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Media / DLT, Cryptocurrencies and Crypto Assets

UK Listing Review | Rosenblatt Tech and Corporate Teams

Executive Summary The UK Listing Review chaired by Lord Hill (Hill Report) forms part of the Chancellor’s plan to bolster the UK’s world-leader status in FinTech in the light of Brexit and strong competition from other leading world markets. Published on 3 March 2021, it follows the recent Kalifa Review which laid out a strategy for the UK Fintech sector […]

Kalifa Review of UK Fintech | Rosenblatt Tech Team

Executive Summary In 2020, the Chancellor asked Ron Kalifa OBE (of Worldpay renown) to independently review the UK Fintech sector. The report was published on 26 February 2021, it is 108 pages long and is available for download here: The Kalifa Review of UK FinTech – GOV.UK (www.gov.uk) The aim of the review is to provide a strategy for the […]

HMRC Publishes Cryptoassets Manual Replacing Previous Cryptoasset Guidance

HMRC has updated its crypto assets taxation guidance by consolidating the ‘tax for business’ and ‘tax for individuals’ guidance into a new “Cryptoassets” manual. HMRC’s guidance is restricted to the use of exchange tokens (typically cryptocurrencies). HMRC’s approach to taxing cryptoassets is based on its 2018 paper on the subject. Their position in broad summary is that cryptoassets are not […]

HM Treasury Consultation on the UK’s Regulatory Approach to Cryptoassets and Stablecoins | Rosenblatt’s Tech Team

Introduction On 7 January 2021, HM Treasury (“HMT”) published a consultation paper with a call for evidence on its review of the UK’s regulatory approach to cryptoassets and stablecoins. Stablecoins are digital representations of value that are linked to less volatile underlying asset(s) such as ‘fiat’ currency (for example the US Dollar) or to exchange traded commodities such as gold. […]

FCA Regulation of Cryptoassets | Rosenblatt’s Tech Team

Introduction Regulatory authorities in the UK have long agonised over how to regulate cryptocurrency and its associated activities and the debate on this continues. Certain investment services which come within the definition of the Markets in the Financial Instruments Directive (“MiFID”) must be authorised by the Financial Conduct Authority (“FCA”) under Financial Services and Markets Act 2000 (“FSMA”) as regulated […]

High Court Confirms Cryptocurrency is Property, Grants Proprietary Injunction and Protective Orders. By Danielle Carr, Partner, Rosenblatt

Danielle Carr, Partner in Dispute Resolution, explores a significant recent decision concerning cryptoassets and cyberattacks (AA v Persons Unknown). In granting an interim proprietary injunction further to a cyberattack and payment of ransom in Bitcoin, the High Court embraced the UK Jurisdictional Task Force (UKJT) Legal Statement on Cryptoassets and Smart Contracts and, importantly, confirmed that cryptoassets are property. The […]

New UK guidance issued on Cryptoassets and Smart Contracts

The Legal Statement on Cryptoassets and Smart Contracts was launched yesterday by Sir Geoffrey Vos, the Chancellor of the High Court and Chair of the UK Jurisdiction Taskforce, a team of industry experts and leading figures from government and the judiciary. The Legal Statement provides some important clarification, and also how the flexibility of English and Welsh common law system […]