Growing Crypto Space Prompts Gov Regime Plans
In February this year, the Government launched a consultation into proposals for the UK’s financial services regime for cryptoassets.
What was the proposal?
The ‘Future financial services regulatory regime for cryptoassets’ consultation will focus on the regulation of cryptoasset activities such as trading, investment and lending, with the intention of providing greater clarity to consumers and businesses on.
Andrew Griffith MP, Economic Secretary to the Treasury, launched the consultation, which is the next phase in the Government’s plans to regulate the space which began with laying the groundwork to bring stablecoins and cryptoassets under financial services regulation in the Financial Services and Market Bill. The bill was unveiled in 2022.
Recent events including the failure of FTX in the United States, have highlighted the need for robust regulation to protect those dealing and investing in cryptoassets.
Griffith stated: “We remain steadfast in our commitment to grow the economy and enable technological change and innovation, and this includes cryptoasset technology.
“But we must also protect consumers who are embracing this new technology – ensuring robust, transparent and fair standards.”
Cryptocurrency is certainly a growing area of practice in law, as evidenced by the almost 50% expansion of the Chambers and Partners 2023 UK Bar Cryptoasset rankings.
Who were the barristers on the case?
Two barristers from Essex Court were added to the Silks category – James Collins KC and Tim Akkouh KC. Both Collins and Akkouh have noted experience in the cryptoasset trading space.
In the Junior category, three practitioners joined the rankings. Daniel Khoo, 4 Pump Court, is well regarded for his expertise in litigation surrounding cryptocurrency including the discharge of freezing orders.
Justina Stewart, Outer Temple Chambers, has a growing practice in the space with significant experience acting in fraud matters. She is well versed in cross border disputes.
Racheal Muldoon, Maitland Chambers, enters the rankings in band with a wide knowledge of recovery and injunction proceedings, as well as a strong understanding of a novel area of cryptoassets, NFTS.
For more information on the Chambers and Partners Cryptoasset rankings click here.