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Clifford Chance


Talking Tech

Global Fintech Update

6 May 2022

Banking & Finance Crypto 6 May 2022

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.

SPOTLIGHT - New Crypto Newsletter

  • Global Monthly Crypto Round-up – May edition | This is the first issue of our new Global Crypto Round-up, a summary of all the crypto and digital asset related regulatory developments happening across the world each month, as well as our crypto publications and upcoming events.



  • (4 May 2022) Bank for International Settlements working paper on the ways in which big tech firms may open up options for credit services to previously unbanked small firms. | Summary
  • (2 May 2022) Public responses received by the Organisation for Economic Co-operation and Development on its consultation on a proposed tax reporting framework for cryptoassets.
  • (26 Apr 2022) Speech by the Chair of the Basel Committee on Banking Supervision, Pablo Hernández de Cos, in which he discusses, among other things, the impact of the growing cryptoasset market on banks and the financial system. Hernández de Cos announces that the committee is currently finalising its second consultation on the regulation of cryptoassets and intends to agree on final standards by the end of 2022.


Central African Republic:       

  • (26 Apr 2022) President Faustin-Archange Touadéra has announced that the National Assembly has unanimously voted to pass a bill which grants Bitcoin status as legal tender within the country and establishes a legal framework for cryptocurrencies. | Press release (in French)



  • (5 May 2022) Banco Central de la República Argentina statement (in Spanish), which bans financial entities from engaging in, or facilitating their customers from engaging in, any activities involving cryptoassets.


  • (27 Apr 2022) Regulations amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations. The amending regulations make permanent a series of temporary measures introduced under the Emergencies Act, which required all crowdfunding platforms, and the payment service providers they use, to register with, and report large and suspicious transactions to, the Financial Transactions and Reports Analysis Centre of Canada. | Press release


Hong Kong:

  • (28 Apr 2022) Hong Kong Monetary Authority (HKMA) guide on the use of artificial intelligence-based regtech solutions. The guide is the sixth issue of the HKMA's regtech adoption practice guide series, which is intended to provide detailed practical guidance on the implementation of regtech solutions in the banking sector. | Covering circular
  • (26 Apr 2022) HKMA regtech knowledge hub, an online platform for banks and regtech providers to share experience, knowledge and resources regarding the adoption of regtech solutions. | Press release


  • (28 Apr 2022) Order (in Russian) amending the reporting requirements for digital mining activities. Under the new order, all mining operations will have to register their operations and submit information on, among other things, their personnel, their power consumption, their investments and proof that their equipment has been obtained legally.


  • (27 Apr 2022) Speech by the Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon, on MAS's approach to growing digital asset capabilities while managing the risks, its expectations of crypto service providers, and its approach to central bank digital currencies.


  • (28 Apr 2022) Decree (in Russian) which will restructure the existing National Agency for Project Management into a new entity, the National Agency for Perspective Projects (NAPP). NAPP will be responsible for developing a regulatory framework for cryptoassets in Uzbekistan, as well as for a wide range of initiatives relating to blockchain and other emerging technologies.



  • (4 May 2022) European Banking Authority (EBA) advice to the EU Commission on non-bank lending, including lending by fintech and big tech firms, and other non-traditional credit service providers. In its advice, the EBA identifies the potential risks posed by the provision of credit by non-bank lenders and recommends steps that could be taken to address them. | Press release
  • (4 May 2022) Annual report from the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, which warns of the money laundering risks posed by decentralised finance and cryptoassets, and calls for stronger regulation. | Press release


  • (1 May 2022) The Financial Services and Markets Authority (FSMA) has announced that new rules have entered into force in Belgium, which require crypto-exchanges and custodial wallet service providers to register with FSMA. Those firms which are already operational must notify FSMA by 1 July 2022 and apply for registration by 1 September 2022. | Press release | Rules and guidance (in French)


  • (29 Apr 2022) Speech by Deutsche Bundesbank Executive Board Member, Burkhard Balz, on the impact of digitalisation on the financial system. Balz focuses on the impact of digitalisation on user behaviour and the entrance of big techs in the payments market.


European Perspectives Series: The Digital Markets Act – welcome to a new era for tech regulation (10 May 2022, 16:30 – 17:30 CET | 15:30 – 16:30 BST | 7:30 – 8:30 PDT)

On 24 March, the EU legislators agreed on the final text of the Digital Markets Act (DMA). The DMA will introduce new and far-reaching rules for the digital sector, with a particular focus on the behaviour of so-called digital 'gatekeepers', and marks the first major overhaul of EU rules for online actors for two decades. You are invited to join our webinar where some of our top European antitrust and tech experts from across the Clifford Chance network will give an overview of the DMA, discuss who is affected, and consider how and what happens next. | To register, please see the event registration form.

Clifford Chance International Festival of Fintech (17-19 May 2022):

Clifford Chance is delighted to invite you to our virtual International Festival of Fintech. Join us for three days of insightful fintech webinars featuring expert panel discussions and fireside chats with industry leaders and rising stars. Each session will focus on the fast-changing world of financial technology and the key legal and regulatory issues, covering topics such as: the impact of accelerated growth in crypto and digital currencies; the benefits and risks of new technologies such as quantum computing and DLT; the development and regulation of digital assets; ESG topics including sustainable finance, carbon trading and sustainable bitcoin mining; and fintech in emerging markets. | For more information and to register, please see the event webpage.

Securities Finance Technology Symposium (19 May 2022):

Clifford Chance is pleased to be sponsoring the upcoming Securities Finance Technology Symposium, hosted by Securities Finance Times. The event will take place virtually and will be covering a range of regulatory drivers in this space, from CFTC Rewrite and UMR Phase 6 to collateral optimisation and blockchain, answering industry questions and discussing varying solutions. | To register, please see the event website