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The much-debated Markets in Crypto-Assets (MiCA) Regulation is expected to enter into force in early 2023. MiCA is intended to close gaps in existing EU financial services legislation by establishing a harmonized set of rules for crypto-assets and related activities and services. Among other things, MiCA imposes restrictions on the issuance and use of stablecoins.  It’s part of a broader digital finance package, which, inter alia, also includes the Digital Operational Resilience Act (DORA) and the DLT Pilot Regime Regulation (which itself will start applying on March 23, 2023).…

Continue Reading EU Markets in Crypto-Assets Regulation Enters into Force Soon

Tokenization is the process of taking real-world assets and having them represented by digital tokens that can be traded on a blockchain. Tokenization can be a valuable tool for automating business processes and facilitating investment in fractional portions of an asset. However, the success of any tokenization project depends on the laws applicable to the asset being tokenized and the terms and conditions governing the project. Contrary to what some might think, rights in the asset represented by a token do not generally transfer to a buyer on the sale of the token.…

Continue Reading Tokenization, Ownership and Intellectual Property Rights

On 1 November 2018, Hong Kong’s Securities and Futures Commission (“SFC”) issued a statement and circular that expanded its regulatory reach over virtual asset activities. Previously, the SFC’s position was that any activities related to virtual assets (e.g. cryptocurrencies, assetbacked tokens, virtual commodities, etc.) would only be subject to the Securities and Futures Ordinance (Cap. 571) if…
Continue Reading Hong Kong: Tightening the Reins on Cryptocurrency