FinTech Global FS Regulatory Round-up - w/e 25 September 2026

Global

TNFD: Final sector guidance for technology and communications

The Taskforce on Nature-related Financial Disclosures (TNFD) has published final sector guidance for the technology and communications sector, together with a new LEAP use case showing how firms can identify and assess water-related risks linked to semiconductor manufacturing and datacentre infrastructure.

The guidance offers a practical framework for organisations across the technology and communications value chain to identify, assess, manage and disclose nature-related dependencies, impacts, risks and opportunities. It comprises an overview of the sector and value chain, sector-specific guidance on applying the LEAP approach and sector-specific disclosure metrics. [23 Sep 2026] #Datacentre

UK

FCA Handbook Notice No 144 – Cryptoassets

The FCA has published Handbook Notice 144. Changes made to the Handbook include the following instruments:

• Perimeter Guidance (Regulated Cryptoasset Activities) Instrument 2026: This instrument sets out perimeter guidance for the crypto regime.
• Collective Investment Schemes Sourcebook (Cryptoasset Exchange Traded Note) Instrument 2026: This instrument makes changes to the Handbook to allow certain authorised funds to hold cryptoasset exchange traded notes to a limit of 10% of scheme property for retail funds.
• Cryptoasset Activities (Periodic and Application Fees) Instrument 2026: This instrument sets out the fees firms with cryptoasset regulated activities permissions will pay.
• Financial Promotion (Notification of Cryptoasset Approval) Instrument 2026: This removes the requirement to submit notifications for most approvals of cryptoasset promotions.
• Decision Procedure and Penalties Manual (Cryptoassets) (Amendment) Instrument 2026: This instrument makes minor and consequential amendments to the Decision Procedure and Penalties manual (DEPP) and the Glossary arising from the introduction of the market abuse regime for cryptoassets.  #Crypto #DigitalAsset

FCA CEO speech: Building the next generation of market infrastructure

The FCA has published a speech by its CEO Nikhil Rathi at TheCityUK dinner, setting out the FCA's vision for the scaling of tokenisation and other emerging technologies in UK wholesale markets. Mr Rathi stressed that the UK must move from experimentation to adoption, noting estimates of a potential £33 billion annual benefit to UK GDP and £14 billion in tax revenues from tokenisation.

He highlighted recent regulatory developments, including the FCA's policy statement on fund tokenisation, the authorisation of the UK's first fully native tokenised fund, the finalisation of the stablecoin regime and ongoing work on digital gilt issuance and stablecoin-based settlement arrangements.

Looking ahead, the CEO confirmed that the FCA will publish a joint tokenisation roadmap with the Bank of England (BoE) setting out a route from current testing environments towards more established market infrastructure. The regulator also intends to consult on safeguarding requirements for tokenised investment assets. Mr Rathi also noted that the FCA is exploring the use of agentic AI in its wholesale markets supervision function. [23 Sep 2026]  #Tokenistaion #Stablecoin #DigitalAsset #AI

BoE consults on 2026/27 fees regime for recognised payment systems and SSPs

The BoE has published a consultation on proposed supervisory fees for recognised payment systems and specified service providers (SSPs) for 2026/27. The proposals cover:

• the fee rates to meet the BoE’s 2026/27 funding requirement for its financial market infrastructure (FMI) supervisory activity in respect of recognised payment systems and SSPs and the policy activity that supports this, as permitted by the BoE’s fee-levying powers; and
• the BoE’s proposed hourly rates for special project fees (SPF) for 2026/27.

The consultation reflects both the current fee cap and the higher cap proposed by HM Treasury. Any change would be made through HM Treasury regulations.

Responses are requested by 22 October 2026. Subject to the outcome of HM Treasury’s consultation, Parliamentary approval of the relevant regulations and any transitional arrangements for the current fee year, the BoE expects any increased fee cap to apply for the full 2027/28 year. [22 Sep 2026]  #Payments

Europe

EBA response to EC targeted consultation on the MiCAR review

The EBA has published the response it submitted to the European Commission's (EC’s) targeted consultation on the review of the Markets in Cryptoassets Regulation (MiCAR). The response addresses a range of policy areas across the MiCAR framework, including classification, prudential and liquidity requirements for issuers of asset-referenced tokens (ARTs) and electronic money tokens (EMTs), stablecoin regulation (including global and third-country multi-issuer stablecoin schemes (TCMIS)), supervision of multi-function entities, the interplay between MiCAR and payment services legislation (PSD3/R), cryptoasset lending and borrowing, and tokenised deposits.

