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Ben Thatcher

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On 27 July 2020, the Joint Money Laundering Steering Group (JMLSG), which comprises UK financial services industry trade bodies, published new sectoral guidance for cryptoasset exchange providers and custodian wallet providers regarding compliance with money laundering obligations. The Guidance provides an outline of the money laundering risks posed by cryptoassets and how cryptoasset firms can mitigate such risks. Money-Laundering Risks of Cryptoassets A 2020 study by the UK’s National Crime Agency reported that UK based…

On July 20, 2020, the UK’s HM Treasury (HMT) published a consultation paper proposing to bring the promotion of certain types of cryptoasset within the scope of the UK’s financial promotions restriction. We’ve summarised key considerations below; for further reading, our Financial Institutions Hub post takes a deeper look at the consultation. Proposed Changes The financial promotions restriction, set out in section 21 of the Financial Services and Markets Act 2000, provides that a person must not,…

On 30 June 2020, the Financial Conduct Authority (the “FCA”) published a research report into the market size, consumer profile and attitude towards cryptoassets. This research shows that an estimated 2.6 million UK consumers have purchased cryptoassets at some point; a 1.1 million increase over 2019’s figure. The Research Since 2018, the FCA has worked with the Bank of England and the UK Government as part of a Domestic Taskforce on Cryptoassets. In its joint…

Summary On December 13 2019, in the case of AA v Persons Unknown [2019] EWHC 3556 (Comm), the UK Commercial Court granted an interim proprietary injunction over Bitcoin, thereby confirming its status as property. Background In October 2019, cyber-attackers hacked into the computer system of a Canadian insurance company and installed malware which encrypted those systems, preventing anyone but the hackers from accessing them. The hackers then offered decryption software to the insurance company in…

On 3 January, 2020, Tang Sisi, the Vice-Chair of the Smart City Development Research Centre at China’s State Information Centre (CSIC) announced that a Blockchain Service Network (BSN) will launch for commercial purposes in April 2020. What is the BSN? The BSN is a state-backed national blockchain service infrastructure platform that spans public networks, regions and institutions. It was planned by CSIC and independently developed by China UnionPay, China Mobile and others. The BSN has…

In a letter published in November 2019, Sanjay Dhotre, India’s Minister of State for Electronics and Information Technology (MeitY) , stated that the Indian government is developing a National Level Blockchain Framework and is currently preparing an approach paper. The letter arose in response to a number of questions from MP Parvesh Sahib Singh Verma on what steps the government had taken to promote and encourage the use of blockchain technology and whether it had…