Author

Sue McLean

Browsing

On 7 January 2021 HM Treasury (HMT) published a 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 closed on 21 March 2021. Baker McKenzie’s crypto regulatory experts have published a briefing that explores the policy background underlying the consultation, sets out the key points of HMT’s proposals, and provides a comparison to…

In Ion Science Ltd. v Persons Unknown and others (unreported), the Commercial Court granted a proprietary injunction and a worldwide freezing order in respect of Bitcoin that had been dissipated by the wrongdoers due to cyber-fraud. The Commercial Court also granted permission to serve disclosure orders against the coin exchanges that processed the transactions in order to help locate the missing assets and wrongdoers. This judgment further solidifies Bitcoin’s status as property, but also shows…

In the final episode of our blockchain for brands series, Alyssa Auberger, Baker McKenzie’s Chief Sustainability Officer and Global Chair, Consumer Goods and Retail (CG&R) Industry Group continues the conversation with Sue McLean, partner in Baker McKenzie’s IP, technology and data group, to discuss the key issues that CG&R businesses should be looking into when performing due diligence before signing up to a blockchain consortium, including consortium structure, governance and funding, and intellectual property, competition…

Continuing on from the previous episode, Alyssa Auberger, Baker McKenzie’s Chief Sustainability Officer and Global Chair, Consumer Goods and Retail (CG&R) Industry Group is again joined by Sue McLean, partner in Baker McKenzie’s IP, technology and data group, to discuss some initial considerations – and in particular data privacy considerations – for CG&R businesses who are thinking about participating in a private blockchain consortium. To listen to this episode, click here: Google Podcasts | iTunes | Spotify (10…

In the first part of a three-part podcast, Alyssa Auberger, Baker McKenzie’s Chief Sustainability Officer and Global Chair, Consumer Goods and Retail (CG&R) Industry Group is joined by Sue McLean, partner in Baker McKenzie’s IP, technology and data group. They discuss blockchain basics for CG&R businesses who may be considering blockchain, whether it be to advance sustainability objectives, tackle counterfeiting issues or address other business challenges. To listen to this episode, click here: Google Podcasts |…

At the start of the pandemic people wondered what the crisis would do to the crypto-asset market. As we left 2020, Bitcoin hit an all-time high and the crypto-asset world was moving into the mainstream and becoming subject to regulation around the world. On 16 December 2020, the FCA announced that cryptocurrency businesses that have filed to register with the FCA may continue operating under a temporary licensing regime for six months as the regulator…

Following the publication of the UKJT’s Legal Statement on cryptoassets and smart contracts in November 2019, the Government asked the Law Commission to undertake a scoping study into the law on smart contracts. Under the terms of reference agreed between the Law Commission and the Government, the scoping study will analyse the current law as it applies to smart contracts, identify areas in which further work or reform may be required, and provide such advice…

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 FCA’s policy statement and final rules can be found here. Which assets…

In the UK, the recent case of Toma v Murray [2020] EWHC 2295 (Ch), adds to the evolving case law in respect of cryptocurrencies. At the end of last year, the Commercial Court in AA v Persons Unknown [2019] EWHC 3556 (Comm) granted an interim proprietary injunction over Bitcoin, thereby confirming Bitcoin’s status as property (see our post here). However, in this recent case, Judge Robin Vos refused the claimant’s application to continue an injunction over…

Bank of England Governor Speaks About the Future Shape of Stablecoin Regulation On 3 September 2020, Andrew Bailey, the Governor of the Bank of England, delivered a speech to the Brookings Institution regarding innovation in payments, setting out his view that innovations need to be underpinned by an appropriate regulatory framework to be suitable for use on a wider scale. In his view, stablecoins have the potential to be suitable for widespread use, but must…