The ECB published the European System of Central Banks’ (ESCB) response to the EC’s consultation on 22 September. [24 Sep 2026]  #MiCAR #Crypto #DigitalAsset #Stablecoin

ECB: Digitalisation of payments slides

The ECB has released the slides used by Piero Cipollone, Member of the Executive Board, at Fondazione ResPublica. The slides cover the ECB's comprehensive payments strategy, setting out both aims and use cases. [24 Sep 2026]  #Payments #Digitalisation

ESAs: Update on risks and vulnerabilities in the EU financial system – Autumn 2026

The ESAs have published the Autumn 2026 Joint Committee update on risks and vulnerabilities in the EU financial system.  The update identifies external dependencies, emerging technologies and private credit as the three key vulnerabilities for the EU financial system. 

They note that strong reliance on non-EU ICT service providers and payment systems (with clearing, repo and credit ratings markets largely intermediated by non-EU entities) increases vulnerabilities to geopolitical events and heightens cyber risk, particularly given the concentration of dependence on non-EEA ICT providers. The rapid development of advanced AI systems is identified as a threat multiplier, capable of making cyberattacks more powerful and harder to contain, whilst quantum computing poses a longer-term risk through its potential to undermine cryptographic systems used to secure financial communications, transactions and blockchains.

Despite the challenges, the ESAs note that the EU financial system remains resilient. They call on supervisors and market participants to strengthen their preparedness and continue closely monitoring risks stemming from external dependencies, private credit and emerging technologies. [23 Sep 2026]  #Cyber #AI

ESMA: Union strategic supervisory priorities – digital innovation

ESMA has announced it will launch a new Union Strategic Supervisory Priority (USSP) to help embrace innovation while protecting investors and maintaining strong safeguards.  USSPs are ESMA’s convergence tools that address high-risk areas of strategic importance across the EU. They help direct supervisory resources towards the risks that matter most for investor protection, financial stability and the orderly functioning of EU financial markets.

The digital innovation USSP aims to ensure supervisors have the expertise and capacity to oversee the use of new technologies. In collaboration with national competent authorities (NCAs), ESMA’s initial focus will be on how supervised entities use AI and tokenisation. ESMA also states that it will remain flexible to address future technological developments as they emerge.

The new priority will run alongside the USSP on cyber and operational resilience, which has been in place since 2025. [23 Sep 2026]  #AI #Tokenisation

ECB: ESCB responds to EC consultation on MiCAR review

The ECB has published the ESCB's response to the EC’s targeted consultation on the review of MiCAR. The response covers proposed amendments to the framework for stablecoins, cryptoasset service providers (CASPs) and multi-function groups (MFGs).

On CASPs, it backs moving supervision of all CASPs to ESMA, a stronger AMLA role, clarified prudential rules, and tighter oversight of ‘significant’ CASPs and MFGs.

On stablecoins, the ESCB wants an enhanced framework, retaining the interest-payment ban, while reassessing reserve/own-funds rules, and replacing minimum deposit requirements with liquidity buckets based on the EBA's draft technical standards. It supports keeping both balance-sheet and EMI-subsidiary issuance for banks, without mandating the latter.

The response calls for expanded ECB opinion powers, legal clarity on third-country multi-issuer stablecoin schemes, and stronger crisis-management coordination for non-bank issuers of significant stablecoins. It also recommends revisiting MiCAR's scope and clarifying MiCAR's interaction with other legislation.

With regard to the digital asset landscape, the ESCB notes that electronic money tokens (EMTs) are just one part of a wider ecosystem and assessment must consider this context. The response argues that central bank money must remain the system's anchor, with tokenised central bank money supporting trust and interoperability among private settlement assets.

The ESCB opposes using central bank accounts for safeguarding purposes, as this risks disintermediating banks, and confirms Eurosystem central banks do not currently offer safeguarding accounts to non-bank payment service providers or CASPs. [22 Sep 2026]  #DigitalAsset #Stablecoin #MiCAR #Crypto #Tokenisation

ECB: Launch of Pontes brings central bank money to tokenised finance, ECB plans investment in tokenised securities

The ECB has announced the launch of Pontes, a solution that enables wholesale transactions in tokenised assets to be settled in central bank money. Pontes builds on the outcome of the Eurosystem’s 2024 tests using distributed ledger technology (DLT) for central bank money settlement, during which stakeholders from the public and private sectors indicated that access to a risk-free settlement asset was crucial for the wider adoption of this new technology. Pontes will initially offer a core set of services, to be expanded over time in line with market needs and technological developments. Enhanced features and longer operating hours will be introduced gradually, with full implementation expected by 2028.

The development of an integrated ecosystem for DLT-based financial services continues under Appia, with the goal of delivering a blueprint by 2028.

