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Food Safety Modernization Act Cryptocurrency

The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding... more +
The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding the FDA's inspection of food processing facilities and imported food products, requiring all food processors, manufactures and handlers to register with HHS and maintain food safety records, and shifting the government's focus away from responding to food contamination and towards preventing food contamination.  less -
White & Case LLP

FCA DP23/4: UK Regulation of Stablecoins

White & Case LLP on

On 6 November 2023, the UK Financial Conduct Authority ("FCA") set out proposals for its regulation of fiat-backed stablecoins ("DP 23/4"). DP 23/4 invites stakeholders to provide feedback by 6 February 2024....more

Cadwalader, Wickersham & Taft LLP

The UK Government Announces Plans for the Regulation of Fiat-Backed Stablecoins

The UK’s Treasury has released an Update on Plans for the Regulation of Fiat-backed Stablecoins. Following up on its January 2021 consultation on the UK regulatory approach to cryptoassets and stablecoins, the government’s...more

Orrick, Herrington & Sutcliffe LLP

UK Government finalizes cryptoasset guidance with financial promotions

On November 2, the UK Financial Conduct Authority (FCA) finalized guidance informing individuals and firms regarding the communication and promotion of cryptoassets. The final guidance follows a consultation period that...more

Walkers

Global Legal Insights Fintech 2023: BVI

Walkers on

Approaches and developments - The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in...more

Faegre Drinker Biddle & Reath LLP

English Commercial Court Refuses Recognition and Enforcement of California-Seated Arbitration Award on Grounds of Public Policy

In Payward Inc, Payward Ventures Inc and Payward Ltd v Chechetkin [2023] EWHC 1780 (Comm), the English Commercial Court refused to enforce a California-seated arbitration award, on the basis that enforcement would contravene...more

K&L Gates LLP

Consumer Rights and Public Policy Prevent Recognition of Crypto US Arbitration Award in England

K&L Gates LLP on

If an online business thinks it is insulated from court proceedings by an arbitration clause in standard terms, the English Commercial Court decision in Payward Inc. v Chechetkin will give pause for thought, particularly...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Closer Look at the Proposed UK Cryptoassets Regulatory Regime

In February 2023, the UK Treasury (HMT) published its consultation and call for evidence on the future financial services regulatory regime for cryptoassets (Consultation Paper). This is part of Phase 2 of HMT’s effort to...more

K&L Gates LLP

Cryptoasset Regulatory Update: HM Treasury Publishes Consultation Paper on the Future of the Financial Services Regulatory Regime...

K&L Gates LLP on

Introduction - On Wednesday, 1 February 2023, HM Treasury announced its intention to regulate a variety of crypto-asset activities under the UK financial services regulatory regime. The announcement arrived in the form of a...more

Paul Hastings LLP

The UK’s New “Big Bang” for Crypto Regulation

Paul Hastings LLP on

The UK Government has successfully positioned the UK as a FinTech and Crypto-friendly jurisdiction. At the same time, in a post-Brexit world, UK regulation of the crypto sector has lagged behind developments in the EU where...more

Hogan Lovells

UK Cryptoassets: HMT consultation and call for evidence on a future financial services regulatory regime

Hogan Lovells on

On 1 February 2023, HM Treasury published a long-awaited consultation paper and call for evidence setting out proposals for the UK’s financial services regulatory regime for cryptoassets. The proposals mark the next stage of...more

Hogan Lovells

UK: Bespoke temporary exemption for financial promotions relating to qualifying cryptoassets

Hogan Lovells on

In a departure from recent proposals to bring certain cryptoassets into the scope of the Financial Promotion Order, the government intends to introduce a bespoke temporary exemption for financial promotions relating to...more

Hogan Lovells

Belgian Financial Services and Markets Authority clarifies the characterisation of crypto-assets

Hogan Lovells on

By means of a communication dated 22 November 2022, the Belgian Financial Services and Markets Authority (FSMA) has provided clarification of the most common cases where crypto-assets may fall within the scope of the...more

Morrison & Foerster LLP

Promotion of Cryptoassets to UK Consumers to be Regulated by the UK Financial Conduct Authority

As expected, the UK Government has announced, in its January 2022 consultation response (“the Response”), that the promotion of cryptoassets to UK consumers is to be regulated. This represents a significant step towards...more

Orrick - On the Chain

HMRC’s New Approach to Cryptoassets – Tax First, Define Later

Orrick - On the Chain on

The UK tax authority, Her Majesty’s Revenue & Customs (HMRC), has taken a further step towards tackling perceived tax avoidance in transactions involving cryptoassets. Specifically, according to press reports, exchanges such...more

Orrick - On the Chain

The FCA Reclassifies Cryptoassets, But Is It Moving Away From Its Technology Neutral Approach?

Orrick - On the Chain on

The Financial Conduct Authority (FCA) has released final guidance on cryptoassets in a policy statement that includes feedback from their January consultation paper. It is important to note that the policy statement is of a...more

White & Case LLP

FCA cites price volatility and ‘FOMO’ in proposal to ban the sale of crypto-derivatives to retail clients

White & Case LLP on

On 3 July 2019, the UK's Financial Conduct Authority published a consultation paper in which it proposed to prohibit the sale to all retail clients of derivatives and Exchange Traded Notes (ETNs) that reference certain types...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

Publication by the FSMA of the 2017 statistics regarding pension funds - The Financial Services and Markets Authority (“FSMA”) published the statistical data on 21 September 2018 on the sector relating to institutions...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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Commons Treasury Committee report on crypto-assets - The House of Commons Treasury Committee published its report on crypto-assets. The report relates to the digital currencies inquiry the Committee launched earlier this...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

Publication by the FSMA of its annual report - The Financial Services and Markets Authority (“FSMA”) published its 2017 annual report on 8 June 2018. At the occasion of its presentation, the FSMA described the preventive...more

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