United Kingdom

Topic: Crypto assets

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Split the difference: Markets in EU and UK – Cryptoassets

In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Hannah Meakin, Albert Weatherill, Floortje Nagelkerke and Anna Carrier explore some of the markets dimensions of the regulatory reforms involving cryptoassets.… Continue Reading

New briefing note: Regulating cryptoassets: comparing MiCA and the HMT Proposals

This note provides a high-level comparison of some of the key areas of MiCA and the HMT Proposals. It is relevant to participants in EU and UK cryptoasset markets, including service providers and issuers, as well as institutional and retail investors. Readers should note that, since neither regime has been finalised yet, there may be … Continue Reading

HMT crypto proposals – practical guidance on next steps

By now you may have had the chance to review in greater detail the proposals published by HM Treasury on 1 February 2023 setting out the future direction of the UK’s regulatory framework for cryptoassets. If you haven’t you can read our summary here and our online briefing note here. Many in the industry are … Continue Reading

Podcast on HM Treasury proposals for the UK’s financial services regime for cryptoassets

On 1 February 2023, HM Treasury issued its latest proposals for the UK’s financial services regime for cryptoassets. It also issued a policy statement on its approach to the regulation of cryptoasset financial promotions. In this podcast Jonathan Herbst is joined by Albert Weatherill and Hannah Meakin who provide their views on the key headlines … Continue Reading

UK sets out plans to regulate crypto and protect consumers

Introduction On 1 February 2023, HM Treasury issued its latest proposals concerning the regulation of cryptoassets. These proposals build on HM Treasury’s previous work which focused on stablecoins and the financial promotion of cryptoassets. They deliver on the government’s announcement last April setting out plans for the UK to become a global hub for cryptoasset … Continue Reading

Economic Crime and Corporate Transparency Bill – an attempt to reduce economic and financial crime

On Friday 25 November 2022, the Economic Crime and Corporate Transparency Bill (the Bill) entered Parliament. The Committee Stage (Commons) was brought to a conclusion on Tuesday 29 November 2022. The Bill, as amended by the Public Bill Committee, was published on 30 November 2022. The Bill proposes various reforms designed to reduce economic and … Continue Reading

European Commission proposes measures to address energy consumption by crypto-assets

On Tuesday, 18 October 2022, the European Commission (“the Commission”) published a communication setting out an EU Action Plan for Digitalising the Energy System. Amongst initiatives focussed on improving the functioning of the EU’s energy markets, such as the creation of a common European energy data space, improving strategic European coordination for energy markets, promoting … Continue Reading

International Regulation of Crypto-asset Activities: A Proposed Framework – For Consultation

On 11 October 2022, the Financial Stability Board (FSB) published a consultative report which sets out a number of proposed recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets intended to strengthen international cooperation, coordination and information sharing. The recommendations apply to any type of crypto-asset … Continue Reading

The new Economic Crime and Corporate Transparency Bill: its plans to reform Companies House and improve policing of cryptoassets

In this post, we summarise the new Economic Crime and Corporate Transparency Bill (the Bill) which was published on 22 September 2022 and the significant reform proposed to the role of Companies House. The Bill proposes giving Companies House improved investigation and enforcement powers and makes changes to strengthen regulators’ powers to seize and detain … Continue Reading

The New Economic Crime Bill and plans to expand the Serious Fraud Office’s investigative Powers

In recent years, the UK government has been seeking to tackle ever-growing financial crime and money laundering. In this post, we summarise the Economic Crime and Corporate Transparency Bill (the Bill) published on 22 September 2022 as well the expansion of the Serious Fraud Office’s (SFO) investigative powers under the Bill in an effort to … Continue Reading

Cryptoasset providers: Impact of the amendments to the MLRs 2017

In June, HM Treasury issued its response to its October 2021 consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The response contained a number of updates to the MLRs 2017 which, for the most part, come into force on 1 September 2022. … Continue Reading

