Crypto, FinTech & Digital Assets

Recent Articles

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  30/10/2024

  United Kingdom

  Autumn Budget 2024 – key tax announcements

  The 2024 Autumn Budget has been one of the most anticipated fiscal events in recent years. Not only is it a post-election Budget – the Labour Party’s first Budget in almost fifteen years – but the length of the period that has elapsed since the election, the Government’s discovery of a £22bn “black hole” in the public finances, and the broad commitments contained in Labour’s manifesto have all contributed to a lengthy period of intense speculation.Recent confirmation from the Chancellor that tax increases were a certainty, combined with the Government’s...

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  09/10/2024

  United Arab Emirates

  The DFSA publishes explainer on the regulation of Crypto Tokens in the DIFC

  The Dubai Financial Services Authority (“DFSA”) has published a comprehensive explainer (the “Explainer”) on its approach to regulating financial services in respect of “Crypto Tokens” carried on in or from the Dubai International Financial Centre (“DIFC”). We have set out some key takeaways from the Explainer below.1. Crypto Tokens and the recognition criteriaThe DFSA confirms that Crypto Tokens are tokens that are used or intended to be used as a medium of exchange or for payment or investment purposes. The definition of a Crypto Token does...

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  08/10/2024

  United Kingdom

  Digital Securities Sandbox applications now open: our summary of updates and clarifications from the regulators

  On 30 September 2024, the Bank of England (the “Bank”) and Financial Conduct Authority (the “FCA”) (together, the “Regulators”) issued a joint policy statement (the “Policy Statement”) addressing responses to the Digital Securities Sandbox (“DSS”) consultation paper (the “Consultation Paper”), which was released in early April 2024. Our full analysis on the original Consultation Paper proposals has been discussed here. We have set out a summary of the fees, assessments, and supervisory approach at each of the five stages of...

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  30/09/2024

  UAE

  UAE: VARA issues further regulations and guidance on marketing virtual assets and related activities in Dubai

  The Dubai Virtual Assets Regulatory Authority (“VARA”) has published new regulations (the “Regulations”)[1] and accompanying guidance (the “Guidance”)[2] on the marketing of virtual assets (“VAs”) and related activities (“VA Activities”) in Dubai (together the “Marketing Regulations”). The Marketing Regulations supersede the existing regulations[3] in relation to marketing VAs and VA Activities in Dubai (the “Existing Regulations”), and will be effective from 1 October 2024, although entities that have received...

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  23/09/2024

  England and Wales

  D'Aloia v Persons Unknown: English High Court clarifies law on crypto and constructive trusts

  Fabrizio D'Aloia v Persons Unknown Category A, Binance Holdings Limited, Polo Digital Assets Inc, Gate Technology Corp, Aux Cayes Fintech Co Ltd, Bitkub Online Co Ltd, Persons Unknown Category B (EWHC 2342 (Ch), 12 Sep 2024)D’Aloia will be a case name recognised by those with an interest in crypto law.  As previously reported (see CMS Law-Now here), on 24 June 2022, the High Court granted Mr D’Aloia (“Claimant”) an order permitting service of proceedings on persons unknown via a non-fungible token (NFT) .The claim against Binance Holdings Limited has since been settled,...

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  13/09/2024

  UAE

  UAE: SCA Issues New Guidelines on the Regulation of Virtual Assets and VASPs

  IntroductionThe Securities and Commodities Authority (“SCA”) has published the long awaited guidelines (the “Guidelines”) that supplement its existing legislative framework for virtual assets in the UAE, in particular Cabinet Resolution No. 111 of 2022, SCA Decision 13/RM of 2021 (the “SCA Rulebook”) and SCA Decision No.26 (Chairman) of 2023 respectively.The Guidelines apply to all Virtual Assets and Virtual Assets Services Providers (“VASPs”) in the UAE, with the exception of the financial freezones of the DIFC and ADGM.The Guidelines are comprehensive,...

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