uk crypto task force

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Publication of the Cryptoassets Taskforce report

Cryptoassets and the distributed ledger technology (DLT) that underpins them have attracted significant attention globally.  In light of rapid developments in the market, the substantial potential of applications of DLT, and growing evidence of the risks associated with cryptoassets, the Chancellor of the Exchequer launched the Cryptoassets Taskforce in March 2018. 

The Taskforce brought together HM Treasury, the FCA and the Bank of England to develop an approach to cryptoassets and DLT that maintains the UK’s international reputation as a safe and transparent place to do business in financial services; ensures high regulatory standards in financial markets; protects consumers; guards against threats to financial stability that could emerge in the future; and allows those innovators in the financial sector that play by the rules to thrive.

This report provides an overview of cryptoassets and the underlying technology, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK. 

The Taskforce concluded that robust action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks.  Further consultation and international coordination is required for those cryptoassets that pose new challenges to traditional forms of financial regulation, and fall outside the existing regulatory framework. All three authorities plan to engage with international bodies to ensure a comprehensive response.

In particular, the Bank of England will continue to:

• monitor financial stability implications of cryptoassets 
• assess the adequacy of the prudential regulatory framework with respect to cryptoassets, in conjunction with international counterparts 
• work towards enabling the renewed RTGS service to be capable of interfacing with innovative payment platforms, including those based on DLT.

This is a fast-moving global market, with the technology developing and the nature of cryptoassets evolving. The authorities will keep their approach to cryptoassets and DLT under review to ensure the UK continues to support innovation, while maintaining safe and transparent financial markets.

Cryptoassets Taskforce

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UK pushes ahead with plans to bring crypto under mainstream regulation

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The UK government is pressing ahead with its plans to bring the cryptocurrency industry under the umbrella of mainstream financial services regulation even after last year’s collapse of several high-profile digital asset companies stung retail investors.

The Treasury said late on Tuesday it would unveil a series of proposals to “regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance”. It also said it would temporarily backtrack on a previous pledge to align the regulation of crypto promotions with the standards applied to stocks, shares and insurance products.  

The move follows a year of acute turbulence in the digital asset industry, which included the collapse of Sam Bankman-Fried’s FTX cryptocurrency empire and lender Celsius, which left individuals globally with billions of dollars in frozen funds. The value of the 500 biggest crypto tokens also tumbled $1.7tn last year .

Treasury insiders say the aim of the reforms is to move Britain’s crypto regulatory regime to a more “neutral” position following suggestions that its rules were previously too lax. “We do want to become a global crypto hub,” said one. “But we are adjusting the dial to reflect recent market events. Nobody is getting a free ride to cause consumer detriment.”

After recent scandals in the crypto sector, the Treasury has downplayed its significance in Britain’s efforts to find growth. “It’s relatively small,” said one Treasury official.

Tulip Siddiq, Labour’s shadow City minister, said the UK’s main opposition party has been “calling for a crackdown on the crypto wild-west for months”. She added: “All the Conservatives are promising is further consultations — we need action now.”

The Treasury also said on Tuesday that it would seek to strengthen rules surrounding companies that facilitate crypto transactions and safeguard customer assets.

Cryptocurrency activity is currently not regulated by the UK’s Financial Conduct Authority; however, digital asset service providers that operate within the country’s borders must go through the watchdog’s anti-money-laundering review process. Around 85 per cent of crypto groups that attempt to obtain FCA registration have failed, stirring criticism from the industry that the UK has stifled innovation.

The government also on Tuesday said it planned to open up a temporary exemption that would allow crypto companies registered on the anti-money-laundering list to promote their services to the public even while a broader regulatory regime for crypto activity is introduced.

The FCA does not currently oversee financial promotions but the government vowed last year that it would seek to change the law to give the FCA oversight of most cryptocurrency marketing “in line with the same high standards that other financial promotions such as stocks, shares and insurance products are held to”.

“We have been clear on the need for the financial promotions regime to be extended to cover cryptoassets. Cryptoasset businesses marketing to UK consumers, including firms based overseas, must start getting ready now for this regime,” said the FCA.

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UK Launches Cryptocurrency Task Force

On Thursday, U.K. Finance Minister Philip Hammond announced the creation of a new "crypto asset task force" amid a handful of other financial technology initiatives coming from the British government.

