Author

Sue McLean

Browsing

The Law Society of England and Wales has published the second edition of its blockchain report in collaboration with the Tech London Advocates (TLA) Blockchain Legal and Regulatory Group. Part 1 of the report covers the growing types and uses of distributed ledger techhnology (DLTs) and specifically crypto-assets including: how DLTs workpublic and private blockchainstypes of crypto-assetstokens, including non-fungible tokens (NFTs) and social tokens Part 2 of the report covers topics such as: smart contractsdata and…

On January 18, 2022, the UK Treasury confirmed that it will bring certain cryptoassets into the scope of financial promotion regulation. The Treasury’s view is that the evidence of risks to consumers provides a strong case for intervention. Key points to note The Treasury proposes to define the scope of ‘qualifying cryptoasset’ as any cryptographically secured digital representation of value or contractual rights which is fungible and transferable, but this definition is still provisional and under…

Following its ban of seven cryptocurrency advertisements in December 2021 for “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment,” the UK’s advertising watchdog, the ASA, has banned a further two cryptocurrency ads in January 2022. The ASA has made clear that monitoring crypto-assets is a “red-alert priority” following concerns that many ads fail to fully convey the risks of investing. Companies that wish to advertise their crypto-assets…

The Law Commission has published its advice to the UK Government on smart legal contracts and concluded that “the current legal framework in England and Wales is clearly able to facilitate and support the use of smart legal contracts, without the need for statutory law reform”.The advice forms part of an on-going project initially commissioned by the Lord Chancellor in 2019 into the ways in which smart contracts are being used, and the extent to…

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…