UK Jurisdiction taskforce publishes a public consultation on the issuance and transfer of digital securities under English private law

On 8 August 2022, the UK Jurisdiction Taskforce published a public consultation on the issuance and transfer of digital securities under English private law. In November 2018, the UK Jurisdiction Taskforce published its Legal Settlement on the Status of Cryptoassets and Smart Contracts. The Legal Settlement expressed the view that cryptoassets were property and smart … Continue Reading

Upper Tribunal considers the application of the MLRs to a cryptoasset exchange provider and comments on FCA procedures

Vladimir_Consulting_Limited_v_The_Financial_Conduct_Authority.pdf (publishing.service.gov.uk) Introduction The business of Vladimir Consulting Limited (VCL) involved trading in cryptocurrency such as bitcoin on peer-to-peer exchanges which provide a market place for sellers and buyers of cryptocurrency.  The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) were amended with effect from 10 January 2020 … Continue Reading

Treasury Committee launches inquiry into crypto-assets

On 13 July 2022, the House of Commons’ Treasury Committee launched a new inquiry into crypto-assets. In this inquiry, the Committee will examine the potential risks and opportunities associated with the use of crypto-assets, their impact on social inclusivity and the possible need for regulatory change in the future. The Committee requests written evidence submissions … Continue Reading

BoE publish speech by Sir Jon Cunliffe: Some lessons from the Crypto Winter

On 12 July 2022, the Bank of England (BoE) published a speech by Sir Jon Cunliffe regarding lessons learned from the recent instability and losses in crypto markets (crypto winter). Sir Jon notes that in recent months there has been a dramatic bout of instability and losses in crypto markets – dubbed by some commentators … Continue Reading

FSB statement on international regulation and supervision of crypto-asset activities

On 11 July 2022, the Financial Stability Board (FSB) published a statement on international regulation and supervision of crypto-asset activities. Key points from the statement include: Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at domestic and international level. Crypto-asset service providers must at all … Continue Reading

IOSCO Crypto-Asset Roadmap for 2022-2023

On 7 July 2022, the International Organization of Securities Commissions (IOSCO) issued its Crypto-Asset Roadmap for 2022-2023. The Roadmap sets out IOSCO’s policy agenda and work program for the crypto-asset sector over the next 12 to 24 months. Earlier this year IOSCO established a board-level fintech taskforce (FTF) which was mandated to develop, oversee, deliver … Continue Reading

Political agreement on MiCA

On 30 June 2022, the Council Presidency and the European Parliament reached provisional agreement on the Regulation on markets in crypto-assets (MiCA). MiCA is part of a broader package of measures to boost digital finance in the EU. The package also includes: A regulation on digital operational resilience (DORA) was agreed in March. DLT pilot … Continue Reading

CryptoSprint outputs

On 29 June 2022, the FCA published the key themes emerging from its first policy-focused CryptoSprint events in May and June 2022. The main aim of the CryptoSprint was for the FCA to increase its understanding of emerging cryptoasset market practices and seek industry views on what an appropriate regulatory regime might look like. At … Continue Reading

Proposed Regulation on information accompanying transfers of funds and certain crypto-assets (recast) – Three-column table to commence trilogues

On 21 April 2022, the Council of the EU published a table regarding the proposed Regulation on information accompanying transfers of funds and certain crypto-assets (recast). The table has three columns setting out the European Commission’s proposal and the European Parliament and Council mandates.… Continue Reading

HM Treasury response to consultation and call for evidence on the UK regulatory approach to cryptoassets, stablecoins and DLT

Introduction On 4 April 2022, HM Treasury published a response to its earlier consultation and call for evidence on the UK regulatory approach to cryptoassets, stablecoins and distributed ledger technology (DLT) in financial markets. Through its consultation, the government proposed a staged and proportionate approach to cryptoasset regulation, which is sensitive to risks posed and … Continue Reading
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