The cryptocurrency task force will include Britain's central bank , the Bank of England , and the Financial Conduct Authority (FCA) , at a time when the digital currency space is facing heightened pressure from governments worldwide seeking more regulation of the decentralized market . (See also: Bitcoin Will Become World’s ‘Single Currency’: Dorsey. )

The news comes as part of a larger initiative to make the U.K. the "most attractive home" for global fintech companies, said Hammond at a financial technology conference in London, organized by the U.K.'s finance department. His comments come as many have grown concerned over the potentially negative impact on businesses of the U.K.'s decision to to leave the European Union , particularly as it threatens free trade across the bloc. 

Governments Seek to Regulate Highly Volatile E-Currency

"Every hour a new tech business is founded in the U.K. and my aim is to make that every half hour," the minister stated. "Our doors will always be open to the innovators and inventors."

As the global market is injected with a rush of volatility on fears of a potential trade war , Britain's new fintech strategy also promises to make stronger ties with Australia, including a recently signed agreement that allows British fintech firms to sell products and services in Australia. The deal, called a "fintech bridge," intends to expand collaboration on regulation and policies surrounding the fintech sector and will involve regular summits between the two countries' fintech industry bodies. 

Addressing illicit activity in the cryptocurrency space has become higher on the agenda for governments around the world, seeking to thwart money laundering and terrorism financing. On Wednesday, news broke that the U.S. National Security Agency has been monitoring the bitcoin blockchain , making it a primary goal to track down senders and receivers of bitcoin for the purpose of taking down organized crime and the use of e-currency services to move and launder money. Bitcoin is the world's largest cryptocurrency by market capitalization .

Earlier this month, highlighting risks of cryptocurrencies' extreme volatility, Bank of England Governor Mark Carney called for increased regulation on the market, which he indicated has fallen into a "speculative mania." FCA Chief Andrew Bailey echoed this bearish sentiment, telling cyrpto investors to "be prepared to lose all your money." (See also: NSA Helped Track Down Bitcoin Users, Snowden Papers Allege. )

Investing in  cryptocurrencies  and Initial Coin Offerings (" ICOs ") is highly risky and speculative, and this article is not a recommendation by  Investopedia  or the writer to invest in  cryptocurrencies  or  ICOs . Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.  Investopedia  makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns  cryptocurrencies.

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UK Crypto-Assets Task Force Outlines the Path to Crypto-Asset Regulation

• on an ongoing basis: the Prudential Regulation Authority will assess the adequacy of the prudential regulatory framework, in conjunction with its international counterparts. Additionally, all of the authorities will remain engaged on an ongoing basis in monitoring market developments, working towards a coordinated international response and supporting innovation with DLT. View the Final Report . View details of the Treasury Select Committee report following its Digital Currencies Inquiry . View details of the U.K. FinTech Sector Strategy . Return to main website . Topic: FinTech

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The Chancellor of the High Court, Sir Geoffrey Vos, launches Legal Statement on the Status of Cryptoassets and Smart Contracts

Chancellor of the High Court Speeches

The Chancellor of the High Court, Sir Geoffrey Vos, at the Guildhall.

The Chancellor of the High Court and Chair of the UK Jurisdiction Taskforce, Sir Geoffrey Vos, has launched the LawTech Delivery Panel’s statement on Cryptoassets and Smart Contracts (external link, opens in a new tab) at the Guildhall in London.

Speaking at the launch, he said: “I believe that this morning is a watershed for English law and the UK’s jurisdictions.  Our statement on the legal status of cryptoassets and smart contracts is something that no other jurisdiction has attempted.

“The objective, of course, is to provide much needed market confidence and a degree of legal certainty as regards English common law in an area that is critical to the successful development and use of cryptoassets and smart contracts in the global financial services industry and beyond.”

Sir Geoffrey’s speech can be read in full below.

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UK’s Cryptoassets Task Force publishes long awaited report

On 29 October 2018 the UK’s Cryptoassets Taskforce published its long awaited report into the state of play on UK regulation of crypto assets. George Morris of Simmons & Simmons discusses what this means for the industry.

The UK’s Cryptoassets Task Force yesterday published its long awaited report into the state of play on UK regulation of crypto assets (available here ). Overall the report continues the picture started by the Treasury Committee’s report on crypto assets of September (see our detailed review here ), clearly illustrating the Government’s view of caution over crypto, but with an overall positive outlook on the sector long term.

The report provides brief views on the FCA’s existing regulatory perimeter in respect of crypto assets, an overview of the risks and benefits posed by crypto assets, a discussion on the benefits of distributed ledger technology, and closing with a summary of the next steps that the three regulators will take in this sector. In summary, the report concludes that:

• the 5th Money Laundering Directive will be implemented in the UK in 2019, and (following consultation) will be gold plated to capture more types of crypto businesses than 5MLD strictly requires.
• consultations will be launched this year and early next in respect of clarifications to the FCA’s regulatory perimeter, on so called “exchange token” regulation, on crypto-backed derivative products and their sale to retail, and on security and utility tokens.
• the application of DLT within financial services could have significant benefits and there appear to be no significant regulatory barriers currently in place in the UK.

