UK Crypto Financial Promotions
The Financial Conduct Authority issued an industry-wide letter on 7 September 2023 on the incoming UK Cryptoasset Financial Promotions Regime
Law Commission Final Report on Digital Assets
The Law Commission of England and Wales has unveiled their groundbreaking Final Report on Digital Assets. This marks a major leap in the law's evolution to embrace crypto and digital assets.
UK Crypto Financial Promotions
The FCA has published its Policy Statement (PS23/6) on financial promotion rules for cryptoassets. This follows the publication of legislation on 7 June 2023 to bring cryptoassets into the FCA’s remit.
Over the last year it has become clear that blockchains and the software movement around them - can only succeed with a clear regulatory regime that provides an open pathway for startups while also protecting consumers from fraud and manipulation.
SEC v Crypto
SEC Legal Action Against Coinbase and Binance. The SEC’s recent lawsuits against Coinbase and Binance should serve as an urgent wake-up call for all crypto firms and projects.
UK Crypto Financial Promotions Regime
HMT Announces Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023Cryptoasset firms that market to UK consumers, including those based overseas, will need to comply with the new UK financial promotions regime once it is implemented.
UK sets out plans to regulate crypto
Ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities have been announced by the UK Government.
Digital Assets and Crypto in 2023
The exceptional events of 2022 will shape the crypto industry for years to come. In 2023, it will be important for firms and individuals to stay alert to the rapidly changing business and regulatory landscape in relation to crypto and digital assets. Our latest briefing sets out a few items for Clients to consider in the year ahead.
FTX Debacle - BOE Response
The Bank of England’s Sir Jon Cunliffe provides some reflections on crypto-currencies and regulation in light of the FTX debacle.
Joe Biden Leads “Critical” Call for Global Crypto Rules
US President Joe Biden and G20 world leaders have called the need for international rules to govern the fast-growing bitcoin and crypto space "critical".
FSB - International Regulation of Crypto Asset Activities
The Financial Stability Board (FSB) has published a proposed framework for the international regulation of crypto-asset activities.
Is “crypto” a financial stability risk?
Speaking at SIBOS, the Bank of England’s Sir Jon Cunliffe, set out his thoughts on “crypto finance” risks.
EU Seals Text of Landmark Crypto MiCA Law
The European Union (EU) has agreed upon the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments.
President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets
Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans – approximately 40 million people – have invested in, traded, or used cryptocurrencies. Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency.
UK Parliament Crypto Inquiry 2022
LawBEAM’s response to the Call for Evidence from the All-Party Parliamentary Group on Crypto and Digital Assets.
U.S. Responsible Financial Innovation Act
U.S. Senators Cynthia Lummis and Kirsten Gillibrand have published comprehensive proposals to legislate on cryptocurrencies, blockchain, and digital assets.
Systemic Digital Settlement Asset (and Stablecoin) Firms
Without irony, the UK Government is proposing to apply the lessons of big bank failure to cryptocurrencies. The new proposals are set out in HM Treasury’s latest consultation paper titled “Managing The Failure of Systemic Digital Settlement Asset (including Stablecoin) Firms”.
G7 Calls for “Swift” Crypto Regulation
G7 Finance Ministers and Central Bank Governors met last week to discuss global economic conditions, including cryptocurrency.
PRA Business Plan 2022/3
The Bank of England’s Prudential Regulation Authority (PRA) has announced it is increasing staff numbers to keep track of new risks linked to crypto assets and "new policy responsibilities".
UK Government coming round to cryptoassets
The UK Government has announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make the UK a global hub for cryptoasset technology and investment.
BOE, PRA, and FCA triple-team crypto
The BOE, PRA, and FCA publish reports on Crypto-assets and Decentralised Finance.
“Red Alert” on Crypto Ads
The ASA has issued an enforcement notice to over 50 firms advertising crypto services. This move comes as part of the nationwide crackdown on UK crypto adverts.
President Biden Signs Executive Order on Digital Assets
The White House earlier today announced the first ever, “whole-of-government” approach to supervising and regulating the crypto industry.
BlockFi - Client Briefing
BlockFi Agrees to Pay US$100 Million in Penalties to the SEC
FSB warns of emerging risks from crypto-assets to global financial stability
Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.