Crypto, FinTech & Digital Assets

Recent Articles

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  24.05.2023

  International

  De­Fi and MiCA: How much de­cent­ral­isa­tion is enough?

  The European Union Council has recently adopted a regulation on Markets in Crypto-Assets (MiCA) that applies to crypto-assets, their issuers and service providers, and covers a range of services that are not addressed in the European financial regulation.However, for blockchain-based financial services developed in a highly automated manner with minimal or no intermediaries (commonly known as Decentralised Finance or DeFi) determining whether the MiCA regulation covers these services is not a straightforward task. This issue particularly challenges the provision of crypto-asset exchange services...

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  18.05.2023

  United Kingdom

  A Dia­mond An­niversary: The ASA 2022 An­nu­al Re­port out­lines key pri­or­it­ies after 60 years of reg­u­la­tion

  The Advertising Standards Authority has published its 2022 annual report celebrating 60 years of ASA ad regulation. The report sets out the ways in which the ASA system has changed and evolved over time in response to societal concerns. It focuses on the ASA’s current goals and recent initiatives, including its work using AI and machine learning for proactive regulation and tackling issues including greenwashing, cryptocurrency ads and protecting children from being targeted by age-restricted ads.In 2022 31,227 ads were amended or withdrawn following ASA intervention. This is a significant...

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  17.02.2023

  United Arab Emirates

  VARA is­sues Reg­u­la­tions for Dubai Vir­tu­al As­sets Re­gime

  On 7 February 2023, the Virtual Assets Regulatory Authority (“VARA”) published its virtual assets regulations and associated rulebooks (“VA Framework”). The VA Framework takes immediate effect and applies to all firms providing services to or from Dubai (other than firms conducting business in the Dubai International Financial Centre).Key activities within the scope of the framework include: Advisory Services, Broker-Dealer Services, Custody Services, Exchange Services, Lending and Borrowing Services, Payments and Remittances Services and VA Management and Investment Services.The...

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  08.02.2023

  England and Wales

  Ar­bit­ra­tion clauses in crypto-re­lated dis­putes: High Court rules in fa­vour of con­sumer on jur­is­dic­tion des­pite agree­ment for ar­bit­ra­tion

  The High Court has recently handed down judgment in the case of Chechetkin v Payward Ltd and others [2022] EWHC 3057 (Ch), accepting jurisdiction to consider a consumer claim for repayment of sums lost trading crypto assets, despite the fact that the Claimant had signed up for arbitration, arbitration proceedings had already concluded and that the tribunal had already issued a final award dismissing the claims.Similar issues were also recently considered by the Court of Appeal in Soleymani v Nifty Gateway LLC[1], which partially overturned the High Court’s decision to stay a consumer’s...

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  03.02.2023

  United Kingdom

  UK Gov­ern­ment pub­lishes con­sulta­tion to bring cryptoassets with­in the scope of the UK reg­u­lat­ory peri­met­er

  On 1st February 2023, His Majesty’s Treasury (“HMT”) published a comprehensive consultation paper (“Consultation Paper”) that sets out the UK Government’s (“Government”) intention to bring cryptoassets and cryptoasset related activities within the scope of the UK financial services regulatory regime, marking the next phase of the Government’s approach to regulating cryptoassets.This is a significant development for the cryptoasset industry in the UK, including for non-UK firms that market their services to UK based customers on a cross border...

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  31.01.2023

  United Kingdom

  De­cent­ral­ised Autonom­ous Or­gan­isa­tions (DAOs): What are they? And can they be parties to a claim?

  Introduction:On 16 November 2022, the Law Commission announced that it will begin work on a scoping study into Decentralised Autonomous Organisations (“DAOs”). The review will shed light on how DAOs are to be treated under UK law, which is part of the UK’s greater drive to become a global cryptoasset technology hub.DAOs are a strange (relatively) new entity, whose legal status is currently something of a mystery. Their structure does not quite fit within any current model of legal entity. They are projects that operate almost exclusively over the internet, whose participants make...

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