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AML & Financial Services Regulatory

United Kingdom: A review of HMT’s proposed cryptoassets regime – and how it compares to MiCA

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In brief

On 7 January 2021 HM Treasury (HMT) published a consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT’s consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closes on 21 March 2021.

In this briefing we explore the policy background underlying the consultation, set out the key points of HMT’s proposals, and provide a comparison to corresponding provisions in the European Commission’s recent proposal on a regulatory framework for cryptoassets.

To read the full briefing, please click here.

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Sue is a partner in Baker McKenzie's IP, Data and Technology team based in London. Sue advises on complex technology and commercial deals and projects.
Sue has advised on technology projects for over 24 years. She advises on strategic technology deals including cloud, outsourcing, digital transformation and development and licensing. She also advises on a range of legal and regulatory issues relating to the development and roll-out of new technologies including AI, blockchain/DLT and crypto-assets. Sue is a key member of our global AI practice and leads on responsible AI governance and AI related transactional projects at the firm.
Sue co-leads our Commercial practice in London. On the commercial side, Sue's practice involves advising on a range of strategic commercial agreements including supply and distribution agreements, manufacturing agreements, warehousing and logistics agreements, IP licensing and assignment agreements, joint development agreements, collaboration agreements and franchising agreements. She also supports clients in preparing terms of business and related documentation for new offerings and coordinating global roll-outs.
Sue also co-leads our transactional practice in London supporting our Corporate teams and providing strategic support on the commercial, technology and intellectual property aspects of M&A transactions, including advising on complex and strategic ancillary commercial, IP and transitional agreements related to acquisitions, disposals, carve-outs and JVs.
Sue is ranked as a leading lawyer in Chambers for Information Technology & Outsourcing and Fintech Legal and in Legal500 for IT & Telecoms, TMT, Commercial Contracts and Fintech. Clients say of Sue: "She is pragmatic and focused on getting a sensible deal done" and "She quickly builds relationships with ease and leverages her network to gain valuable insight. Her knowledge of technology and the impact of existing and upcoming laws is evident. Her professionalism builds trust and we have been grateful for her responsiveness on urgent matters".

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Kimberly Everitt is Baker McKenzie's knowledge lawyer for Financial Services Regulation & Enforcement, covering the EMEA region, and brings over a decade of experience to the team in both knowledge and fee-earning roles. Prior to joining Baker McKenzie, Kim held roles specializing in contentious financial services regulation knowledge, and her fee-earning roles covered non-contentious regulation in the private equity and general financial services sectors.

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Julian is a senior associate in Baker McKenzie's Financial Services Group in London. Julian advises financial institutions including international and local fintechs, investment and retail banks, asset managers, investment advisers, payment services firms and product issuers on compliance with UK and European regulatory obligations. Julian also has experience in advising on the spectrum of regulated financial services and products including deposit products, payment accounts and electronic money products, consumer credit, insurance, derivatives, managed funds, structured debt and equities. Julian has completed a secondment to UBS AG and Western Union Business Solutions, in their in-house legal and compliance teams. Duties included advising equity derivatives, fixed income derivatives and equities teams on general commercial and regulatory issues. He is currently on secondment from the Australian offices of the Firm and has extensive experience with both Australian and English financial regulation.

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Sarah Williams is an associate in the financial services practice in London. Sarah advises a broad range of clients on financial services legal and regulatory issues. Sarah's practice includes advising on the regulation of payment services and electronic money, investment firms and consumer credit providers and anti-money laundering compliance issues.

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