Crypto, FinTech & Digital Assets

Recent Articles

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  09/09/2024

  United Kingdom

  UK Tax Disputes Digest (Summer 2024)

  Welcome to the Summer 2024 edition of our UK Tax Disputes Digest: a high-level summary of key developments in contentious tax over the last few months for heads of tax, finance directors, general counsel and other in-house professionals.As with previous editions, we have seen a continued increase in HMRC activity across various areas. Both individual and corporate taxpayers would be well-advised to check their tax position as soon as possible to prepare for any potential HMRC investigation into their tax affairs.In this edition, we look at just a few of these developments, including the latest...

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  09/08/2024

  UAE

  The new CBUAE Payment Token Services Regulation: 10 things you need to know

  In June 2024, the Central Bank of the UAE (“CBUAE”), the supervisory and regulatory authority of the banking and insurance sector within the United Arab Emirates (“UAE”), published the long awaited Payment Token Services Regulation in Circular No.2 /2024 (the “PTSR”). The publication of the PTSR marks a significant development in the UAE’s regulatory framework for virtual assets. We have highlighted ten key issues below.1.      What activities are within scope of the PTSR?The PTSR sets out a comprehensive framework for licensing...

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  04/07/2024

  Turkiye

  Türkiye enacts long-awaited regulations on cryptoassets

  The draft regulations for cryptoassets, submitted to the Presidency of the Grand National Assembly of Türkiye in May, have now entered into force through their publication in the Official Gazette on 2 July 2024 (Law Amendment).The Law Amendment generally governs crypto activities and cryptoasset service providers (Service Providers) by introducing licensing, compliance, and transaction requirements. Significantly, these regulations also stipulate a transition period during which cryptoasset service providers must fulfil specific declaration obligations within one month of the regulations coming...

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  21/06/2024

  Europe

  EU to create new anti-money laundering authority

  On 19 June 2024, the Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) was published in the Official Journal. AMLA will coordinate EU efforts to combat money laundering (ML) and terrorist financing (TF), and the threats these criminal activities pose to the integrity of the EU’s economy and security. The AMLA has been established under the new European anti-money laundering (AML) and counter-financing terrorism (CFT) legislative package, and regulations...

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  20/06/2024

  UAE

  DFSA boosts cryptoasset regime with a number of key amendments

  The Dubai Financial Services Authority (“DFSA”), the financial services regulator for the Dubai International Financial Centre (“DIFC”), has announced further developments to its agile cryptoasset regime following its January 2024 Consultation Paper (the “CP”). The amendments relate to a number of changes to the DFSA rules on funds, custody, financial crime and the recognition of cryptoasset tokens. There are also a number of changes implemented in the new rules which differ to the proposed rules originally set out in the CP, and which we have highlighted...

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  03/06/2024

  Turkiye

  Türkiye drafts long-awaited regulations on cryptoassets

  On 16 May 2024, the newest version of the highly discussed draft regulations for cryptoassets (Draft) was submitted to the Presidency of the Grand National Assembly of Türkiye.The Draft proposes regulating certain crypto activities and the cryptoasset service providers (Service Providers) under the Capital Markets Law No. 6362 (Law), specifying that provisions of the Law that does not explicitly refer to Service Providers will not apply to them. According to the explanatory memorandum accompanying the Draft, the regulations emphasise an approach that avoids hindering the development of blockchain...

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