The following Financial Services practice note provides comprehensive and up to date legal information covering:
One of the hurdles in relation to understanding non-traditional currencies and assets lies in the inconsistent use of language. Regulators and tax authorities, as well as commentators, refer variously to digital currencies, virtual currencies, cryptocurrencies, cryptoassets and crypto tokens, and it is not always clear whether they are using the terms interchangeably or with the specific meaning of each in mind. For more information about how these terms are defined, see Practice Note cryptoassets—essentials.
This Practice Note examines the risks of cryptoassets from a financial crime, money laundering and terrorist financing perspective. It considers why cryptoassets are susceptible to, and can facilitate, crime and how regulators have responded to these perceived threats. It also discusses recent criminal cases involving cryptoassets, in particular Bitcoin.
Criminal usage of Bitcoin and other cryptoassets has attracted the attention of financial regulators, legislators, the media and the public. The focus has been on how pseudonymous and decentralised virtual currencies—and the consequent difficulty of tracing payments—may contribute to criminal activity such as cybercrime, money laundering and terrorist financing.
Cryptoassets are digital assets in which encryption techniques are used to regulate the generation of units of the assets in question and verify the transfer of assets. Cryptoassets are often (but not always) decentralised, meaning that they are not issued by a central authority who controls access. In
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international perspective and includes some comparative examples from other
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.