News & Analysis as of

Distributed Ledger Technology (DLT) United Kingdom

A&O Shearman

Preliminary market engagement exercise for the UK digital gilt instrument pilot

A&O Shearman on

The UK Chancellor of the Exchequer has announced details of the launch of the procurement process for the pilot digital gilt instrument (DIGIT) issuance. The pilot aims to: (i) enable the government to explore how distributed...more

Hogan Lovells

The digitalisation of UK capital markets: Digitalised financial market infrastructure and tokenised bonds

Hogan Lovells on

Digitalisation and the application of key technologies, such as distributed ledger technology (DLT), are reshaping the landscape of global finance. In this report, TheCityUK has collaborated with Hogan Lovells to consider the...more

Hogan Lovells

Comparative Guide: DLT and Innovations in Wholesale Settlement in Central Bank Money (UK)

Hogan Lovells on

In our previous Comparative Guide, we explored innovations in private forms of digital money and money-like instruments available to retail customers, including fiatreferencing stablecoins, e-money and tokenised deposits. As...more

Hogan Lovells

UK embraces DLT and tokenisation: direction of travel - Redefining the frontiers of financial system efficiency

Hogan Lovells on

This articles provides some insights on the direction of travel in the UK in relation to distributed ledger technology (DLT) and digital assets, in light of recent legislative and policy developments that signal the UK’s...more

Hogan Lovells

UK embraces DLT and tokenisation: direction of travel

Hogan Lovells on

This articles provides some insights on the direction of travel in the UK in relation to distributed ledger technology (DLT) and digital assets, in light of recent legislative and policy developments that signal the UK’s...more

Hogan Lovells

UK Mansion House speech and the National Payments Vision - what this means for digital assets and tokenization

Hogan Lovells on

The Chancellor of the Exchequer’s Mansion House speech on 14 November 2024 and the National Payments Vision—published on the same day—set out key policy initiatives regarding the future of the UK financial services sector....more

BCLP

Smart Contracts and the Use of Arbitration to Resolve Related Disputes

BCLP on

In recent years, technology advancement has introduced new methods for contract formation. In particular, the rise of blockchain technology has led to the emergence of “smart contracts”, which are digital contracts which...more

BCLP

The Road Ahead for Tokenized Investment Funds in the UK

BCLP on

Earlier this year, the technology working group of HM Treasury outlined the initial stages of a strategic road map for the development of a fund tokenization industry in the U.K., with a final phase to be confirmed by the end...more

Skadden, Arps, Slate, Meagher & Flom LLP

Bank of England Seeks Innovation in Money and Payments, With a Focus on Distributed Ledger Technology

On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...more

Goodwin

DAOs in English law: another (but not final) step forward

Goodwin on

With so much focus on the regulatory treatment (and mistreatment) of blockchain related businesses, the benefits of commercial legal certainty for choosing a country or territory as a home of choice for these businesses is...more

Latham & Watkins LLP

FMLC Proposes New Rule on Governing Law for Digital Assets

Latham & Watkins LLP on

Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction. There is at least a tentative consensus in English law that cryptocurrencies and other digital...more

Orrick, Herrington & Sutcliffe LLP

UK financial regulators issue new authority on securities “sandbox”

On April 3, the U.K.’s Financial Conduct Authority and the Bank of England released a consultation paper seeking comments on their proposal to implement the Digital Securities Sandbox (DSS), a new regime for financial firms...more

A&O Shearman

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

A&O Shearman on

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

BCLP

UK Shareholding Report a Missed Opportunity for New Tech

BCLP on

In July, the U.K. Digitization Taskforce released an interim report containing a series of potential recommendations for the government, regulators and market participants, in order to achieve full digitization of the U.K....more

Proskauer Rose LLP

Regulation Round Up - March 2023

Proskauer Rose LLP on

31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

Hogan Lovells

Insurance Horizon Scanner – November and December 2022 edition

Hogan Lovells on

A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next couple of months. NOVEMBER 2022   Financial Services Regulatory Grid: Financial Services Regulatory Initiatives...more

A&O Shearman

UK - Law Commission on digital assets: five key takeaways

A&O Shearman on

Lawyers face a steep learning curve when it comes to cryptoassets and distributed ledger technology. So, it's no surprise that the Law Commission’s consultation paper on digital assets comes out at a whopping 548 pages....more

A&O Shearman

What the FCA’s Business Plan and Strategy really means: digital markets

A&O Shearman on

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently published their Business Plans for 2022/23. The FCA also published a three-year strategy. But what does it really mean for firms? ...more

Hogan Lovells

Global Payments Newsletter, April 2022

Hogan Lovells on

Key developments of interest over the last month include: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more

Alston & Bird

UK Treasury Moves Forward with Plans to Regulate Stablecoins for Payments

Alston & Bird on

Our Financial Services & Products London Team examines the UK’s foray into the regulation of cryptoassets in its effort to be ‘a global hub’ for crypto-companies....more

Cadwalader, Wickersham & Taft LLP

The UK’s Plan to Become a Global Crypto Hub

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

Cohen & Gresser LLP

Post-Brexit UK: Open for (Crypto) Business?

Cohen & Gresser LLP on

The UK’s HM Treasury published its response to last year’s consultation on the UK regulatory approach to cryptoassets, stablecoins, and distributed ledger technology (“DLT”) in financial markets on the 4th of April 2022. ...more

BakerHostetler

New Crypto Payment Initiatives; Regulators Address Crypto in Speeches; Lawmakers Propose Legislation; OFAC Sanctions Crypto...

BakerHostetler on

Crypto Payment Initiatives Announced in Stablecoins, Lightning Network, Mining - Late last week, the issuer of USD Coin (USDC) announced that it had selected a major U.S. bank as a primary custodian for USDC reserves....more

Cadwalader, Wickersham & Taft LLP

UK Revenue Guidance on Cryptoasset Lending and Staking Using Decentralised Finance

In early February, HMRC published a new chapter in its Cryptoassets Manual dealing with decentralised finance (“DeFi”). DeFi is an umbrella term encompassing a range of products which are comparable with traditional financial...more

Morgan Lewis - Tech & Sourcing

Smart Legal Contracts under the Legal Framework in England and Wales

The Law Commission of England and Wales has published a detailed analysis of the application of existing law to smart legal contracts and concluded that the current legal framework is able to facilitate and support the use of...more

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