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Topic: Cryptoassets cryptocurrencies stablecoins and cbdcs

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FCA publishes final warning for cryptoasset firms marketing to UK consumers

September 27, 2023

On 21 September 2023, the FCA published a letter setting out a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime.

FCA publishes letter to firms on preparations to comply with the cryptoasset financial promotions regime and modification to financial promotion rules

September 14, 2023

On 7 September 2023, the FCA published a letter to firms setting out its findings from meetings with various cryptoasset firms regarding their preparations for the cryptoasset financial promotions regime, and additional actions it is taking to support firms in complying with the regime. The FCA’s rules on financial promotions for cryptoassets, which were set out in Policy Statement PS23/6 published on 8 June 2023, will have effect from 8 October 2023.

FSB publishes IMF-FSB synthesis paper: Policies for crypto-assets

September 14, 2023

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets.

JMLSG publishes new guidance on cryptoasset transfers

September 06, 2023

On 31 August 2023, the Joint Money Laundering Steering Group (JMLSG) published final revisions to Sector 22 (crypto asset providers and custodian wallet providers) in Part II of its Guidance. This includes a new Annex I to Sector 22 relating to cryptoasset transfers.

FCA sets out expectations for UK cryptoasset businesses complying with the Travel Rule

August 30, 2023

On 17 August 2023, the FCA published on its website a statement setting out its expectations for UK cryptoasset businesses complying with the Travel Rule.

New CryptoNavigator platform to support firms with regulatory change

August 17, 2023

Our global financial services team has launched a new platform, CryptoNavigator, which provides a mixture of plug-and-play products and tailored advisory services to help firms navigate ever expanding regulatory requirements across the cryptoassets landscape. These include products and services to provide support with financial promotions and authorisations, as well as a global legal and regulatory developments tracker and horizon scanner.

The Singapore High Court rules that Crypto Assets are “things in action” capable of being held on trust: ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199

August 17, 2023

The Singapore Courts have issued yet another landmark decision on the nature of crypto assets. In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the High Court was presented with the issue of whether crypto assets are property capable of being held on trust, and if so, what type of property they are. These issues arose as the Plaintiff in that case was seeking a declaration that cryptocurrency payments (which were wrongfully transferred out of its accounts by the Defendant, a former employee) were held on constructive trust.

JMLSG consultation: cryptoasset transfers

August 17, 2023

On 28 July 2023, the Joint Money Laundering Steering Group published proposed amendments to Sector 22 (Cryptoasset providers and custodian wallet providers) in Part II of its Guidance. The proposed addition of Annex I to Sector 22 takes account of amendments relating to cryptoasset transfers, as introduced by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022. The deadline for comments on the proposed changes is 25 August 2023.

Treasury Committee published government’s response to Regulating Crypto report

July 26, 2023

On 20 July 2023, the House of Commons’ Treasury Committee published the government’s response to its report on Regulating Crypto. In the report, which was published in May 2023, the cross-party Committee of MPs called for consumer trading in unbacked crypto to be regulated as gambling.

ESMA and EBA consult on technical rules under MiCA

July 26, 2023

On 12 July 2023, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published for public consultation various draft technical standards that they are mandated to develop under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA). Whilst the draft rules published by ESMA focus on the relevant requirements for crypto-asset service providers (CASPs) and financial institutions providing services in crypto-assets, the draft set of technical standards published by the EBA mainly addresses requirements for the issuers of asset-referenced tokens (ARTs). In addition, the EBA published a statement encouraging financial institutions and other undertakings intending to undertake activities concerning ARTs and e-money tokens (EMTs) to take timely preparatory steps towards the application of the MiCA regime, which in respect of ARTs and EMTs is 30 June 2024.