registration fees. | Webpage (see 'Fees' section at the end of the page).


  • (6 Dec 2019) Law (in Ukrainian) on the prevention of money laundering and the financing of terrorism and weapons of mass destruction approved by the government. The law includes provisions on virtual asset providers.

Middle East


(9 Dec 2019) The Governor of the Qatar Central Bank, Sheikh Abdulla Bin Saud Al-Thani, has announced that the bank will shortly publish its fintech strategy. | Press release

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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