In addition, ECB has launched preparatory work to invest a small portion of its own funds in tokenised securities; these funds will not relate to monetary policy, but to the ECB's own income for operating expenses, excluding those related to the delivery of its supervisory tasks. This will enable ECB to gain practical experience as an investor and build institutional expertise in the use of DLT in financial markets. Initial investments will focus on euro-denominated securities issued by euro area central governments, regional governments, agencies and European supranational institutions. Once the preparatory work has been completed, the ECB’s Executive Board will determine the operational details and timing of the investments, taking into account developments in tokenised issuances and the broader tokenised financial ecosystem in Europe. [21 Sep 2026]  #Tokenisation #DLT

Australia

ASIC strengthens AI trading safeguards and streamlines market integrity rules

ASIC has announced strengthened safeguards for automated and AI-enabled trading while streamlining regulatory requirements for securities and futures market participants under incoming changes to its Market Integrity Rules (MIRs). The reforms bolster gatekeeper controls requiring participants to test, monitor and govern trading systems and algorithms as markets evolve and AI adoption increases, and align Australia's rules more closely with the principles of the International Organization of Securities Commissions (IOSCO) and other international standards.

ASIC's amendments to both the ASIC Market Integrity Rules (Securities Markets) 2017 and the ASIC Market Integrity Rules (Futures Markets) 2017 follow feedback to Consultation Paper 386. The amendments aim to:

• modernise trading systems obligations to reflect current practices and risks, including algorithmic trading, AI and machine learning;
• better align MIRs with IOSCO principles and international standards on algorithmic trading, including AI and machine learning trading algorithms;
• apply trading system requirements consistently to manual and automated orders;
• set consistent standards for securities and futures market participants;
• clarify the scope of the false or misleading rule, including where AI-enabled or other trading activity creates a false or misleading appearance; and
• streamline the MIRs by removing redundant or overly prescriptive obligations.

The amendments will take effect in 2028, with ASIC having extended the transition period to 18 months following industry feedback.

Ahead of the new rules commencing, ASIC is also consulting on updated regulatory guidance in Regulatory Guide 265 (Guidance on ASIC market integrity rules for participants of securities markets) and Regulatory Guide 266 (Guidance on ASIC market integrity rules for participants of futures markets).

Submissions on the proposed updated guidance are requested by 5 November 2026.  [24 Sep 2026] #AI #MachineLearning

Hong Kong

HKMA and Bank Indonesia sign MOU to strengthen cooperation in QR code-based cross-border payments

The HKMA and Bank Indonesia have signed a Memorandum of Understanding (MOU) to strengthen cooperation on Quick Response (QR) code-based cross-border payments. 

The two banks seek to strengthen bilateral ties and establish effective cooperation mechanism to promote faster, more affordable, transparent, and inclusive cross-border payments between Hong Kong and Indonesia.  Under the MOU, they will hold dialogues on relevant technical, operational, and regulatory matters, and explore arrangements to facilitate the interoperability of QR code-based cross-border payments between the two places.  [24 Sep 2026] #Payments

HKCC issues circular to inform participants of amendment to Rules and Procedures to enable acceptance of CBDCs as approved collateral for advance margin deposit

HKCC has issued a circular to inform participants that the SFC has approved amendments to the HKCC Rules and Procedures for the purpose of granting HKCC the authority to accept central bank digital currencies (CBDCs) as approved collateral for advance margin deposit, in support of after-hours trading (see our previous update).  The amendments come into effect on 28 September 2026.  [24 Sep 2026]  #CBDC #DigitalAsset

Former bank manager sentenced to four years' imprisonment after admitting to acceptance of bribes worth US$470,000 in cryptocurrency in exchange for illegal authentication of false instruments

A former relationship manager of a bank, Mr Lam Chun-yin, who admitted on 9 September 2026 to accepting bribes (see our previous update), has been sentenced at the District Court to four years’ imprisonment for conspiring with an employee of a fintech company and other associates to accept Tether cryptocurrency worth over US$470,000 in return for illegally authenticating multiple false instruments as guarantees for various insurance-related investment transactions without the bank’s authorisation.

Mr Lam had pleaded guilty on 9 September 2026 to one count of conspiracy for an agent to accept advantages, contrary to section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance.

In sentencing, Judge Mr Ernest Lin Kam-hung remarked that the criminality of Mr Lam in this case was higher than in other similar cases since it involved forged bank documents that undermined Hong Kong’s reputation as an international financial centre and exposed the bank in question to significant potential risk.  The judge took a starting point of six years’ imprisonment and reduced the sentence by one-third due to Mr Lam’s guilty plea.  With no exceptional circumstances warranting further reduction, the defendant was sentenced to four years' imprisonment.

