Following the publication of HM Treasury’s response to its 2020 Consultation on cryptoasset promotions and the FCA’s consultation on strengthening financial promotion rules for high-risk investments, including cryptoassets, stakeholders have brought to the Committee’s attention several potential areas of legal uncertainty in relation to the regulation of cryptoassets and related activities in the U.K.
Tag: FinTech
Response to Law Commission: Call for Evidence on Digital Assets
The Law Commission has undertaken to review the law of England and Wales and consider reforms to ensure that the law can accommodate digital assets. As a first step, it […]
Response to HM Treasury Call for Evidence: Regulatory Approach to Cryptoassets and Stablecoins: 19 March 2021
The FMLC has also drawn attention to the possible overlap of the new regime for stablecoins with the existing regime under the E-Money Regulations.
Letter: Artificial intelligence and the use of machine learning in financial services: 2 February 2021
In order to have a better understanding of impact of Artificial Intelligence (“AI”) and Machine Learning (“ML”) on financial services, the Bank of England (the “BoE”) and the Financial Conduct Authority (the “FCA”) have established the Artificial Intelligence Public-Private Forum (“AIPPF”).
Response to Survey: Legal Entity Identifiers: 9 December 2020
The FMLC Secretariat’s attention was drawn to an evidence gathering survey published ahead of the next public-private Innovation Working Group (“IWG”) on Legal Entity Identifiers (“LEIs”). The FMLC has published letters and papers in the past on the usefulness of the widespread adoption of LEIs.
Response to Consultation: Cryptoasset Promotions: 25 October 2020
The FMLC has submitted a response to the Consultation to draw attention to concerns with regards the definition of a “qualifying cryptoasset”.
Central Bank Digital Currency, Virtual Interim Meeting of the Quadrilateral Conference 2020
FMLC CEO, Joanna Perkins, moderated the panel on Central Bank Digital Currencies (“CBDCs”): tokenised sovereign money which is made available to the general public for ordinary commercial purposes. Her remarks provided an overview of the response from policymakers and the market to the development of CBDCs.
Response to European Commission Consultation: Action plan for a policy on preventing money laundering: 26 August 2020
The European Commission has launched a public consultation to gather stakeholder views on the possible enhancements to the E.U. anti-money laundering/countering the financing of terrorism framework. The FMLC would like to draw attention to two areas.
Response to European Commission Consultation: A New Digital Finance Strategy: 26 June 2020
In Q3 2020 the European Commission is scheduled to propose a new Digital Finance Strategy/FinTech Action Plan that sets out a number of areas that public policy should focus on in the coming five years. A Consultation designed to gather stakeholders’ views on policies to support digital finance, which will inform that strategy, was published in April 2020.
Response to European Commission Consultation: Framework for Markets in Cryptoassets: 17 March 2020
The FMLC has drafted a response to the Consultation in the form of two complementary reports. Part I comprises comments on the classification of cryptoassets. Part II comprises comments in response to the section of the Consultation dealing with cryptoassets which fall within the E.U. regulatory perimeter.