Hong Kong continues to refine the manner in which cryptoassets and activities are regulated.
Crypto-assets, cryptocurrencies and/or related service providers have not been traditionally regulated in Spain. These products or services have only been captured to the extent they were embedded in other financial products (e.g. funds or derivatives) or in case they could qualify as a financial instruments directly (e.g. security tokens).
The UK’s fintech sector is due to get a major boost in reforms suggested as part of the Kalifa Review of UK Fintech. In our latest alert, we provide a high level overview of the Review’s recommendations, and highlight some of the key ways in which the Review may fundamentally reshape financial services regulation and policy in the UK.
On 7 January 2021 HM Treasury (HMT) published consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT’s consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closes on 21 March 2021. Our crypto regulatory experts have published a briefing in which we explore the policy background underlying the consultation, set out the key points of HMT’s proposals, and provide a comparison to corresponding provisions in the European Commission’s recent proposal on a regulatory framework for cryptoassets.
The UK Financial Conduct Authority (FCA) has announced a ban on the sale of crypto-derivatives and exchange traded notes (ETNs) that reference certain types of crypto-assets (crypto-ETNs) to retail consumers. Firms who carry out marketing, distribution or selling activities in or from the UK of the relevant products to retail clients, will need to comply with these rules by 6 January 2021.
The UK’s JMLSG has published new sectoral guidance on how cryptoasset businesses should manage money laundering risk.