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June 2024 Freshfields FS insights Cryptoasset regulatory and risk developments: the global picture Time to read: 10 minutes The regulatory landscape for cryptocurrencies and digitalassets has variedsignificantly across different jurisdictions worldwide, sparking a debate on themost appropriate approach. Some countries have opted for a detailedregulatory framework, while others have favoured a lighter-touch approach,targeting specific harms for regulation. However, in the aftermath of the failure In this newsletter, we provide a comparative analysis of the cryptoassetregulatory frameworks in the UK, the EU, the US and Asia. For moreinformation, as well as insights into the SBF trial, see ourwebinarfrom European Union Currently, in the EU, cryptoassets are principally regulated by the fifth AML Directive (AMLD5), which requires custodian wallet providers and providers ofexchange services between virtual currencies and fiat currencies to register inthe Member State where they provide services. Member States have theautonomy to introduce supplementary regulations, which has resulted in 27distinct national regimes. These regimes vary in their structures andapproaches, with some closely aligning with AMLD5, while otherscoveradditional types of cryptoassets and/or service providers and in some cases However, this will change with the introduction of the Markets in Crypto-AssetsRegulation (MiCA), which will become applicable later this year. MiCA willintroduce a harmonised regime covering all cryptoassets, broadly defined as a“digital representation of a value or of a right that is able to be transferred andstored electronically using distributed ledger technology (DLT) or similar On 30 June 2024, the issuance and redemption of stablecoins, referred to inMiCA as asset-referenced tokens (ARTs) and e-money tokens (EMTs), willbecome subject to MiCA rules. The issuance of stablecoins will require alicence, and issuers of ARTs will have to comply with comprehensive ongoingrequirements, including a duty to maintain a reserve of assets. For EMTs, the In terms of the primary market, public offerings of cryptoassets and admissionfor trading will require a “white paper” similar to a prospectus. These white With regard to the secondary market, the provision of certain services inrelation to cryptoassets will become a licensable activity under MiCA. Theseservices include custody services, exchange services, the operation of atrading platform, placing services, the execution, reception and transmission oforders, investment advice, portfolio management and transfer services.Licensed institutions may rely on their existing licences in some cases,depending on the type of licence and service. The provision of these services on custody, on the exchange of cryptoassets for funds, and on operating atrading platform for cryptoassets. The trading of cryptoassets will also be In terms of geographical scope, MiCA will apply to offerings to the public in theEU and services provided to clients in the EU. This means that serviceproviders based outside theEU will be captured if they are offering serviceswithin the EU. MiCA requires that the entity and its operations are actuallyestablished in the EU, which could result in an onshoring of foreign service Certain cryptoasset service providers that have provided their services inaccordance with national law before MiCA comes into force maycontinue to doso until 1 July 2026 or until they are granted or refused authorisation. However,Member States are free to shorten this transition period, and the EuropeanSecurities Markets Authority (ESMA) has encouraged them to limit the For a guide to MiCA and what cryptoasset issuers and service providers mustdo to comply with the new EU framework, please seeournavigator. United Kingdom In the UK, even more so than the EU, the regulatory regime for cryptoassetshas been implemented in a fragmented manner. Although the details of a morecomprehensive future regime have been published, there are currently two First, in-scope firms must be registered under the Money LaunderingRegulations 2017 (MLRs). In 2019, the UK implemented AMLD5 by extendingthe scope of the MLRs to cover some activities involving cryptoassets.Cryptoasset exchange providers and custodian wallet providers are nowrequired to register under the MLRs. The MLRs were subsequently amendedfurther to introduce, for example, new requirements on changes in control of Second, the Financial Services and Markets Act 2000 (Financial Promotion)(Amendment) Order 2023 (theFinancial Promotions OrderorFPO) brought“qualifying cryptoassets” within scope of the UK’s financial promotions regime. such services by social media influencers. It is now a criminal offence in the UKto make a financial promotion in respect of a qualifying cryptoasset unless thatfinancial promotion is exempt or approved by an authorised firm. The FPOadopted a wider definition of “cryptoasset” relative to the MLRs, as the