Cryptoassets—the basics In its simplest form, cryptoassets are a virtual currency which uses encryption to verify transactions denominated in that currency. It is a decentralised, near-instantaneous, and anonymous form of currency, independent of the traditional banking system. For further reading on the formation of cryptoassets, see: • Fintech—overview • Cryptoassets—overview • Practice Note: Web 3.0, digital assets and cryptoassets—essentials Insolvency and restructuring in the context of cryptoassets This Practice Note considers some of the issues that an insolvency professional (including an insolvency practitioner (IP)) might face if appointed to deal with a cryptoasset-related insolvency. This Practice Note does not consider the implications of cryptoassets in a personal bankruptcy scenario. It is widely acknowledged that legal and regulatory oversight of cryptoassets is somewhat behind the curve. Having said that, legislators and regulators have taken heed of the exponential growth and market capitalisation of cryptoassets and are swiftly bolstering existing, or developing new, legal and regulatory regimes. For further information, see Practice Notes: UK regulation of cryptoassets, EU regulation of cryptoassets and Supranational approach to the regulation

The Basel Committee on Banking Supervision (BCBS) has published its final disclosure framework for banks' cryptoasset exposures and targeted amendments to its cryptoasset standard published in December 2022. Both standards have an implementation date of 1 January 2026.

This Practice Note on civil recovery of misappropriated cryptoassets identifies the potential methods for seeking recovery as well as explaining the difficulties, both legal and technical, in so doing given the nature of cryptoassets and the ease with which fraudsters may engage technical tools to avoid detection of the misappropriated assets. It includes reference to following and tracing of cryptoassets in the recovery process as well as interim relief in civil recovery of cryptoassets and the relevance of the Proceeds of Crime Act 2002 (POCA 2002) provisions with regard to civil recovery of cryptoassets. Crypto asset recovery refers to the process of retrieving digital assets that have become lost, stolen, or otherwise inaccessible. Recovery may be required due to loss of access to digital wallets, erroneous transactions, such as the inadvertent transfer of assets to incorrect wallet addresses, or as a result of fraudulent activity. Depending

Arbitration analysis: Chartered Institute of Arbitrators (CIArb) and the London Court of International Arbitration (LCIA) hosted a seminar discussing the challenges and opportunities of cryptocurrency and finance arbitrations in London. Charlie Morgan, partner, Herbert Smith Freehills, Tope Adeyemi, barrister, 33 Bedford Row, Saima Hanif KC, barrister, 3 Verulam Buildings, and Olesya Prantyuk, forensic accounting expert, HKA, report on the event.

Financial Services analysis: Syedur Rahman, partner at Rahman Ravelli, assesses the potential for market abuse by cryptocurrency exchanges and the approaches taken so far in the UK, EU, and US.

Energy analysis: Tracy London, partner at Bracewell (UK) LLP, discusses the likely emerging themes for the offshore wind sector during the course of 2024.

Refers to commencement of pension benefit payments from all or part of a pension scheme, as income and/or lump sum. Crystallising defined contribution benefits can trigger the money purchase annual allowance.

Restructuring & Insolvency analysis: What are the legal consequences of crystallisation of a floating charge? Tina Kyriakides, barrister at Radcliffe Chambers, examines the Court of Appeal’s answer in Saw (SW) 2010 Ltd and another v Wilson and other and says the decision confirms that whether a charge is a qualifying floating charge is to be determined at the time of its creation.

The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of business without any further consent from the chargee. By contrast, a fixed charge requires the chargee to exercise a significant degree of control over the charged asset. This Practice Note examines: • the effect of crystallisation of a floating charge • types of event that trigger or may trigger crystallisation, including automatic crystallisation, and • partial crystallisation For further detail on the nature of fixed and floating charges, see Practice Note: Fixed and floating charges. For information on the advantages and disadvantages of floating charges, see Practice Note: Floating charges—advantages and disadvantages. For information on how to take a floating charge, see Practice Note: Floating charges. See also Security—frequently asked questions. The effect of crystallisation Impact of crystallisation on priority Upon crystallisation of a floating charge, the floating charge attaches to all existing assets that are within the scope of the charge and becomes fixed. The main consequence

Refers to the status of defined contribution funds when they are paid out, used to buy an annuity or designated for drawdown.

Caesium. A fission product of uranium-235.

Caesium-137 is a radioactive isotope of caesium which is formed as a fission product by nuclear fission. In small amounts it can be used to calibrate radiation-detection equipment and can also be used in cancer treatments. Caesium shares similar chemical properties to other Group 1 elements including sodium and potassium. If ingested, Cs-137 is distributed fairly uniformly throughout the body’s soft tissue, resulting in exposure of those tissues which can be treated with Prussian Blue (Ferric Hexacyanoferrate). The magnitude of the health risk depends on exposure conditions. These include factors such as strength of source, length of exposure, distance from the source, and whether there was shielding between the tissue and the source (such as metal plating).