The Law Commission, a U.K. body which makes suggestions for legislative reform, is consulting on wording for a possible draft piece of legislation establishing a third category of personal property that would encompass...more
The Law Commission, a U.K. body which makes suggestions for legislative reform, has published a call for evidence on the operation of English private international law (conflicts of law rules) in relation to digital assets...more
The European Securities and Markets Authority has published two consultation papers on proposed guidelines under the EU Markets in Crypto Assets Regulation, one on reverse solicitation and the other on the classification of...more
Following its consultation in 2023, the International Organization of Securities Commissions published its Policy Recommendations for Decentralized Finance on December 19, 2023. The nine recommendations are intended to...more
Following its consultation in 2023, the International Organization of Securities Commissions published its Policy Recommendations for Crypto and Digital Asset Markets on November 16, 2023. The 18 recommendations are intended...more
HM Treasury has published a response to its consultation on cryptoasset regulation, setting out its final proposals for the U.K.'s cryptoasset regulatory regime. The U.K. plans to make cryptoassets a new category of...more
11/10/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
MiFID II ,
Payment Systems ,
UK
The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement...more
10/20/2023
/ Commercial Bankruptcy ,
Creditors ,
Cryptoassets ,
Cryptocurrency ,
Debt Financing ,
Debt Restructuring ,
Digital Assets ,
Digital Currency ,
FinTech ,
Insolvency ,
UK ,
UK Insolvency Act
The U.K. Financial Conduct Authority published a Policy Statement on 12 September 2023 setting out how it intends to implement the new regulatory gateway for financial promotions. The Financial Services and Markets Act 2023...more
The Joint Money Laundering Steering Group has published revisions to its Sector 22 Guidance on Cryptoasset exchange providers and custodian wallet providers along with a new Annex I, setting out guidance on the U.K. Travel...more
On June 8, 2023, the U.K. Financial Conduct Authority published its final Policy Statement setting out detailed rules for the U.K.'s cryptoasset financial promotions regime. The Policy Statement follows the publication on...more
On April 20, 2023, the agreed text of the proposed European Markets in Crypto-Assets Regulation was given final approval by the European Parliament. The Regulation is intended to improve legal certainty in the regulatory...more
5/10/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
EU ,
European Parliament ,
Financial Services and Markets Act ,
Financial Services Industry ,
FinTech ,
Member State ,
Popular ,
Stablecoins ,
UK
The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities...more
The U.K. Government announced on 9 December 2022 a series of initiatives, billed as the Edinburgh Reforms, to reform the laws for the U.K. financial services sector. In this note, we consider these reforms in detail and what...more
12/21/2022
/ Banking Sector ,
Cryptoassets ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Sustainable Finance ,
UK ,
UK Brexit
Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets.
Analysis produced by Innovate Finance specially for the...more
10/6/2022
/ Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Instruments ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Non-Fungible Tokens (NFTs) ,
UK
HM Treasury has launched an inquiry into the role of crypto-assets in the U.K. and their regulatory framework. The inquiry poses questions on a range of subjects, including the likelihood of digital currencies (e.g.,...more
The U.K. Jurisdiction Taskforce has published a consultation on the issuance and transfer of "digital securities" under English law. Digital securities are shares, bonds and other debt securities which are constituted by...more
The Financial Stability Board has published a report on the risks that crypto-assets pose to global financial stability. The FSB observes that the crypto-assets market is growing rapidly and could reach a point where it poses...more
Striking a balance between investor protection and market development -
The U.K. is assessing its financial promotion framework, and changes are being made or proposed to amend the laws and rules. Financial promotions are...more
2/11/2022
/ Banking Sector ,
Banks ,
Cryptoassets ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Investors ,
Sustainable Finance ,
UK
The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. These include the following...more