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Cryptocurrency United Kingdom Regulatory Agenda

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Introduces Bill To Clarify the Legal Status of Digital Assets

On 11 September 2024, the UK government introduced the Property (Digital Assets etc) Bill, which provides that digital assets can be considered to be personal property under the laws of England and Wales, and could therefore...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - April 2024 Updates

The big news in crypto policy came out of the Senate this month. On April 17, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) partnered once again in the digital asset space, this time introducing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Economic Crime and Corporate Transparency Act 2023 – Key Developments

On 26 October 2023, the Economic Crime and Corporate Transparency Act 2023 (the Act) became law in the UK. The Act represents a major overhaul of the UK government’s framework for tackling financial crime and has brought into...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Capital Ratio: Roundup of Upcoming UK Regulatory Reforms for Financial Institutions

UK regulators have recently announced a number of reforms for banks and other financial institutions. - On 23 November 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (together,...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

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The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

White & Case LLP

FCA DP23/4: UK Regulation of Stablecoins

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On 6 November 2023, the UK Financial Conduct Authority ("FCA") set out proposals for its regulation of fiat-backed stablecoins ("DP 23/4"). DP 23/4 invites stakeholders to provide feedback by 6 February 2024....more

Skadden, Arps, Slate, Meagher & Flom LLP

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Cryptoasset Financial Promotions: FCA Takes Firm Stance on Enforcing New Rules

The landscape of cryptoasset regulation in the UK entered a new phase in October 2023 with the extension to cryptoassets of marketing restrictions for financial products and services. In particular, crypto firms based outside...more

A&O Shearman

MAS finalises its policy position on the regulation of stablecoin-related activities

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The MAS has finalised its regulatory approach for stablecoin-related activities. The finalised approach is substantially similar to what was originally set out in its consultation paper on the same issued on 26 October 2022....more

Skadden, Arps, Slate, Meagher & Flom LLP

EU and UK Move Forward With Comprehensive Regulatory Regimes for Cryptoassets

The European Union and U.K. are establishing comprehensive regimes for the regulation of cryptoassets. The Markets in Crypto-Assets Regulation (MiCA) was published in the Official Journal of the European Union on June 9,...more

Skadden, Arps, Slate, Meagher & Flom LLP

IOSCO Proposes Policy Recommendations for the Regulation of Crypto Markets

In May 2023, the board of the International Organization of Securities Commissions (IOSCO) published its Policy Recommendations for Crypto and Digital Asset Markets Consultation Report, which proposes 18 policies it plans to...more

Skadden, Arps, Slate, Meagher & Flom LLP

New Consultation on UK Cryptoasset Regulation: Amid Market Turbulence, Government Pursues Plans To Become a Global Crypto Hub

On 1 February 2023, the U.K. Treasury launched a consultation and call for evidence on a series of proposals for the future financial services regulatory regime for cryptoassets. The proposals mark the next stage of the...more

White & Case LLP

Regulatory round-up

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As the world emerges from the turmoil caused by the COVID-19 pandemic, the financial services sector is going through a time of considerable change. This section highlights some developments to be aware of in key regulatory...more

Cadwalader, Wickersham & Taft LLP

UK Government Announces DeFi Lending and Staking Consultation

In yet another development for the UK cryptocurrency sector, on 5 July 2022 the UK Government announced a consultation as to the taxation of cryptoasset loans and “staking” within the context of decentralised finance...more

Proskauer Rose LLP

From cryptic to (some) clarity: English law and policy rising to the challenge of cryptoassets

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Sir Geoffrey Vos, the Master of the Rolls wants English law to be at the forefront of developments relating to cryptoassets and smart contracts. In his thought-provoking foreword to the government-backed UK Jurisdictional...more

Dechert LLP

The UK Investment Manager Exemption and Cryptoassets – Consultation Document

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As part of wider efforts to make Britain a global hub for cryptoassets technology and investment, on 4 April 2022 the government publicly committed to consult on extending the scope of the UK Investment Manager Exemption (the...more

Proskauer - Blockchain and the Law

From Cryptic to (Some) Clarity: English Law and Policy Rising to the Challenge of Cryptoassets (Part 3)

In the first two instalments of our series we examined the progress of English law to provide a secure and certain legal infrastructure for cryptoasset investment and management. In particular, we looked at how recent English...more

Cadwalader, Wickersham & Taft LLP

The UK’s Plan to Become a Global Crypto Hub

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

Morrison & Foerster LLP

Promotion of Cryptoassets to UK Consumers to be Regulated by the UK Financial Conduct Authority

As expected, the UK Government has announced, in its January 2022 consultation response (“the Response”), that the promotion of cryptoassets to UK consumers is to be regulated. This represents a significant step towards...more

Cadwalader, Wickersham & Taft LLP

UK Revenue Guidance on Cryptoasset Lending and Staking Using Decentralised Finance

In early February, HMRC published a new chapter in its Cryptoassets Manual dealing with decentralised finance (“DeFi”). DeFi is an umbrella term encompassing a range of products which are comparable with traditional financial...more

WilmerHale

Cryptocurrency update: AML registration and FCA intervention in authorised crypto business

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Crypto businesses clearly remain high on the Regulator’s agenda. Two developments are of note...more

Hogan Lovells

Global Payments Newsletter, February 2021

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Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on...more

Hogan Lovells

HM Treasury consults on UK regulatory approach to cryptoassets and stablecoins

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The UK Treasury has issued a consultation on the regulatory approach to cryptoassets and stablecoins. It discusses the current regulatory landscape for cryptoassets, puts forward proposals for the extension of the regulatory...more

Hogan Lovells

Securities and markets regulatory news, December 2020 # 3

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UK Short Selling Regulation: notification threshold - HM Treasury has announced that it intends to lay a statutory instrument under the retained EU law version of the Short Selling Regulation (UK SSR) amending the initial...more

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