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Topic: Cryptoassets cryptocurrencies stablecoins and cbdcs

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Law Commission proposes revolutionary rules for ownership of crypto tokens and NFTs

September 05, 2022

There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse.

FCA updates webpages: cryptoassets

September 05, 2022

Requirements for a change in control– The webpage now provides that, an FCA registered cryptoasset firm (i.e. a cryptoasset exchange provider and/or a custodian wallet provider) is subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs). It is not subject to the regime under Financial Services and Markets Act 2000 (FSMA). The Money Laundering, Terrorist Financing and Transfer of Funds (Amendment) (No.2) Regulations 2022 bring elements of the FSMA change in control provisions within the scope of MLRs.

ECB publishes Working Paper on the optimal quantity of CBDC in a bank-based economy

August 03, 2022

On 28 July 2022, the European Central Bank (ECB) published a Working Paper on the optimal quantity of CBDC in a bank based economy.

The Law Commission's 'data objects': digital assets as a new property class

August 01, 2022

Those who have forgotten to choose a thriller for their summer holiday reading can breathe a sigh of relief; the Law Commission has come to the rescue by publishing its 549-page consultation paper on the future of digital assets. Spoiler alert: the Law Commission suggests that, while English law has demonstrated a degree of flexibility in accommodating the use (and regulating the misuse) of digital assets, now is the time to develop a coherent legal framework capable of dealing with all manner of digital assets, instead of relying on the iterative development of the common law. Such a framework would entail new legal fictions, and while the Law Commission’s proposals do not amount to an overhaul of English property law, they would, if implemented, result in fundamental changes.

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

July 28, 2022

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 to require cryptoasset exchange providers such as VCL to be registered with the FCA. VCL applied to the FCA in September 2020 and moved into a temporary registration regime pending the determination of its application.

Regulation by enforcement takes center stage again for the US SEC

July 26, 2022

On Thursday, July 21, 2022, the US Attorney's Office for the Southern District of New York charged a former cryptocurrency exchange (the Exchange) product manager for allegedly tipping off his brother and friend with material, non-public information in advance of the Exchange's listing announcements of certain digital assets (see our analysis of the indictment). The same day, the Securities and Exchange Commission (the SEC) also decided to throw its hat in the ring in another stark example of the SEC's "regulation by enforcement."

SDNY and SEC bring first cryptocurrency insider trading case

July 26, 2022

In the midst of the "crypto winter," cryptocurrency enforcement activity is heating up. On July 21, 2022 the US Attorney's Office for the Southern District of New York (SDNY) and Securities and Exchange Commission (SEC) brought the first insider trading case involving cryptocurrency against a former cryptocurrency exchange employee and his brother and friend, following last month's first ever indictment for insider trading involving non-fungible tokens. In a prior New York Law Journal article, we discussed the mounting prevalence of frauds and other crimes utilizing cryptocurrency, how these crimes often resemble conventional crimes with which the public is all too familiar, and enforcement agencies' response: funneling resources to the cryptocurrency space to address such crimes. These insider trading charges are the latest example of traditional crimes being committed through cryptocurrencies and, given the continued direction of enforcement efforts towards the cryptocurrency space, they are unlikely to be the last.

Dealing with a crypto winter in the heat of the summer: a US perspective

July 20, 2022

At a time when cryptocurrencies have experienced several weeks of tumult, losses in value and in some cases collapses and liquidation, what should participants in the cryptocurrency and DeFi space be doing? If a “crypto winter is coming,” should participants be getting ready for winter? Is it a viable approach to sit tight, for now, to “wait and see,” predicting or hoping that they will not be at the center of future storms?

Norton Rose Fulbright advises OKX on market entry into Dubai

July 20, 2022

Global law firm Norton Rose Fulbright's Dubai office has advised cryptocurrency exchange OKX on its entry into the UAE market.

Treasury Committee launches inquiry into crypto-assets

July 20, 2022

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.