FinTech and Blockchain Law Watch – At the Crossroads of Law, Innovation and Commerce

FDIC Proposes Rule To Recognize Parity Between Out-of-State Banks and National Banks

Sep 22 2026

On 17 September 2026, the FDIC proposed to amend regulations to recognize parity between out-of-state state banks and national banks concerning the application of host state laws when an out-of-state state bank provides services in the host state with or without establishing a branch in the state (the “Proposal”). Under the current regulation, this parity applies only to any out-of-state state bank with a branch in a host state.

Australia’s Updated Financial Innovation Strategy

Sep 14 2026

By: Daniel Knight and Jocelyn Lau

The Government has released its Financial Innovation Strategy which sets out government and regulatory proposals to support a more innovative financial system, allowing industry to engage and drive the innovation itself.

Australia: Net Tangible Asset Requirement Set to Increase for Responsible Entities

Aug 10 2026

By: Daniel Knight and Jocelyn Lau

ASIC has announced that it will increase the net tangible assets (NTA) requirement for responsible entities of registered managed investment schemes (MIS), operators of investor directed portfolio services (IDPS) and corporate directors of retail corporate collective investment vehicles (CCIVs). The changes are set to commence on 1 July 2027.

Customer Identification Requirements Proposed for Payment Stablecoin Issuers

Jun 25 2026

By: John ReVeal and Jeremy M. McLaughlin

On 22 June 2026, the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a proposed rule to impose customer identification procedures (CIP) requirements on permitted payment stablecoin issuers (PPSI) (the Proposal). Prospective PPSIs and their partners will want to review the proposed scope of the CIP obligations and consider whether to submit comments to FinCEN. Comments on the Proposal must be submitted by 21 August 2026.

Australia: An AFS Licensee First: Receiving an Order to Pay AU$2.5 Million for Cybersecurity Failures

Jun 22 2026

By: Cameron Abbott, Daniel Knight, Rob Pulham, Alex Parker, Madison Jeffreys, Emre Cakmakcioglu and Annaliese Filippis

In a key decision against an Australian financial services licence (AFSL) holder, the Federal Court of Australia has ordered the AFSL holder to pay AU$2.5 million in penalties for inadequate cybersecurity measures. The Australian Securities and Investments Commission (ASIC) took action following a cyberattack on the AFSL holder’s IT systems, resulting in approximately 385GB of data being downloaded from its servers.

Compensating Victims of Deep Fake Fraud: Global Responses

Jun 02 2026

By: Judith Rinearson, Daniel Knight, Lucas Nicolet-Serra, and Kai Zhang

Our firm has a pro bono client who lost thousands of dollars trusting someone she met online. Over two years, the fraudster convinced her to move her funds to a US “bank” that would help her pay for her daughter’s expensive hospital stays. The sophistication of this ongoing fraud was incredible. When we researched the transactions on the blockchain, however, we discovered that her funds had been moved to an Eastern European digital wallet holding more than a billion dollars.

Australia: Card Payments Costs And Surcharging Reforms – What It Means for the Payments Industry

Apr 09 2026

By: Daniel Knight, Simon Kiburg and Joshua Dries

On 31 March 2026, the Reserve Bank of Australia (RBA) published its conclusions paper titled Merchant Card Payments Costs and Surcharging.

A Place for Every Token and Every Token in its Place: The SEC “Airdrops” Its New Crypto Taxonomy

Mar 18 2026

By: Thoreau A. Bartmann, Lance C. Dial, and Sarah V. Riddell

On 17 March 2026, the SEC and CFTC issued a joint interpretive release establishing a formal taxonomy for crypto assets and when such assets are securities under federal law, which is a critical analytical point in determining if regulations apply. While the release is an interpretation of existing laws, and not a final rulemaking, it is a major step toward a durable crypto regulatory regime.

California Announces Acceptance of Digital Asset License Applications Starting 9 March 2026

Mar 10 2026

By: Jeremy McLaughlin and Joshua Durham

The California Department of Financial Protection and Innovation (DFPI) recently issued an important industry reminder regarding implementation of the California Digital Financial Assets Law (DFAL). The DFPI noted that it will begin accepting applications today, 9 March 2026, through the Nationwide Multistate Licensing System (NMLS).

FinCEN Relaxes the Requirements to Identify the Beneficial Owners of an Institution’s Legal Entity Customers

Mar 07 2026

By: John ReVeal, Jeremy M. McLaughlin, and Joshua L. Durham

On 13 February 2026, the Financial Crimes Enforcement Network (FinCEN) issued Order FIN-2026-R001 (the Order), granting exceptive relief from FinCEN’s requirement that covered financial institutions identify the beneficial owners of their legal entity customers.