Edited by Jelena Madir, Chief Compliance Officer, European Bank for Reconstruction and Development

‘The digital transformation of finance is happening in every country, and while the core technology and concepts related to FinTech are standard around the world, the local context from one market to the next can be quite different. Awareness of the different market specific regulations and varied financial practices is essential to understand how law and regulation work around the globe, and to appreciate the challenges and possibilities that FinTech offers, I highly recommend this book, you’ll learn a lot.’

• CONTENTSExtended contents viiList of contributors xviiiPreface xxixGlossary xxxii1 Introduction – what is fintech? 1Jelena MadirPART I PAYMENTS, ALTERNATIVE FINANCING AND CRYPTOASSETS2 Adapting to a changing payments landscape 24Ben Regnard-Weinrabe, Nikki Johnstone and Jane Finlayson-Brown3 Bank-FinTech partnerships: a practitioner’s guide to the evolving policy landscape and keyregulatory considerations 75Jess Cheng, Evis Daum and Mara Alioto4 Crowdfunding 94Peter Chapman, Simon Crown and Jade Felber5 Cryptoassets and initial coin offerings 127Claude Brown, Romin Dabir, Simon Grieser, Jon Ammons and Hagen Rooke6 A comparison of the regulation of cryptoasset activities in Europe and the United States 167Andrea Tinianow and Lewis Cohen7 Cryptocurrencies and central banks 182Hubert de VauplanePART II BLOCKCHAIN AND DISTRIBUTED LEDGERS8 Blockchain in financial services 216Colleen Baker and Kevin Werbach9 Smart contracts 244Jelena Madir10 Governing the blockchain: what is the applicable law? 268Harriet Territt11 Liabilities associated with distributed ledgers: a comparative analysis 295Dirk Zetzsche, Ross Buckley, Douglas Arner and Anton Didenko12 Cybersecurity and blockchain 318Patricia L. de Miranda and Charles Kerrigan13 Blockchain and privacy 344Daniel Cooper and Gemma NashPART III REGULATION AND COMPLIANCE14 RegTech and SupTech: the future of compliance 369John Ho Hee Jung15 The rise of TechFins: regulatory challenges 397Dirk Zetzsche, Ross Buckley and Douglas Arner16 AI in financial services – the legal and regulatory landscape 420Jennifer Calver, Peter Church, Jonathan Ford and Kim Rust17 Regulatory sandboxes 460Byungkwon Lim and Charles Low updated by Gary E. Murphy and Philip Orange18 Compliance and whistleblowing: how technology will replace, empower and changewhistleblowers 486Kieran Pender, Sofya Cherkasova and Anna Yamaoka-Enkerlin19 Regulation of robo-advisory services 524Lee Reiners20 Patentability of FinTech inventions 554Mirjana StankovicPART IV TECHNOLOGICAL INNOVATIONS IN LEGAL SERVICES21 The innovation process in law firms 576Sophia Adams-Bhatti22 Future lawyers: re-imagining legal education 607Mark Fenwick, Wulf A. Kaal and Erik P. M. Vermeulen

Edited by Jelena Madir, Chief Compliance Officer, European Bank for Reconstruction and Development

‘The digital transformation of finance is happening in every country, and while the core technology and concepts related to FinTech are standard around the world, the local context from one market to the next can be quite different. Awareness of the different market specific regulations and varied financial practices is essential to understand how law and regulation work around the globe, and to appreciate the challenges and possibilities that FinTech offers, I highly recommend this book, you’ll learn a lot.’

• CONTENTSExtended contents viiList of contributors xviiiPreface xxixGlossary xxxii1 Introduction – what is fintech? 1Jelena MadirPART I PAYMENTS, ALTERNATIVE FINANCING AND CRYPTOASSETS2 Adapting to a changing payments landscape 24Ben Regnard-Weinrabe, Nikki Johnstone and Jane Finlayson-Brown3 Bank-FinTech partnerships: a practitioner’s guide to the evolving policy landscape and keyregulatory considerations 75Jess Cheng, Evis Daum and Mara Alioto4 Crowdfunding 94Peter Chapman, Simon Crown and Jade Felber5 Cryptoassets and initial coin offerings 127Claude Brown, Romin Dabir, Simon Grieser, Jon Ammons and Hagen Rooke6 A comparison of the regulation of cryptoasset activities in Europe and the United States 167Andrea Tinianow and Lewis Cohen7 Cryptocurrencies and central banks 182Hubert de VauplanePART II BLOCKCHAIN AND DISTRIBUTED LEDGERS8 Blockchain in financial services 216Colleen Baker and Kevin Werbach9 Smart contracts 244Jelena Madir10 Governing the blockchain: what is the applicable law? 268Harriet Territt11 Liabilities associated with distributed ledgers: a comparative analysis 295Dirk Zetzsche, Ross Buckley, Douglas Arner and Anton Didenko12 Cybersecurity and blockchain 318Patricia L. de Miranda and Charles Kerrigan13 Blockchain and privacy 344Daniel Cooper and Gemma NashPART III REGULATION AND COMPLIANCE14 RegTech and SupTech: the future of compliance 369John Ho Hee Jung15 The rise of TechFins: regulatory challenges 397Dirk Zetzsche, Ross Buckley and Douglas Arner16 AI in financial services – the legal and regulatory landscape 420Jennifer Calver, Peter Church, Jonathan Ford and Kim Rust17 Regulatory sandboxes 460Byungkwon Lim and Charles Low updated by Gary E. Murphy and Philip Orange18 Compliance and whistleblowing: how technology will replace, empower and changewhistleblowers 486Kieran Pender, Sofya Cherkasova and Anna Yamaoka-Enkerlin19 Regulation of robo-advisory services 524Lee Reiners20 Patentability of FinTech inventions 554Mirjana StankovicPART IV TECHNOLOGICAL INNOVATIONS IN LEGAL SERVICES21 The innovation process in law firms 576Sophia Adams-Bhatti22 Future lawyers: re-imagining legal education 607Mark Fenwick, Wulf A. Kaal and Erik P. M. Vermeulen