The FCA has stressed recently that it expects the cryptoasset sector to play its part in ensuring that Russian sanctions are complied with, and highlighted that the financial sanctions regulations do not differentiate between cryptoassets and other forms of assets. The use of cryptoassets to breach or circumvent economic sanctions is a criminal offence under … Continue Reading
The FCA has been increasingly interested in cryptoassets as their use in the UK has grown. In October 2018, the FCA published a joint report alongside the Bank of England and the Government as part of the UK Domestic Taskforce on Cryptoassets. In March 2019, the FCA commenced research into consumer attitudes and awareness of … Continue Reading
A group of underwriters, called Atrium (Lloyd’s syndicate for Coincover) have developed a £100,000 policy in response to a surge in reports of the hacking of cryptocurrency accounts. According to Lloyd’s, the policy has a “dynamic limit” that increases or decreases in line with the price changes of crypto assets. This means that the insured … Continue Reading
The English Court has now made a clear ruling; “I consider that cryptoassets such as Bitcoin are property“, Bryan J concludes in his judgment in AA v Persons Unknown. The Court has granted another interim injunction over Bitcoin, this time held in an account of a cryptocurrency exchange after it had been transferred to the exchange … Continue Reading
The recently reported High Court decision in Vorotyntseva v Money-4 Ltd (T/A Nebus.com) shows that freezing orders can cover Bitcoin and ethereum cryptocurrency. It is another example of the Courts finding that a cryptoasset is a form of property capable of being the subject of a Court order. The case was heard in 2018, but the judgment … Continue Reading
The FCA has now published its Final Guidance on Cryptoassets (PS19/22), setting out the FCA’s position on how cryptoassets fit within the current regulatory perimeter. The Guidance does not change the scope of regulation of cryptoassets by the FCA, but does provide useful and practical insight into how the regime applies in the cryptoasset sphere … Continue Reading
The Basel Committee on Banking Supervision has released a statement setting out its position on crypto-assets, becoming the latest in a line of supervisory and regulatory bodies to consider these assets.… Continue Reading
