Felicity Potter, UK partner specialising in technology and cryptoassets disputes, was quoted in Law360’s article that covers the UK government's plans to regulate various cryptoasset activities, aiming to provide greater protection and transparency to investors.
Financial regulation lawyers, including Potter, have welcomed the move but emphasised the need for more specific details. The proposed regulations, influenced by the collapse of FTX Trading Ltd. in November, would bring certain crypto-assets under similar regulation as other financial services. HM Treasury has released its final proposals, building on suggestions from February, and experts view upcoming legislation as crucial for providing greater certainty in the crypto market.
Felicity comments that the government's proposals will provide
'greater protection and transparency" to investors by regulating activities and introducing a disclosure regime. But issues may arise because overseas businesses providing services to U.K. consumers may be caught by the regulations. It remains to be seen how far such regulations will be enforced on overseas firms, and the government has indicated that it intends to consult with the FCA to seek to devise ways to mitigate the risks posed by overseas crypto businesses in this context.'
The full article can be found here: UK's Crypto Market Rules Need Fleshing Out, Lawyers Say (subscription to Law360 required).
Further information
For further information on the topics raised in this article, contact Felicity Potter.
