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Archive: April 2023

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Navigating Non-Fungible Tokens: A global legal and regulatory guide

April 26, 2023

Once relegated to the fringe of the crypto/FinTech communities, non-fungible tokens (NFTs) are suddenly mainstream, appearing in new and increasingly commercial use cases, such as financial services, automotive industry applications, electronic gaming, sport highlights, music albums, film, art, fashion and digital branding.

BoE update on renewed RTGS service

April 26, 2023

On 25 April 2023, the Bank of England (BoE) published a statement on the renewed Real-Time Gross Settlement (RTGS) service. In the statement, the BoE confirms that the renewed service will take effect from June 2024 and will deliver benefits across a number of areas.

Hong Kong High Court rules for the first time: cryptocurrencies are “property” capable of being held on trust

April 26, 2023

In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited, has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust.

Joint Regulatory Oversight Committee publishes recommendations for the next phase of open banking in the UK

April 18, 2023

On 17 April 2023, the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), published a report setting out its recommendations for the next phase of open banking in the UK.

FCA publishes speech on innovation, AI and the future of financial regulation

April 18, 2023

On 17 April 2023, the FCA published a speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the Innovate Finance Global Summit. The speech focused on innovation, artificial intelligence (AI) and the future of financial regulation.

New Webinar series – Artificial intelligence and business liability

April 18, 2023

In two recent webinars, we explore some of the key situations in which AI liability can arise and consider what businesses (including financial institutions) can do to manage these risks.

FCA announces launch of first ever GFIN Greenwashing TechSprint

April 13, 2023

On 11 April 2023, the FCA announced that it would be leading the Global Financial Innovation Network (GFIN)’s first ever virtual Greenwashing TechSprint. The TechSprint will be hosted on the FCA’s Digital Sandbox and aims to bring together international regulators, firms and innovators to address sustainable finance as a collective priority. UK-based firms are invited to apply from 17 April 2023.

Special edition podcast | US federal regulators’ regulatory enforcement activity against crypto exchanges

April 06, 2023

In this special edition podcast, our US partners Stephen Aschettino, Andrew Lom and Kevin Harnisch discuss the recent uptick in regulatory enforcement activity from federal regulators against crypto exchanges, with the SEC issuing a Wells Notice to Coinbase and suing Beaxy, and the CFTC suing Binance and seeking permanent injunctions to also stop Binance from working with US-based customers. They explore the significance of these actions and what they may signal about the evolving landscape for digital assets in the US.

Validating state privacy law opt-out signals

April 05, 2023

State privacy laws, such as the California Consumer Privacy Act (CCPA), require companies to implement opt-out solutions and honor applicable privacy requests. But if you have implemented an opt-out, how do you know it actually works?

UK AI White Paper

April 05, 2023

At last, UK Government publishes its White Paper on AI – “A pro-innovation approach to AI regulation” – an opportune start, but as expected, a framework with detail to follow…