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14 April 2021 / Celso De Azevedo , Marc Samuels
Issue: 7928 / Categories: Features , Cyber , Technology , Financial services litigation , Banking
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Cyber law: cryptoassets

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With digital currencies continuing to strengthen their foothold in the financial landscape, calls are increasing for a global response to regulate their use. Celso De Azevedo & Marc Samuels of 36 Commercial explore the most recent regulatory developments on both sides of the Atlantic
  • As cryptoassets begin to occupy a central position in the financial markets, there have been increasing moves to strengthen their (currently limited) regulation in the UK and US, in order to protect consumers and prevent illegal activity.

Bitcoin’s bull run over the past year has seen its value reach a new peak of US$60,000 per Bitcoin in March 2021. In February 2021, the aggregate value of the 18.6 million Bitcoin tokens currently in circulation surpassed US$1trn, representing approximately half of the entire cryptocurrency market value of US$2trn. In parallel, the global market has seen other cryptocurrency prices rise alongside the share prices of many cryptocurrency-related businesses.

In the US, financial giants have started embracing cryptocurrency in novel ways: Mastercard is integrating Bitcoin into its payment systems and BNY Mellon has announced plans

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NEWS
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Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
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The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
NLJ this week: Crypto fightback offers ‘new frontier for law’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
NLJ this week: Time to revive the duty to report crime?
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
NLJ this week: When are experts truly ‘necessary’?
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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