Our overall view

As noted above, the report in our view can be considered broadly positive in respect of the crypto assets industry in the UK. Whilst the report clearly calls out a significant number of negative features of the industry (as the Treasury Committee did too of course) it also concludes with a significant number of positive next steps for the industry that many of the more legitimate players in the market will actively welcome.

It is also clear from the report that thinking is still evolving within the regulators around how to control these markets. In a move that that is extremely positive for the industry, the report does not pre-judge what much of the new law should look like now, but instead suggests a number of consultations to be launched over the coming months to chart the course of regulation, which will hopefully allow the industry to play a meaningful part in helping to shape that regulatory process.

On the regulatory perimeter

The report provides useful guidance on the FCA’s current regulatory perimeter, helping to clarify how much of a remit the FCA has over crypto. In broad terms the view described does not provide any surprises - so called “exchange tokens” (i.e. traditional cryptocurrencies) are confirmed as not currently falling within the FCA’s perimeter, as well as utility tokens, but security tokens are confirmed as being within the perimeter.

From a legal perspective this is hugely helpful guidance from the Taskforce at this stage, but at present it is a stopgap - the report suggests further that there will be a consultation launched before the end of 2018 in respect of broader perimeter guidance on crypto assets, including security tokens. In our view this cannot come quickly enough, although we would suggest that this guidance should major heavily on utility tokens as the most grey area at present.

The report splits crypto assets into three broad buckets: (1) exchange tokens (Bitcoin, Litecoin etc); (2) security tokens (tokenised forms of traditional securities); and (3) utility tokens (tokens launched primarily for the purposes of raising funds, which do not have the characteristics of a traditional regulated product).

Crypto taxonomy has almost become an industry in and of itself in recent months with many differing projects, views on nomenclature and categorisation of different assets. In our view the FCA’s taxonomy is useful as an uncomplicated model but could require refinement as the market develops. For example, it is not entirely clear how stable coins like USDC or other asset backed tokens might fall within the structure (unless the FCA considers them to be akin to traditional securities, in which case they will be security tokens). In any case, we suspect it is a good starting point to develop regulation from, with some refinement.

In line with the Treasury’s September report, the Taskforce has taken a strong line on anti-money laundering, reaffirming that the 5th Anti Money Laundering Directive (5MLD) will be implemented in the UK as soon as possible in order to bring crypto firms into scope of AML/KYC regulations.

However the Taskforce goes beyond that, stating that the UK will be seeking to sweep in not just exchanges and custodian wallet providers (as 5MLD requires) but also a number of other crypto operators including crypto ATM providers, non-custodial wallet providers, peer to peer exchanges, and firms that offer layering services.

This is a massively welcome development in our view. 5MLD as drafted is out of date - the legislation was drafted years ago (a lifetime in crypto years) and is not therefore able to reflect the state of the art in the crypto industry today. Further, many of those businesses brought into scope by 5MLD actually already perform proper KYC checks, meaning applying 5MLD as drafted would be of little benefit. The Taskforce’s suggestion here seeks to plug the gap between 5MLD and today’s crypto landscape and will hopefully give the FCA the tools it needs to clamp down on financial crime in the illegitimate parts of the industry. Expect a consultation early next year, with legislation coming into force at some point in 2019.

Initial Coin Offerings

After the relatively harsh treatment that ICOs got in the Treasury Committee’s report, it would be fair to assume a similar approach would be taken by the Taskforce. However, whilst the Taskforce does not necessarily suggest ICOs in their current form are for public good, it does mention more than once the potential future benefits that ICOs may bring to the fundraising markets.

The report does of course note the regulatory uncertainty around utility tokens and expresses concern about tokens having the hallmarks of traditional regulated products, but being designed to appear to be unregulated assets. It suggests a consultation in early 2019 on this point, and the regulation of exchange tokens more generally (see below).

One more surprising element of the report is that there is no explicit suggestion to bring pure utility tokens (i.e. tokens used for fundraising that don’t have any characteristics to make them look like securities) into scope of regulation, as the Treasury Committee report seemed to suggest. This may perhaps suggest a mild reprieve for the ICO industry if it can follow a path of creating genuine utility tokens rather than the all too common window dressing done by many to avoid regulation. The consultation in early 2019 will hopefully bring more clarity on the intentions in this area.

