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.
Tag: Virtual Currencies
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: 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.
Report: Exchange Tokens: 23 October 2019
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
Report: Initial Coin Offerings: 30 July 2019
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 […]
Letter to HM Treasury on 5MLD and Cryptoassets: 30 July 2019
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 […]
Legal Aspects of Virtual Currencies: 6 October 2017
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 […]
Addendum: Virtual Currencies: 16 December 2016
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 […]
Journal Article: “The Legal Aspects of Virtual Currencies”: November 2016
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 […]