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

Clifford Chance briefing – EU AI Continent Action Plan - April 2025

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

International

• (11 Apr 2025) The International Organization of Securities Commissions (IOSCO)'s consultation on the rise of artificial intelligence (AI) use in capital markets and its impact on investors globally has now closed. Responses published to date include those from: FIA and FIA PTG | GDF | GFMA | ICI |  ICMA | IIF

APAC

Kyrgyzstan:

• (17 Apr 2025) The President of Kyrgyzstan, Sadyr Japarov, has signed into law amendments to the law on the National Bank of the Kyrgyz Republic. The purpose of the amendments is to launch a pilot project of a prototype of a national digital currency, the 'digital som', as well as to create a legal basis for the digital som. | Press release (in Kyrgyz)

Europe

EU:

• (22 Apr 2025) The EU Commission has launched a targeted consultation that will contribute to its upcoming guidelines on general-purpose AI (GPAI) models. The guidelines will clarify key concepts underlying the provisions in the AI Act on GPAI models. Deadline for comments: 22 May 2025.
• (16 Apr 2025) The European Banking Authority (EBA)'s Banking Stakeholder Group has published its response to the EBA's January 2025 consultation paper on draft regulatory technical standards (RTS) on the calculation and aggregation of crypto exposure values under Article 501d(5) of the Capital Requirements Regulation (CRR).

Slovenia:

• (17 Apr 2025) The Ministry of Finance has submitted a proposal for an Act on Tax on Gains from the Disposal of Cryptoassets for public discussion. Under the proposal, the annual profits of a natural person resident in Slovenia from the disposal of cryptoassets would be taxed at 25% from 2026. | Press release (in Slovenian)

UK:

• (13 Apr 2025) The comment period on HM Government’s policy paper on additional information and engagement on the Digital Gilt Instrument (DIGIT) has now ended. Responses published to date include those from: AFME | ICMA | UK Finance

EVENTS

• 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