Exchange Tokens

The Taskforce has clearly decided to take a cautious approach to what it calls exchange tokens, and has left the door open to decide how to regulate them via consultation to take place in early 2019 (the same consultation as that for the utility token issue mentioned above).

Surprising in our view is that the wording of the report could potentially allow for the regulation of exchange tokens themselves - not just the market participants that deal in exchange tokens. Regulating a decentralised asset such as exchange tokens would be a difficult ask and therefore in our view may be a bridge too far - instead more likely in our view is the regulation of market participants such as exchanges and wallet providers, in line with the Treasury Committee’s report recommendations.

Other points to note

The report discusses distributed ledger technology at length, concluding that it could have significant benefit for UK plc. Usefully the report concludes that there are currently no significant regulatory barriers to the adoption of DLT in the UK and therefore does not propose any significant action around the use of DLT at this stage.

One other interesting point from the report is around crypto-backed derivatives/ CFDs/ futures. It is clear that significant concern exists within the regulators around these types of products being sold to retail, so much so that the report suggests that we will see a consultation before the end of 2018 on a potential prohibition of sale of these products to retail.

On a similar note, the report briefly discusses listed crypto-backed products and approval of these. It makes clear that the FCA will only approve these types of product if it has “confidence in the integrity of the underlying market”, and that “granting the listing would not be detrimental to investors’ interests”. This paragraph is clearly aimed at the current moves in the US to attempt to get approval for listed ETFs, but usefully it is clear from this that an approval would be considered by the FCA, albeit it would likely be a difficult approval to obtain. Whether there are any crypto markets out there that the FCA has confidence in the integrity of at present is not stated, although the tone of the paragraph would suggest more review maybe required before that confidence can be found.

Conclusions

Overall the report is a welcome development for the industry in the UK. Clarity from regulators in crypto either way is always positive but on the whole the report appears to be well informed, sensible and progressive in terms of its attitude to the crypto industry. The next key development will of course be to see the content of the consultations but until then this could be seen as an excellent first step towards encouraging the right kind of crypto activity in the UK.

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Cryptoassets and smart contracts: the UKJT legal statement

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Britain is getting a cryptocurrency task force

• The UK Treasury is hosting its second International Fintech conference in London on Thursday.
• The Chancellor is set to announce a new government task force to look at cryptocurrencies.

LONDON — UK Chancellor Philip Hammond will today announce a new task force looking at cryptocurrencies.

The Chancellor is delivering a major speech on fintech at the Treasury's second annual International Fintech Conference in London 0n Thursday.

Hammond will announce a new task force including representatives from the Treasury, the Bank of England, and Britain's financial watchdog the Financial Conduct Authority.

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"A new task force will help the UK to manage the risks around Crypto assets, as well as harnessing the potential benefits of the underlying technology," Hammond will say.

The task force follows a similar inquiry set up by the Treasury Select Committee, a Parliamentary scrutiny group, in February.

The task force comes at a time of increased scrutiny of cryptocurrencies and calls to regulate the space. The G20 this week set a July deadline for recommended cryptocurrency regulation and the Securities and Exchange Commission (SEC) in the US has been cracking down crypto companies in the US.

Bank of England governor Mark Carney called for regulation of the space in a speech earlier this month and warned that the space has the "hallmarks" of a bubble. However, Carney has said that the blockchain tech underpinning cryptocurrencies could be transformational to mainstream finance.

As well as the crypto task force, Hammond is set to announce new measures including:

• "Robo regulation", whereby new startups will be allowed to write software that compels them to follow the law rather than submit to in-depth supervision from day one.
• A new UK-Australia "fintech bridge" to help UK firms expand internationally.

The UK fintech sector contributes £6.6 billion annually to the UK economy and employs over 60,000 people across 1,600 companies, according to the Treasury.

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Cryptoassets Taskforce meets for the first time

Senior leaders from government and the financial regulators were present, including representatives from HM Treasury, the FCA and the Bank of England.

The first meeting of the UK’s new Cryptoassets Taskforce took place today (21 May 2018). The Taskforce agreed its objectives, which include exploring the impact of cryptoassets, the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response.

Senior leaders from government and the financial regulators were present, including Katharine Braddick, Director General of Financial Services at HM Treasury, Andrew Bailey, Chief Executive of the FCA , and Dave Ramsden, Deputy Governor of the Bank of England.

Andrew Bailey, FCA Chief Executive said:

Cryptoassets have been an area of increasing interest for markets and regulators globally including the FCA . We look forward to working with our counterparts at the Bank of England and the Treasury as part of the taskforce to develop thinking and policy on cryptoassets.

