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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.

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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

The New US Administration and the Impact on the DLT Sector and Regulatory Environment for Crypto (online, 29 January 2025):

In this 30-minute webinar, Clifford Chance fintech experts in New York, Washington DC, and London - Jesse Overall, Steve Gatti, Cliff Cone and Paul Landless - will discuss the new US administration and the outlook for the DLT sector and the regulatory environment for crypto, together with potential opportunities. This webinar is particularly relevant to banks, asset managers, and professionals within the fintech space. | To register, please complete the online RSVP form

 
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