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Financial Markets Law Committee

Financial Markets Law Committee

Furthering legal certainty in the wholesale financial markets

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Tag: Virtual Currencies

Response to Consultation: Cryptoasset Promotions: 25 October 2020

26 October 202026 October 2020 admin

The FMLC has submitted a response to the Consultation to draw attention to concerns with regards the definition of a “qualifying cryptoasset”. 

 Publications

Central Bank Digital Currency, Virtual Interim Meeting of the Quadrilateral Conference 2020

21 October 202008 January 2021 admin

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.

 Presentations

Response to European Commission Consultation: Framework for Markets in Cryptoassets: 17 March 2020

17 March 202017 March 2020 admin

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.

 Publications

Report: Exchange Tokens: 23 October 2019

23 October 201915 January 2020 admin

In this paper, the FMLC explores the ways in which regulators and legislators have attempted to grapple with the many varieties of virtual currencies and in particular those which have arguably come to function as money for legal purposes. The definition of “virtual currencies” in the E.U.’s Fifth Money Laundering

 Publications

Report: Initial Coin Offerings: 30 July 2019

30 July 201930 July 2019 admin

Initial Coin Offerings (“ICOs”) typically use Distributed Ledger Technology (“DLT”) to offer transferable units (“coins” or “digital tokens”) that confer various rights on the holder of record.  ICOs can be […]

 Publications

Letter to HM Treasury on 5MLD and Cryptoassets: 30 July 2019

30 July 201930 July 2019 admin

Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Fifth Anti-Money Laundering Directive” or “5MLD”) expands […]

 Publications

Legal Aspects of Virtual Currencies: 6 October 2017

06 October 201707 January 2021 admin

At the annual Goodacre Securities Industry Conference Dr Perkins presented on the difficulties inherent in determining the legal character of virtual currencies and uncertainties this creates with regards to their […]

 Presentations

Addendum: Virtual Currencies: 16 December 2016

16 December 201609 July 2018 admin

In July 2016, the FMLC published a paper in which it expressed the view that the virtual currencies which have achieved status as a medium of exchange within a significant user […]

 Publications

Journal Article: “The Legal Aspects of Virtual Currencies”: November 2016

01 November 201609 July 2018 admin

An article co-written by FMLC CEO Joanna Perkins and FMLC Project Secretary Jennifer Enwezor on the legal uncertainties arising from the proliferation of virtual currencies was published in the November […]

 Presentations

Presentation on Virtual Currencies at the FLB in Tokyo: October 2016

01 October 201607 January 2021 admin

Joanna Perkins travelled to Tokyo to meet with members of the Financial Law Board, the FMLC’s sister organisation in Japan. The presentation covers the FMLC’s outreach activities and research output […]

 Presentations

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