Skip to main content

Clifford Chance

Clifford Chance

Fintech

Talking Tech

Global Fintech Update

17 June 2022

Banking & Finance Crypto 17 June 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

The Spanish Data Protection Agency published a decision against Google on 18 May 2022 imposing its highest fine to date: 10 million euros. Moreover, it is the first of such fines to be imposed on a data controller established outside the European Economic Area. In this article we examine the implications of this decision.

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

  • (10 Jun 2022) Organisation for Economic Co-operation and Development recommendation on blockchain and other distributed ledger technologies (DLT). The recommendation is intended to provide a cross-sectoral policy framework for responsible DLT innovation and adoption. | Summary

Americas

Brazil:            

  • (10 Jun 2022) Bill to amend Article 835 of the Civil Procedure Code (in Portuguese), which has been introduced to the Chamber of Deputies. The bill, if enacted, would define cryptoassets as a 'financial asset' in Brazil, meaning they could be used as a means of payment or exchange, or for investments.

US:  

  • (6 Jun 2022) Department of Justice (DoJ) report, in which it sets out its recommendations for strengthening international law enforcement cooperation to improve the detection, investigation and prosecution of criminal activities relating to digital assets. Among other things, the DoJ calls for greater cooperation with foreign law enforcement agencies and the establishment of consistent international standards.

APAC

Thailand:      

  • (15 Jun 2022) Securities and Exchange Commission (SEC) consultation (in Thai) on proposed amendments to its rules on advertising by cryptoasset operators. The amendments, which include new requirements on the format, content and location of cryptoasset adverts, are intended to bring the rules more in line with international standards. Responses are due by 29 June 2022. | Press release (in Thai)
  • (14 Jun 2022) The SEC has announced it has issued circulars to all listed companies setting out its requirements regarding their crypto-related activities. The SEC reminds any firms investing or conducting business relating to cryptoassets that they must have adequate management and internal control procedures in place, and that the cryptoassets must be stored securely and appropriately. | Press release (in Thai)

Europe

EU:  

  • (14 Jun 2022) Speech by the EU Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mairead McGuinness, on the EU Commission's current areas of focus. McGuinness discusses her hopes that political compromise will be reached on the proposed Regulation on Markets in Cryptoassets (MiCA) under the French Presidency, which is due to conclude on 30 June 2022. She cites the recent turmoil in the stablecoin markets and concerns about sanctions evasion as key reasons to conclude the MiCA negotiations promptly.

Lithuania:    

  • (8 Jun 2022) The Government has approved various amendments to the Law on the Prevention of Money Laundering and Terrorist Financing, which introduce stricter controls on cryptoasset transactions. In particular, the amendments prohibit anonymous accounts, introduce more detailed expectations regarding customer identification, and require virtual currency exchange operators to register and hold at least EUR 125,000 in capital. The amendments must now be approved by Parliament. | Press release (in Lithuanian)