Key takeaways as MiCA reaches the finishing line

Well over two years after the Markets in Cryptoassets Regulation (MiCA) was first proposed, the European Parliament gave it the green light on 20 April 2023 and MiCA was adopted by the Council on 16 May 2023. MiCA is likely to enter into force in July 2023 following publication in the Official Journal, with some provisions applying a year later and the rest from January 2025. Read more

Grand Designs – Next phase in the Digital Pound build

This article was first published in The Banker on 3 March 2023. Final decision yet to be made The world of money is changing. The received wisdom of “cash is king” has long been declining and the world is gradually moving to a more digitised banking space where digital deposits and payments have become dominant; … Read more

Hong Kong SFC paves the way for retail access to crypto platforms … provided safeguards are in place

A major virtual asset (VA) regulatory milestone occurred last week when the Hong Kong Securities and Futures Commission (SFC) published its much anticipated Consultation Paper on the proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the Securities and Futures Commission (Consultation Paper). Among other things, the SFC proposes to allow all types of investors, including retail, to access VA trading platforms (VATP) provided the VATP comply with a range of robust investor protection measures. Read more

Government publishes non-stablecoin cryptoasset Consultation and Call for Evidence

HM Treasury (HMT) has published its long-awaited consultation (Consultation) and call for evidence (Call for Evidence) on the regulation of cryptoassets that are not stablecoins, e-money or already regulated by virtue of amounting to a traditional financial services instrument (a share, bond, unit in a fund, derivative, etc). Its scope is broad and captures a whole swathe of cryptoassets including cryptocurrency such as Bitcoin, as well as non-fungible tokens (NFTs). Read more