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.

CLIFFORD CHANCE BRIEFINGS AND MATERIALS

• (07 Oct 2025) Financial Services Antitrust Bulletin

SPOTLIGHT

Owl Explains: Applying GDPR to the Blockchain

Our lawyers Diego Ballon Ossio, Rita Flakoll and Stephanie Ohira were delighted to join Helen Kim, Senior Corporate Counsel at Ava Labs, on the latest episode of the Owl Explains podcast to discuss how privacy requirements in the EU apply to blockchain networks. They explore some grey areas, from wallet addresses to pseudonymous data, and discuss regulators' expectations.

🎧 Listen on Spotify and Apple Podcasts

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

INTERNATIONAL

• (6 Oct 2025) G7 cyber expert group statement on artificial intelligence (AI) and cybersecurity.

AMERICAS

• (1 Oct 2025) The US Senate Committee on Finance has held a hearing examining the taxation of digital assets. | Recording

EUROPE

EU

• UPCOMING EVENT: (2 DEC 2025) The European Securities and Markets Authority (ESMA) has announced the first ESMA Data Day to be held on 2 December 2025. The event is intended to showcase how smarter data use and digitalisation can simplify the regulatory framework and reduce reporting burdens while steering clear of deregulation. | Registration page | Press release
• (6 Oct 2025) The European Supervisory Authorities (ESAs) have issued a warning to consumers stating that cryptoassets can be risky and that legal protection may be limited depending on which cryptoassets consumers invest in. The warning is accompanied by a factsheet explaining what the Markets in Cryptoassets Regulation (MiCA) means for consumers. | Press release
• (3 Oct 2025) Commission Delegated Regulation (EU) 2025/1264 setting out regulatory technical standards (RTS) under MiCA specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) has been published in the Official Journal. Entry into force: 23 October 2025.
• (2 Oct 2025) The European Central Bank (ECB) has selected providers for five digital euro components and related services, as the outcome of its January 2024 call for applications and subsequent invitation to tender. | Press release

UK

• (7 Oct 2025) HM Treasury Tender Notice for the provision of services for a Pilot Digital Gilt Instrument (DIGIT) issuance. HM Treasury intends to issue DIGIT using distributed ledger technology on a platform within the Digital Securities Sandbox (DSS). The proposal requires supplier(s) to develop and provide the necessary services to allow HM Treasury to issue, distribute and settle DIGIT as a digitally native note within the DSS and accommodate subsequent lifecycle events. Tender submission deadline: 17 November 2025.
• (6 Oct 2025) Financial Conduct Authority (FCA) research note on Open Banking and Open Finance in the UK. | Webpage
• (3 Oct 2025) UK Finance blog post on the coming wave of AI regulation and turning compliance into competitive advantage.
• (2 Oct 2025) FCA research note on quantum computing applications in financial services. | Webpage

MIDDLE EAST

Dubai

• (7 Oct 2025) The Dubai Virtual Assets Regulatory Authority (VARA) has provided an update on its enforcement programme to remind consumers, investors, and institutions that engaging with unlicensed operators carries financial, legal, and reputational risk and that only entities licensed by VARA are authorised to provide virtual asset services in or from Dubai. 

EVENTS

• Global Financial Markets Perspectives Series: Strategic AI infrastructure – building, regulating, and monetising the future (online, 9 October 2025): AI’s growth demands purpose-built infrastructure. This session focuses on AI-ready data centres (high-density compute, advanced networking, liquid cooling, software-defined operations) and AI factories (the layer that turns data into models and services, providing the engine or "brain" which turns raw data into actionable intelligence through AI processes). We will cover the legal, strategic, and technical frameworks that shape them: data sovereignty and national security, regulation and risk, monetisation and deployment models, and sector-specific duties, with practical takeaways. | To register, please see the event series registration form
• Global Financial Markets Perspectives Series: Beyond the buzz – smart strategies for AI-driven deals (online, 6 November 2025): As artificial intelligence becomes a more frequent driver of deal value, investors and dealmakers are re-thinking how they assess and negotiate transactions. From concerns around AI washing to the rise of acquihires – where companies are bought primarily for the skills of the employees – market dynamics and regulatory concerns are shifting. Our panel will discuss the legal and regulatory developments that could have an influence on AI-oriented business models and provide practical insights on maximising value in AI-driven M&A and investment. | To register, please see the event series registration form