FinTech

Recent Articles

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  30/01/2025

  FCA publishes Discussion Paper on Admissions & Disclosures and Market Abuse Regime for Cryptoassets

  On 26 November 2024, the Financial Conduct Authority (“FCA”) published its proposed timetable to implement a new UK financial services regulatory regime relating to cryptoassets, which we outlined in our article here. On 16 December 2024, the FCA subsequently published its first discussion paper (DP24/4) in this respect, on the proposed new admissions and disclosures and market abuse regimes for cryptoassets (the “Discussion Paper”). The Discussion Paper is part of a series of publications expected from the FCA, which will be published during 2025, designed to facilitate...

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  06/01/2025

  Crypto Update: New year’s resolution – start planning for the new UK crypto regulatory regime

  Towards the end of last year, there was a whirlwind of activity around the future of cryptocurrency regulation in the UK. These developments pave the way for a more inclusive, efficient and innovative digital economy and with the intention of enabling the UK to attract more talent and investment and fulfilling the UK’s ambitions of being a hub for the cryptoasset industry. While the new requirements will not enter into force until 2026, firms that are impacted by these changes should be aware of these developments, follow/engage with the consultations that will be published during 2025 and...

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  07/11/2024

  UK government proposes significant changes to data law through new Data (Use and Access) Bill

  On 23 October 2024, the UK government set out its proposed reforms of UK law relating to the use of and access to data, with the introduction to Parliament of the Data (Use and Access) Bill (the “DUA Bill”).  The DUA Bill is intended by the UK government to enhance the UK’s digital strategy and unlock the use of data, harnessing its capabilities to boost public services and contribute to the UK economy.Many of the changes proposed in the DUA Bill can be traced back to the previous government’s attempts at reform in this area under the Data Protection and Digital Information...

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  09/10/2024

  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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  01/10/2024

  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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  30/09/2024

  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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