News & Analysis as of

Distributed Ledger Technology (DLT) United Kingdom Cryptoassets

Latham & Watkins LLP

FMLC Proposes New Rule on Governing Law for Digital Assets

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Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction. There is at least a tentative consensus in English law that cryptocurrencies and other digital...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

Proskauer Rose LLP

Regulation Round Up - March 2023

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31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

A&O Shearman

UK - Law Commission on digital assets: five key takeaways

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Lawyers face a steep learning curve when it comes to cryptoassets and distributed ledger technology. So, it's no surprise that the Law Commission’s consultation paper on digital assets comes out at a whopping 548 pages....more

Hogan Lovells

Global Payments Newsletter, April 2022

Hogan Lovells on

Key developments of interest over the last month include: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more

Alston & Bird

UK Treasury Moves Forward with Plans to Regulate Stablecoins for Payments

Alston & Bird on

Our Financial Services & Products London Team examines the UK’s foray into the regulation of cryptoassets in its effort to be ‘a global hub’ for crypto-companies....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

BakerHostetler

New Crypto Payment Initiatives; Regulators Address Crypto in Speeches; Lawmakers Propose Legislation; OFAC Sanctions Crypto...

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Crypto Payment Initiatives Announced in Stablecoins, Lightning Network, Mining - Late last week, the issuer of USD Coin (USDC) announced that it had selected a major U.S. bank as a primary custodian for USDC reserves....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

A&O Shearman

HM Treasury’s consultation on a proposed UK regulatory framework for stable tokens

A&O Shearman on

On 7 January 2021, HM Treasury issued a consultation setting out its proposed approach to UK regulation of cryptoassets, including a regulatory framework for "stable tokens”. The consultation sets out only high-level...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Imposes Restrictions on the Sale of Cryptoassets and Related Products

The U.K. Treasury and the U.K. Financial Conduct Authority (the FCA) have taken steps to restrict the sale of cryptoassets and ban the sale of derivatives referencing cryptoassets (crypto-derivatives) to U.K. retail...more

A&O Shearman

Solving the crypto-crossword: UK developments in the legal and regulatory treatment of cryptoassets

A&O Shearman on

What are cryptoassets? Regulators, judges, central banks, academics, crypto enthusiasts and many others are still debating this question. Indeed you might think of ‘crypto’ as a pun: both advertently referring to the use of...more

A&O Shearman

Solving the Crypto-Crossword

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UK Developments in the Legal and Regulatory Treatment of Cryptoassets - Cryptoassets? What are they? Over 11 years after Satoshi Nakamoto published his white paper “Bitcoin: A Peer-to Peer Electronic Cash System”,...more

Akin Gump Strauss Hauer & Feld LLP

Landmark Legal Statement on Cryptoassets and Smart Contracts

On November 18, 2019, the U.K. Jurisdiction Taskforce (UKJT), one of six taskforces established by the LawTech Delivery Panel (set up by the U.K. government, the judiciary and the Law Society to promote the use of technology...more

Morgan Lewis

Recent Developments in the Regulatory Treatment of Cryptoassets in the United Kingdom and United States

Morgan Lewis on

Regulators on both sides of the Atlantic continue to monitor and address cryptoasset and distributed ledger technology activities. We recently posted on the guidance issued by the US Financial Crimes Enforcement Network on...more

Katten Muchin Rosenman LLP

Bridging the Week - August 2019

Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange brought and settled charges against a CFTC-registered floor broker, claiming he engaged in spoofing trading activity on the CME. The two...more

A&O Shearman

UK Consultation on Legal Uncertainty in the Application of English Private Law to Cryptoassets, Distributed Ledger Technology and...

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The UK Jurisdiction Taskforce has published a consultation paper on key issues of legal uncertainty regarding cryptoassets, distributed ledger technology and smart contracts. The UKJT is involved in preparing an authoritative...more

White & Case LLP

Financial Regulatory Observer – March 2019: FRO in-depth: The future of cryptoassets regulation

White & Case LLP on

Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more

Proskauer - Blockchain and the Law

Guidance on Cryptoassets: UK Financial Conduct Authority Issues Consultation Paper

On January 23, 2019, the UK Financial Conduct Authority (“FCA”) issued its widely anticipated “Guidance on Cryptoassets” consultation paper CP19/3 (the “Consultation”). The Consultation followed the UK Cryptoassets Task...more

Faegre Drinker Biddle & Reath LLP

U.K. Tackles Cryptoasset Regulation, Releasing Task Force Report That May Guide Other Countries

On 29 October 2018, the U.K. Cryptoassets Task Force published its final report. What Is It? The Cryptoassets Task Force was launched in March 2018 by the Chancellor of the Exchequer and consists of the Treasury, the...more

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