United Kingdom

Topic: Crypto assets

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House of Lords publishes responses to Central bank digital currencies: a solution in search of a problem?

On 18 March 2022, the House of Lords (Economic Affairs Committee) published the Bank of England’s (BoE’s) and HM Treasury’s (HMT’s) response to the Lords’ Economic Affairs Committee report ‘Central bank digital currencies (CBDC): a solution in search of a problem?’ The taskforce comprising of the BoE and HM Treasury was established in 2021 to … Continue Reading

FMLC letter to HM Treasury: Financial promotions rules for cryptoassets

On 15 March 2022, the Financial Markets Law Committee published a letter that it had sent to HM Treasury highlighting some examples of legal uncertainty as regards the proposals in HM Treasury’s response to its 2020 consultation on cryptoasset promotions and the FCA’s consultation on strengthening financial promotion rules for high-risk investments, including cryptoassets.… Continue Reading

ECON: Cryptocurrencies in the EU: new rules to boost benefits and curb threats

On 14 March 2022, the Committee on Economic and Monetary Affairs (ECON) published a press release on the European Parliament’s website regarding new rules on cryptocurrencies in the EU. The press release reports that members of European Parliament (MEPs) have agreed on draft rules concerning the supervision, consumer protection and environmental sustainability of cryptoassets, including … Continue Reading

Assessment of Risks to Financial Stability from Crypto-assets

On 16 February 2022, the Financial Stability Board (FSB) published its report, ‘Assessment of Risks to Financial Stability from Crypto-assets’. The report examines developments and associated vulnerabilities relating to three segments of crypto-asset markets which are, unbacked crypto-assets, stablecoins, and decentralised finance and crypto-asset trading platforms. The report also highlights a number of vulnerabilities associated … Continue Reading

Research shows huge increase in use of DeFi protocols for money laundering

Blockchain analytics firm Chainalysis have recently published the results of research showing that there has been a huge increase in the use of decentralised finance (DeFi) protocols to launder money over the last year. DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In 2021, there was … Continue Reading

UK guidance for marketers in the cryptoasset space

On 18 January 2022, HM Treasury announced that it will be bringing adverts for cryptoassets in line with other types of financial advertising by extending the financial promotion restrictions to encompass them.  This will mean that adverts for cryptoassets will need to be either promoted by a firm authorised by the Financial Conduct Authority (FCA) … Continue Reading

Government to strengthen rules on misleading cryptocurrency adverts

Introduction On 18 January 2022, HM Treasury set out its response to its July 2020 consultation seeking to bring certain cryptoassets into the scope of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). The consultation set out a proposed definition for qualifying cryptoassets, to be brought into the scope of the … Continue Reading

BoE speech – Is ‘crypto’ a financial stability risk?

On 13 October 2021, Sir John Cunliffe, Deputy Governor for Financial Stability at the Bank of England, gave a speech discussing the financial stability risk posed by crypto. Crypto is the underlying technology – the application of cryptographic innovation to the recording and to the transfer of the ownership of assets, often on public networks … Continue Reading

UK Finance paper ‘Navigating the path to respectability: Making sense of the financial crime risk posed by cryptoassets and how to manage it appropriately’

On 16 September 2021, UK Finance published ‘Navigating the path to respectability: Making sense of the financial crime risk posed by cryptoassets and how to manage it appropriately’. The paper is intended to help readers understand cryptoasset business models from crypto ATMs to exchanges, P2P sites and ICO issuance and how they can be exploited … Continue Reading

Basel Committee consults on prudential treatment of cryptoasset exposures

On 10 June 2021, the Basel Committee on Banking Supervision (BCBS) launched a public consultation on the prudential treatment of cryptoasset exposures by credit institutions. Following on from the BCBS’ December 2019 discussion paper where it sought stakeholders’ views on a range of issues relating to the prudential treatment of cryptoassets, the current consultation document … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Member States continue review of proposed EU legislation on markets in crypto-assets

On 4 February 2021 the Portuguese Presidency of the Council held a first working group during its term in office to continue Member States’ discussions over the proposed regulation on markets in crypto-assets (MiCA). Two main issues on the agenda included discussion on selected issues related to asset-referenced tokens (ART) with payment purposes and those … Continue Reading

EU regulation on markets in crypto-assets: Member States continue MiCA review

In September we published a blog setting out 10 key things that firms needed to know about the draft regulation on markets in crypto-assets (MiCA). We have since published an update on what’s been happening and as we continue our close monitoring of the key developments regarding the MiCA review, in this blog we provide … Continue Reading

MiCA: Regulating provision of services in crypto-assets

On September 24, 2020 the European Commission published its long-anticipated Digital Finance package, comprising legislative proposals and non-legislative communications. One of the legislative proposals published included a draft regulation on markets in crypto-assets (MiCA). MiCA is the first European-level legislative initiative aiming to introduce a harmonized and comprehensive framework for the issuance, application and provision … Continue Reading

EU regulation on markets in crypto-assets: Member States start MiCA review

In September we published a blog setting out 10 key things that firms needed to know about the draft regulation on markets in crypto-assets (MiCA). In this blog we provide an update on what’s been happening. On 13 November 2020, the German Presidency of the Council hosted a meeting of a working party on financial … Continue Reading

Proposed European Regulations on markets in crypto-assets and DLT market infrastructure

On 23 September 2020 the European Commission published its long-awaited draft regulation on markets in crypto-assets (MiCA), with its accompanying annex and a draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLTR). The proposals, which are part of the broader Digital Finance Strategy package, are the first European-level legislative … Continue Reading

European Commission plans legislation on markets in crypto-assets

The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading
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