On May 7, 2019 the Liechtenstein government reported that it passed a motion to implement a new law on Tokens and VT Service Providers (generally referred to as the “Blockchain Act”). In recent times we have seen various European jurisdictions introduce regulation or publish regulatory guidance concerning specific aspects of blockchain technologies, However, Liechtenstein considers that its Blockchain Act is the first to create a holistic regulatory framework for the token economy. The reason the…
The UK Jurisdiction Taskforce (“UKJT”) recently published a consultation paper on the status of cryptoassets, DLT, and smart contracts under English private law. The UKJT is one of the six taskforces of the LawTech Delivery Panel created by the Law Society of England and Wales. The LawTech Delivery Panel was set up in October 2018 and is formed of a team of industry experts and leading figures from government and the judiciary, aimed at helping the…
On April 21, 2019, the English High Court ruled that it would have jurisdiction to hear the case of Ramona ANG v Reliantco Investments Ltd, following its determination that speculative investments, in this case Bitcoin futures, are not inherently a business activity. Therefore, the protections afforded to consumers under EU law (the Brussels Regulation (Recast) No 12/5/2012 (the “Regulation”) to bring claims via the courts in their own jurisdictions could apply to individual investors using…