Crypto, FinTech & Digital Assets

Welcome to the home of Crypto, FinTech & Digital Assets on Law-Now. On this page, you will find all the articles and publications about crypto, FinTech and digital assets written by CMS legal experts. To stay in touch with the latest developments, please bookmark this page on your mobile or register to receive eAlerts.

Recent Articles

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    26/02/2024
    England and Wales

    Law Commission’s draft Digital Assets Bill – welcome news for the UK

    Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure that the law remains dynamic, highly competitive, and flexible, so that it can support transactions and other arrangements involving digital asset technology” and aims “to help to achieve the UK Government’s stated goal of the jurisdiction of England and Wales becoming a global hub for digital assets, and in particular, for crypto-tokens and crypto-token systems”.The...
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    24/01/2024
    Europe

    New EBA guidelines to manage AML risks as part of the activities of crypto-asset service providers

    EBA released guidelines amending ML/TF Risk Factors Guidelines to include crypto-asset service providers within its AML framework.On 16 January 2024, the European Banking Authority (EBA) released its guidelines amending the ML/TF Risk Factors Guidelines (the “Guidelines”).The Guidelines aim at extending the scope of the ML/TF Risk Factors Guidelines to crypto-asset service providers (the “CASPs”). The Guidelines thus enable understanding the money laundering and terrorist financing (“ML/TF”) risks associated with CASP and the steps CASPs and other credit and...
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  •  
    09/01/2024
    United Kingdom

    Digital asset fraud and the challenges of claims against unidentifiable fraudsters (Tippawan Boonyaem v Persons Unknown)

    IntroductionThe High Court’s recent judgment in Tippawan Boonyaem v Persons Unknown [2023] EWHC 3180 (Comm) demonstrates the challenges faced by victims of digital asset fraud, who are typically defrauded by unidentifiable fraudsters operating online.English and Welsh procedural law allows claims to be brought against anonymous defendants as “persons unknown”, but only if those defendants are identifiable to some degree.  This presents a problem for victims of digital asset fraud who wish to obtain judgments against unidentifiable fraudsters.The High Court has been prepared...
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    02/01/2024
    International

    Tackling the misuse of crypto-assets for ML-TF purposes

    As a constantly evolving sector, the crypto-assets ecosystem presents continuous challenges, particularly in terms of money laundering and terrorist financing (ML-TF) risks.To tackle the misuse of crypto-assets for ML-TF purposes, it is necessary to subject players active in this sector to anti-money laundering and counter terrorist financing (AML-CTF) supervision. Consequently, such players have been progressively included within the AML-CTF framework.The framework initially covered professionals operating “virtual assets”. This scope has been amended to refer to professionals dealing...
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  •  
    11/12/2023
    United Kingdom

    UK Fund Tokenisation

    The Investment Association (IA) has published a report with a blueprint for implementing the tokenisation of UK investment funds.The report recommends a phased approach to achieving the ultimate goal of the full investment value chain operating on distributed ledger technology (DLT) via a series of incremental stages.The report is the product of the first stage of this work, and sets out a baseline model for fund tokenisation which could be used within the existing legal and regulatory framework. In this model, the only changes relative to a typical UK investment fund operating today are in the...
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    16/11/2023
    International

    NFTs under MiCAR – are they regulated or not?

    The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...
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