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…