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Banking & Finance

Digital settlement assets - the next stage in UK cryptoasset regulation

The Financial Services and Markets Bill introduces powers for HM Treasury (HMT) to bring stablecoins used as means of payment and similar "digital settlement assets" within scope of regulation. Most details of the new regime are left to be fleshed out by HMT, who confirmed their intention to regulate stablecoins used as a means of payment earlier in 2022 and plans to consult on its approach to regulating other types of cryptoassets later in 2022. Therefore, whilst the broad shape of the UK regulatory regime for cryptoassets is emerging, attention will turn to HMT and the regulators for further clarity on the precise scope and structure of the regime. This staged approach to UK cryptoasset regulation is in contrast to the more comprehensive approach taken in the EU under MiCA.
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Fintech

Hong Kong to allow retail access to virtual asset ETFs and considering legalizing retail virtual asset exchanges

Hong Kong announced several fundamental virtual asset-friendly changes to the city's regulatory stance towards virtual assets, including the relaxation of rules surrounding retail access. The Hong Kong Government issued a policy statement on 31 October 2022 in conjunction with the city's flagship Hong Kong Fintech Week conference, which unveiled several key changes to the city's regulatory stance towards virtual assets (VA), in particular allowing retail access to VA futures ETFs, and launching consultation on the degree of retail access to VA, among other updates.
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Banking & finance

UK Financial Services and Markets Bill: new rules for 'critical third parties'

The UK Financial Services and Markets Bill includes proposals to regulate cloud service providers and other designated ‘critical third parties’ supplying services to UK regulated firms and financial market infrastructures. HM Treasury would have powers to designate service suppliers as ‘critical’ and the UK regulators would have new powers directly to oversee designated suppliers, which would be subject to new minimum resilience standards.

Fintech

Japan to have world's first clear regulatory framework for stablecoins

This new framework has been developed following international discussions triggered by the announcement of the Diem (Libra) concept back in 2019. In May 2022, TerraUSD, an algorithmic stablecoin which was supposed to be pegged to the U.S. dollar, lost its dollar peg, collapsed and sent shockwaves through the crypto market. Regulators all over the world claim a focused regulatory framework is now urgently needed.

Ethereum Merge – What is at Stake?

To reduce environmental impact, increase security and improve scalability in the network, Ethereum has proposed a series of upgrades. On 15 September 2022, in a highly anticipated upgrade called "The Merge", the Ethereum Mainnet shifted from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism.The Merge is the second of a three stage upgrade process and is widely seen as one of the most significant events in the crypto industry to date in the search for a more scalable, energy efficient and publicly accessible Ethereum.

Popular Videos

The Fintech Files II - Europe

In this new 5 part video series we teamed up again with Crafty Counsel to go deep on fintech in the EU. Includes: Market trends in payments with financial technology platform, Adyen; Payments & Partnerships with Payments Service Provider, Mollie; and much more

 

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Hot Topic - Risk

Cyber

SEC Enforcement Action Against First American Underscores Importance of Accurate Disclosures of Cybersecurity Risk

First American agrees to pay $500,000

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Cyber

SEC Fines Eight Firms for Deficient Cybersecurity Practices

Issues warning about importance of robust policies and procedures and accurate disclosures

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Fintech

OFAC Risk

Isn't virtual for digital currency payment processors

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New GFMA Paper by BCG and Clifford Chance Outlines Benefits and Challenges of Wholesale Central Bank Digital Currencies

The paper outlines the opportunities, challenges, and questions concerning the design, issuance, and legal status of wCBDCs, while introducing use cases to provide a framework for continuing a constructive conversation.

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Upcoming events

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30 April: AI Series: Regulating AI – examining global developments (online)

This session will look at the global development of regulatory frameworks for AI, including emerging trends and diverging approaches being taken in different jurisdictions. This will include the EU’s AI Act, US developments at federal and state level, the UK perspective and the measures being taken in China to tackle regulation of generative AI and deepfakes.

Time:  08:00 EDT / 13:00 BST / 14:00 CEST / 20:00 HKT

To Register, please complete the online registration form.

Video recordings Video recordings are available following each session and can be accessed on the Clifford Chance Client Portal and the Financial Markets Toolkit. 
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