The judge also ordered Mr Lam to make restitution to the bank of approximately HK$3.7 million, equivalent to the amount of the bribes involved.  [18 Sep 2026]  #Crypto #DigitalAsset #Fintech

Singapore

MAS speech at the IBF Distinction Evening focuses on AI

The Monetary Authority of Singapore (MAS) has published a speech by its Chair, Gan Kim Yong, at the Institute of Banking and Finance (IBF) Distinction Evening. He spoke about how AI is already changing how financial institutions operate and about preparing Singapore’s financial sector workforce for AI through skills development. The Chair announced three initiatives:

• Enhancing the tripartite Memorandum of Understanding (MoU) between IBF, the National Trade Union Congress (NTUC) Financial and Professional Services Cluster of Unions, and seven industry associations spanning banking, insurance, asset management, securities, financial advisory and FinTechs: The enhanced partnership will focus on helping the workforce adapt to AI, through wider industry outreach and greater access to training and career support. It will also create opportunities to develop programmes tailored to the needs of each sub-sector.
• Launching the IBF AI Workforce Co-Lab, with 23 financial institutions across banking, insurance and asset management: The Co-Lab will bring employers and partners together to assess how jobs are changing, and test practical approaches to training and job redesign. IBF, industry associations and unions will share their findings with the wider sector. Three pathways were launched covering leaders, wealth managers and operations.
• IBF’s pilot Young Talent Programme for AI in Finance: The programme helps undergraduates build skills in both AI and finance, and gives them first-hand experience of how AI is used in the sector. The first cohort has just completed its masterclasses, and will soon begin project work under the mentorship of industry practitioners. Some will also go on to work attachments at financial institutions. [24 Sep 2026]  #AI

Philippines

BSP issues capital, other requirements for banks shifting to digital model

The Bangko Sentral Ng Pilipinas (BSP) has issued capital and other requirements for thrift, rural, and cooperative banks shifting to digital bank business models. The requirements aim to ensure that these banks operate in a safe and sound manner.​ [22 Sep 2026] #DigitalBanking

US

CFTC staff updates FAQs on registrant activities relating to crypto and blockchain technologies

The Commodity Futures Trading Commission's (CFTC's) Market Participants Division, Division of Market Oversight, and Division of Clearing and Risk have released updates to the FAQs Concerning Registrant and Registered Entity Activities Relating to Crypto Assets and Blockchain Technologies (first published in March 2026). The updated FAQs address the investment of customer funds in tokenized forms of permitted investments, and the use of blockchain technologies to satisfy a registrant's recordkeeping requirements.  [Sep 24, 2026]   #Crypto #DigitalAsset

CFTC Innovation Task Force to host Frontier Forum Series on financial technologies

The CFTC's Innovation Task Force has announced the Frontier Forum Series, a series of public roundtables on the technologies transforming American financial markets, designed to convene builders and leaders from across the public and private sectors to discuss how the CFTC can promote responsible innovation while protecting market participants and preserving market integrity. The inaugural Frontier Forum will focus on AI and agentic finance and will take place on 28 October 2026. Agenda, speaker, and registration details will be published on the CFTC website in due course.  [Sep 21, 2026]  #AI

NY DFS announces implementation steps for RAISE Act AI safety framework

In a press release, the NY Department of Financial Services (NY DFS) set out the next steps in implementing New York's RAISE Act. The RAISE Act requires large frontier AI developers to establish and publish safety and transparency frameworks, report critical safety incidents to the new DIGIT Office within 72 hours, file quarterly assessments of catastrophic risks, and register with DIGIT, filing a disclosure statement at least every other year from 1 January 2027, and pay regulatory assessments. The DIGIT Office, established within the New York State Department of Financial Services, will produce an annual public report summarising incident reports received and observations about frontier model safety. NY State Governor, Kathy Hochul, has indicated that she will explore additional legislative and regulatory steps to build on the RAISE Act in the coming months.  [Sep 21, 2026]  #AI

OCC updates Cybersecurity Supervision Work Program

The Office of the Comptroller of the Currency (OCC) has updated the structure and references of its Cybersecurity Supervision Work Program (CSW) which is used by examiners to assess cybersecurity risk as part of risk-based supervision. The update maintains alignment with the updated NIST Cybersecurity Framework categories and subcategories. It does not add or amend any existing procedures and does not establish new regulatory expectations. The CSW maps to the FFIEC Information Technology Examination Handbook  and common cybersecurity frameworks.  [Sep 21, 2026]  #Cybersecurity