Crypto, FinTech & Digital Assets

Recent Articles

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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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  26.01.2023

  UAE

  UAE Cab­in­et is­sues de­cision re­gard­ing vir­tu­al as­sets reg­u­la­tion with­in the UAE

  To add further to the continued developing nature of the regulatory perimeter for virtual assets (“VA”) in the United Arab Emirates (“UAE”), the UAE Cabinet (“Cabinet”) has introduced a new regulation governing VAs which will be the first of its kind in this sector at a federal level (the “Decision”). The new regime will shape the UAE’s federal VA supervisory regime and bring activities pertaining to VAs, at an onshore level, within the regulatory purview. Objectives As set out in the Decision, the objectives of the new regime will be to: formulate...

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  29.09.2022

  UAE

  Vir­tu­al As­sets Reg­u­lat­ory Au­thor­ity is­sues new mar­ket­ing and pen­alty reg­u­la­tions

  Background Dubai Law No 4 of 2022 or better known as the Virtual Assets Law (the “VAL”) was issued on 28 February 2022 and came into effect on 11 March 2022 for the purpose of regulating virtual assets in Dubai. VAL established the Virtual Assets Regulatory Authority (“VARA”) which is one of the world’s first independent regulator for virtual assets incorporated in Dubai. The VAL creates a legal framework for businesses and investors within the virtual asset space in Dubai. The establishment of VAL and VARA demonstrates Dubai’s commitment to become a leading...

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