Full Description
Nelson Mullins Riley & Scarborough is pleased to present the 2024 Edition of Global Legal
Insights - Fintech. We are honoured to continue serving as contributing editors and hope that
the insights and analysis presented in this edition will be helpful in navigating the constantly
changing legal environment faced by traditional financial institutions and fintechs.
Fintech encompasses all manner of technological innovation in the delivery of financial
services. The importance of fintech cannot be understated as a driver of change in the way
consumers access financial services and the way financial institutions deliver these services
to meet consumer demands, services and the manner in which fintechs meet consumer
needs, and has a ltered how financial services are delivered. F uture homeowners are now
able to apply for a mortgage in the comfort of their home with a mobile device. Contactless
payment methods and robust payment systems have reshaped how we move money and
settle transactions across the world, oftentimes in minutes. Meanwhile, the rise of artificial
intelligence has reshaped how consumers and financial institutions interact with one another.
Despite ongoing litigation in the courts and disparagement in the media, blockchainbased
technology and digital assets have continued to find mainstream acceptance in the
finance industry. While the most popular use case for blockchain technology remains to
be digital assets such as cryptocurrencies, stablecoins and central bank digital currencies,
blockchain technology has drawn great interest from service providers who have developed
digital wallets to custody digital assets, built platforms to buy, sell, and trade digital assets,
created non-fungible tokens with a multitude of use cases ranging from the tokenisation
of real world assets such as real estate and art to the creation of digital art collectibles and
even as a means to grant holders rights to join an exclusive club. Today, an increasing
amount of financial institutions, including some of the largest banks in the world, have
dedicated innumerable resources to figuring out novel ways to merge traditional financial
services with blockchain technology to combat identity theft and fraud, enable alternative
real-time payment mechanisms, and foster capital formation.
It comes as no surprise, then, that rapid technological innovation in the financial services
space - one of the most highly regulated industries in the world - has been met with
heightened legislative and regulatory scrutiny from Congress, market regulators like the
SEC and CFTC, consumer-focused regulators like the CFPB, and federal banking regulators
like the OCC, FDIC and the Federal Reserve. However, challenges and frustrations
continue to mount among fintechs, financial institutions, and consumers alike because
this heightened scrutiny from the government has yet to lead to robust legislation
and regulation specifically tailored to these innovations, which leaves many industry
participants wondering what is the appropriate path forward and, even more important,
what is truly considered "responsible innovation". Nevertheless, innovation waits for no
one and it is an exciting time to see how the law and innovations in financial technology
continue to clash and grow.
Contents
Preface
Richard B. Levin, Kevin Tran & Bobby Wenner
Nelson Mullins Riley & Scarborough, LLP
Expert analysis chapter
1 More Cowbell - FinTechs (Don't) Fear the Reaper: Regulation of
Digital Assets
Richard B. Levin, Kevin Tran & Bobby Wenner
Nelson Mullins Riley & Scarborough, LLP
Jurisdiction chapters
25 Australia
Krish Gosai
Gosai Law
36 Bermuda
Rachel Nightingale, Natalie Neto, Leonie Tear & Marah Smith
Walkers
46 British Virgin Islands
Lucy Frew, Sara Hall & Iona Wright
Walkers
53 Cayman Islands
Lucy Frew, Ian Mason & Charlie Griffiths
Walkers
61 Cyprus
Andreas Mylonas
MylonasLaw / AMG Mylonas & Associates, LLC
71 Denmark
Morten Schultz, Kasper Laustsen, Anna de Vos-Zehngraff &
Alexander Koks Andreassen
Bruun & Hjejle Advokatpartnerselskab
83 France
Hubert de Vauplane, Victor Charpiat & Hugo Bordet
Kramer Levin Naftalis & Frankel LLP
93 Hungary
Dr. Márton Kovács, Dr. Bálint Juhász & Dr. András Zsirai
Moore Legal Kovács
102 India
Rohan Bagai, Arjun Uppal & Navdeep Baidwan
AZB & Partners
115 Indonesia
Bagus Nur Buwono, Debu Batara Lubis, Jeany Tabita &
Sheyla Namirah Korompot
Bagus Enrico & Partners
123 Ireland
Niall Esler, Shane Martin, Laura Whitson & Coleen Wegmann
Walkers (Ireland) LLP
135 Japan
Ken Kawai, Shunsuke Aoki & Keisuke Hatano
Anderson Mōri & Tomotsune
147 Jersey
Dilmun Leach, Gemma Palmer, Sarah Townsend & Amman Bulchandani
Walkers (Jersey) LLP
158 Kazakhstan
Kirill Greshnikov & Yekaterina Khamidullina
AEQUITAS
170 Malta
Chanelle Meli, Kyle Scerri & Franklin Cachia
CSB Legal
181 Nigeria
Ebimobowei Jikenghan, Chioma Egboh-Nwachukwu & Iyanuoluwa Adeyemo
G. Elias
194 Philippines
Joselito M. Bautista, Christopher Louie D. Ocampo, Dan Bernard S. Sabilala &
Enrique F. Nitura
ACCRALAW
204 Singapore
Lim Chong Kin & Benjamin Gaw
Drew & Napier LLC
222 Spain
Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume & Victoria Moreno Motilva
López-Ibor DPM Abogados
242 Switzerland
Dr. Alexander Vogel, Dr. Reto Luthiger & Diana Lafita
MLL Legal AG
256 Taiwan
Robin Chang & Eddie Hsiung
Lee and Li, Attorneys-at-law
266 United Kingdom
David Brennan, Sushil Kuner & Samantha Holland
Gowling WLG (UK) LLP
282 USA
Adrian Pandev
Pandev Law, LLC
