On 28 June 2023, the Law Commission of England and Wales published its recommendations for reform and development of the law relating to digital assets. The final report stemmed from a UK Government request to “make recommendations for reform to ensure that the law is capable of accommodating both crypto-tokens and other digital assets in a way which allows the possibilities of this type of technology to flourish.” In response, the Law Commission found that…
Social media has become an increasingly vital part of firms’ marketing strategies across industries, and the financial sector – including its growing number of financial influencers or “finfluencers” – is no exception. In light of this trend the UK financial services regulator, the Financial Conduct Authority (FCA), has published a consultation to update its guidance on social media financial promotions. With this new guidance, the FCA wants to ensure its expectations of financial promotions on…
Our new episode of FInsight: Global Financial Institutions Industry Podcast focuses the regulatory development f cryptoassets, following our recent publication Crypto around the World. The speakers for this episode are Sue McLean, partner and global tech lead for fintech from our London office; Iris Barsan, counsel from our Paris office; Julian Hui, senior associate from our London office, and Chris Murrer, a US attorney based in our Switzerland office. In this second part, we cover market abuse, sustainability, decentralized finance, and future developments.…
Taking off from the guide Crypto Around the World, the first of two episodes takes a broader look at general aspects of cryptoassets.
Crypto Around the World takes a look at cryptoasset regulations across around the world in 20 jurisdictions.
The Monetary Authority of Singapore (MAS) recently revised its Technology Risk Management Guidelines 2021 after feedback from a 2019 public consultation and engaging with cyber security experts. In this episode, Stephanie Magnus, Ken Chia, and Ying Yi Liew take a closer look at compliance, regulator expectations, cyber threats, and other important considerations — taking into account that financial institutions encompass large multinational banks, insurance companies and small fintech startups. https://soundcloud.com/user-879185301-820444966/ep12-singapore-mas-revises-technology-risk-management-guidelines
In this special edition, Sue McLean, partner and global tech lead for fintech and blockchain, talks to David Hart, a partner in our London office, and Lawrence C. Lee, a partner in our Palo Alto office, to discuss recent trends and developments around fintech. In this episode, they share their observations on recent innovations and take a closer look at various strategies behind the increase in investment and M&A activity. Fintech players, once seen as…
Blockchain technology was born in the midst of the financial crisis and proposed as a means of reliably transferring a store of value without using a bank or other financial intermediary. Bitcoin was the first such blockchain token, and multiple cryptocurrencies have followed. But blockchain use cases extend far beyond the financial world, and some of the more creative uses of blockchain technology have emerged in the supply chain. The numerous benefits of blockchain to…
A new interpretation of the Commodities and Futures Trading Commission (the CFTC) removes some uncertainty from a key exemption for virtual currencies. On March 23, 2020, the CFTC approved its final interpretive guidance on the meaning of the term “actual delivery”. In order for retail commodity transactions involving digital assets to be exempt from CFTC regulation under the Commodity Exchange Act (CEA), the transaction must result in actual delivery within 28 days, or such other…
Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a better understanding of the opportunities and…