English King's Counsel | Writing about web3 legal in the UK | Not legal advice
ON CHAIN STERLING
The stable pound is coming. Once it arrives it may well disrupt existing retail and wholesale payments forever. Digital payments need no longer be confined to TradFi rails with their attendant delays and take rates. Sterling payments can move on chain. UK regulatory reform to make this a reality is now closer than ever. In this article I summarize what we know now (January 2024) about the likely shape of the new legal regime. This article does not contain legal advice and is for legal educati...
ON CHAIN STERLING
The stable pound is coming. Once it arrives it may well disrupt existing retail and wholesale payments forever. Digital payments need no longer be confined to TradFi rails with their attendant delays and take rates. Sterling payments can move on chain. UK regulatory reform to make this a reality is now closer than ever. In this article I summarize what we know now (January 2024) about the likely shape of the new legal regime. This article does not contain legal advice and is for legal educati...
Selling web3: Thoughts on the UK's New Financial Promotions Regime.
How should web3 wares be sold to UK consumers? The UK’s new financial promotions regime for crypto comes into force on 8 October 2023. Increased consumer protection and regulatory certainty have been welcomed by many (including me). But the UK’s regulatory approach has also excited some fear, uncertainty and doubt. This blog contains some personal legal reflections. On the one hand, those fearing the new regime should remember that not all crypto communications fall within its scope. There ar...
Selling web3: Thoughts on the UK's New Financial Promotions Regime.
How should web3 wares be sold to UK consumers? The UK’s new financial promotions regime for crypto comes into force on 8 October 2023. Increased consumer protection and regulatory certainty have been welcomed by many (including me). But the UK’s regulatory approach has also excited some fear, uncertainty and doubt. This blog contains some personal legal reflections. On the one hand, those fearing the new regime should remember that not all crypto communications fall within its scope. There ar...
UK Stablecoin Regulation: Where are we now?
The UK Government has committed to placing the UK’s financial services sector at the forefront of crypto asset technology and innovation. Giving effect to that vision, the Financial Services and Markets Act 2023 (“FSMA 2023”) came into force on 29 August 2023. It provides a pathway towards comprehensive regulation of stablecoins in the UK. How does the Act actually work? Is it workable? Are there concerns about regulatory overreach of the kind alleged against US regulators? Some thoughts.The ...
UK Stablecoin Regulation: Where are we now?
The UK Government has committed to placing the UK’s financial services sector at the forefront of crypto asset technology and innovation. Giving effect to that vision, the Financial Services and Markets Act 2023 (“FSMA 2023”) came into force on 29 August 2023. It provides a pathway towards comprehensive regulation of stablecoins in the UK. How does the Act actually work? Is it workable? Are there concerns about regulatory overreach of the kind alleged against US regulators? Some thoughts.The ...
