Cryptocurrencies & ICOs – FinTech and Blockchain Law Watch

Luxembourg Modernises the Custody Chain to Accommodate Blockchain Technology

Jan 29 2025

By: Dr. Jan Boeing, and Tanner Wonnacott

On 31 December 2024, the Luxembourg law of 20 December 2024 amending the existing legislative framework on dematerialised securities (Blockchain IV Act) entered into force. As background, dematerialization of securities occurs with the move from physical stock certificates to electronic bookkeeping. When this occurs, actual stock certificates are removed and retired from circulation in exchange for the electronic recording. Securities are then transferred between securities accounts by book transfer.

President Trump’s Executive Order Steering Digital Assets Policy

Jan 27 2025

By: Richard F. Kerr, Sarah V. Riddell, Cheryl Isaac, Jeremy M. McLaughlin, and Joshua L. Durham

As promised during his campaign, President Trump has taken significant steps to support the digital asset industry during his first week in office. On 23 January 2025, he signed an executive order initiating digital asset regulatory rollbacks and a new federal framework governing cryptocurrencies, stablecoins, and other digital assets (the Order).

Hong Kong’s Security Tokenization Support Initiative – A Subsidy Program

Jan 22 2025

By: Jay Lee, Natalie Chow and Alvin Lam

Recently, Hong Kong Monetary Authority (HKMA) initiated accepting applications for Digital Bond Grant Scheme (the Grant Scheme) to financially support digital bond issuers for the duration of three years. The Grant Scheme aims to encourage broader adoption of “tokenization technology” in capital markets and foster the development of digital securities markets in Hong Kong.

First JPEX Judgement by a Hong Kong Court in Favor of Customers

Nov 13 2024

By: Jay Lee, Natalie Chow, and Alvin Lam

On 29 October 2024, the Hong Kong District Court issued the judgment of the first legal action (Chan Wing Yan and Another v. JP-EX Crypto Asset Platform Ltd and Others [2024] HKDC 1628) against JPEX, which the Hong Kong Securities and Futures Commission has identified as an unlicensed virtual asset trading platform (VATP).

Crypto.com’s Mission to Seek Regulatory Clarity for Digital Assets

Oct 14 2024

By: Cheryl L. Isaac, Judith Rinearson, Eden L. Rohrer, and Joshua L. Durham

On 8 October, Crypto.com made two novel, strategic moves to seek regulatory clarity regarding the classification of digital assets. First, the digital asset exchange sued the SEC, claiming that the SEC exceeded its statutory authority with respect to its classification of digital assets as securities without any notice-and-comment rulemaking as required under the Administrative Procedure Act (APA). Second, Crypto.com’s affiliate that is a CFTC-registered derivatives exchange petitioned the SEC and CFTC to provide a joint interpretation on how its swap products should be governed by the agencies.

Cryptocurrency Industry Can Shape California’s New Licensing Regime

Oct 04 2024

By: Jeremy McLaughlin and Joshua Durham

On 2 October 2024, the California Department of Financial Protection and Innovation (DFPI), issued draft proposed rules to implement the state’s new cryptocurrency licensing regime, the Digital Financial Assets Law (DFAL). DFPI is seeking comments on the proposed rules and set a deadline of 18 November 2024.

The Long and Winding Road: Navigating Fintech and Crypto App Approvals by the Apple Store

Jun 20 2024

By: Andrew Hinkes and Judie Rinearson

Much has been written about the effort it takes to have a new app approved by the Apple App Store. With good reason, Apple’s strict approval process ensures quality and maintains the standards of its ecosystem. As Apple itself reports, in 2023 it “rejected more than 1.7 million app submissions for failing to meet the App Store’s stringent standards for privacy, security, and content.”¹ An article from Decode about the top reasons for an Apple rejection² included the usual tech-related problems: The app is low quality; there are broken links; lots of bugs and crashes; etc.

Australia: Crypto in the Courts

Jun 11 2024

By: Daniel Knight and Ben Kneebush

On 4 June 2024, the latest chapter in ASIC’s crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC’s media release can be found here).

EU/Luxembourg Update on the Regulation on Markets in Crypto-Assets and the Digital Operational Resilience Act

May 24 2024

By: Dr. Jan Boeing and Tanner Wonnacott

MiCA Update

The Regulation on Markets in Crypto-assets (MiCA)¹ is part of the European Commission’s Digital Finance Package of September 2020, which includes other regulatory initiatives, such as the Pilot Regime for market infrastructures based on distributed ledger technology² and the Digital Operational Resilience Act (DORA).³

AML Reforms Part 2: Digital Currency Service Providers

May 23 2024

By: Daniel Knight and Kithmin Ranamukhaarachchi

The Australian Attorney-General’s Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

Category:Cryptocurrencies & ICOs