Clifford Chance

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

• (7 Apr 2025) Talking Tech article – Reflections from IAPP DPI: UK 2025

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

• (3 Apr 2025) The Bank for International Settlements (BIS) has launched Project AISE (Artificial Intelligence Supervisory Enhancer) to develop a flexible AI-driven toolkit designed to support financial supervisors in handling the growing complexity of regulatory oversight. | Project webpage

Americas

US:

• (4 Apr 2025) Securities and Exchange Commission (SEC) statement on stablecoins, which sets out the SEC's view that certain stablecoins are not securities, specifically those that are designed to maintain a stable value relative to the United States Dollar, on a one-for-one basis, can be redeemed for USD on a one-for-one basis, and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation.
• (4 Apr 2025) Speech by Federal Reserve Governor Michael S. Barr on AI, fintechs, and banks, in which he discussed responsible innovation in the context of generative AI in banking and how bank–fintech partnerships may accelerate the integration of the technology and banking.

APAC

Hong Kong:

• (7 Apr 2025) The Securities and Futures Commission (SFC) has issued regulatory guidance to licensed virtual asset trading platforms (VATPs) on their provision of staking services and to SFC-authorised funds with exposure to virtual assets (VA Funds) on their engagement in staking. | Circular to VATPs | Revised circular on SFC-authorised VA Funds | Press release
• (7 Apr 2025) Hong Kong Monetary Authority (HKMA) circular setting out the standards it expects of authorised institutions relating to the provision of staking of virtual assets from custodial services to their customers.

Europe

EU:

• (14 May 2025) EVENT: The European Supervisory Authorities (ESAs) will be holding an online workshop for ICT third-party providers on CTPPs designation and the preparatory phase for the DORA oversight framework. | Press release | Registration page
• (8 Apr 2025) Opening statement by European Securities and Markets Authority (ESMA) Executive Director Natasha Cazenave before the EU Parliament's Economic and Monetary Affairs (ECON) Committee, in which she discussed cryptoassets and their potential implications for financial stability.
• (2 Apr 2025) The European Banking Authority (EBA) guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under the Markets in Cryptoassets Regulation (MiCA) have been translated into the official EU languages. Date of application: 26 May 2025.

UK:

• (8 Apr 2025) Financial Conduct Authority (FCA) annual work programme for 2025/26. Amongst other things, the FCA intends to: (i) make it easier for firms to test innovative products and support new firms applying for regulatory approval, by providing every firm that uses the Regulatory Sandbox with an authorisation case officer from the start and extending its pre-application support service to all wholesale, payments, and cryptoasset firms; (ii) work with firms through its AI Lab in order to encourage innovation, deepen understanding and support the use of AI solutions to drive growth; and (iii) work with the Government to bring Buy Now Pay Later (BNPL) products into its regulatory regime, in particular by developing a rules framework to replace the disapplied Consumer Credit Act provisions on information disclosure. | Press release

EVENTS

• Fintech Developments in the UAE and Saudi Arabia (online, 17 April 2025): Join us for an insightful webinar exploring the latest fintech developments in the United Arab Emirates and the Kingdom of Saudi Arabia. As both regions continue to advance as global fintech hubs, understanding the current regulatory landscape and continuing technological evolution is vital for industry leading professionals. Whether your business is navigating the fintech landscape in the UAE or Saudi Arabia, this webinar will equip you with the essential insights to identify new opportunities and effectively address regulatory challenges. | To register, please see the event registration form
• Global Financial Markets Perspectives Series: In conversation with Kenn Cukier – human advantage in an age of technology and turmoil (London, 29 April 2025): As part of Clifford Chance's Ethics Series, we are delighted that Kenn Cukier, Deputy Executive Editor at The Economist, and an AI, technology and data expert, will be in conversation with Clifford Chance lawyer Herbert Swaniker. They will discuss ethical considerations in AI by reference to Kenn's latest book 'Framers: Human Advantage in an Age of Technology and Turmoil' during which he will consider the important role that humanity will continue to play in an age of increasingly sophisticated AI. | To register, please see the event series registration form
• Global Financial Markets Perspectives Series: The new UK digital markets and consumer enforcement regimes – what you need to know (online, 8 May 2025): The Digital Markets, Competition and Consumers Act 2024 confers new powers on the Competition and Markets Authority to regulate the conduct of large digital market businesses and, separately, to impose big fines on any business that breaches consumer protection laws. Our specialists will explain how these new regimes will affect businesses operating in the UK and how businesses should adapt to the new risks and opportunities that they create. | To register, please see the event series registration form