Dave Ramsden, Deputy Governor of the Bank of England said:

The technologies that underpin cryptoassets have the potential to deliver benefits both to the financial system and to the economy it serves. This taskforce will enable us to work closely with the Treasury and the FCA to explore how the opportunities posed by these technologies can be realised, while also tackling the risks arising from cryptoassets.

The Taskforce will consider existing analysis by the government and regulators. It will also seek new views from trade bodies, academics, consumer groups and investor representatives.

The Taskforce will host a roundtable in July and publish a report in Q3 2018.

Further Information

• first announced in April by the Chancellor of the Exchequer as part of the government’s Fintech Sector Strategy, the Taskforce is a central part of the government and financial regulators’ efforts to understand and engage with the implications of new technologies in financial services

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Decoding the UK Crypto Assets Taskforce and Its Impact on the Crypto Market

The UK Crypto Assets Taskforce, established in 2018 regulated an emerging financial sector, cryptocurrency. Crypto assets, also known as cryptocurrencies, digital currencies, virtual currencies, tokens, or NFTs are digital representations of value  or contractual rights that use cryptography to secure transactions on blockchain technology. Crypto assets’ benefits and risks attract investors, corporations, and authorities.

In 2018, the UK Crypto Assets Taskforce investigated Bitcoin and Ethereum.  The Taskforce’s work is overseen by the Crypto Assets Task Force Steering Group, which is chaired by the Director General of Financial Services at HM Treasury. The task force along with the HM Treasury, FCA, and Bank of England, recommended crypto asset regulation in the UK. The task force is monitoring the rapid expansion of the cryptocurrency business and recommending a regulatory framework that protects consumers and prevents financial crime while encouraging innovation and growth.

The task force has engaged with industry stakeholders, including forex brokers with the fastest withdrawals , to understand the challenges and opportunities presented by the use of crypto assets in the financial industry.

Objectives of the Crypto Assets Taskforce in the UK

The Taskforce’s purpose is to assess the impact of crypto assets on consumers, businesses, and the financial system, to identify the risks and benefits of crypto assets, and to develop an appropriate regulatory approach.

The Crypto Assets Taskforce has three main objectives:

The first objective – understand the crypto assets market and its participants. The Taskforce aims to gather data and information on the types of crypto assets available, how they are traded, who uses them, and what the risks and benefits are for investors and businesses.

The second objective – identify the risks and potential benefits of crypto assets. The Taskforce is concerned about the potential risks of crypto assets, such as money laundering, terrorist financing, market manipulation, fraud, and cyber-attacks. The Taskforce also recognizes that crypto assets have the potential to provide benefits to consumers, such as faster and cheaper transactions, increased financial inclusion, and new investment opportunities.

The third objective- develop a regulatory approach that balances the need to protect consumers and the financial system from the risks of crypto assets while allowing innovation and growth in the sector. The Taskforce aims to work with industry, investors, and other stakeholders to develop an appropriate regulatory framework that can adapt to changes in the crypto assets market.

Key Initiatives and Reports of the Crypto Assets Taskforce

The Crypto Assets Taskforce has published report and initiatives to address its objectives. In April 2018, the Taskforce launched a consultation paper on crypto assets, which sought feedback from industry, investors, and consumers on the risks and benefits of crypto assets and the appropriate regulatory response.

In October 2018, the Taskforce published its Cryptoassets Taskforce Report, which provided an overview of the crypto assets market, identified the risks and benefits of crypto assets, and proposed several recommendations for regulating the sector. The report recommended that the UK government should consider regulating certain crypto assets, such as security tokens, and require crypto-asset exchanges to meet the same standards as other financial institutions.

In July 2019, the Taskforce published a Follow-up Report on Crypto Assets, which provided an update on the progress made since the publication of the Crypto assets Taskforce Report. The report highlighted that the UK government had taken steps to implement several of the recommendations, such as extending the scope of anti-money laundering regulations to crypto asset exchanges and requiring them to register with the FCA.

Impact of the Crypto Assets Taskforce on the Crypto Market

The Crypto Assets Taskforce has had a positive impact on the crypto assets market by providing clarity and guidance on the regulatory approach to crypto assets in the UK. The Taskforce has helped to increase investor confidence.

The Taskforce has helped to increase confidence of investors in the crypto assets market by promoting transparency, accountability, and consumer protection. The Task Force’s recommendations have also encouraged the development of new crypto asset projects and investment opportunities in the UK.

However, the Taskforce has also faced several regulatory challenges, such as the difficulty of defining and classifying crypto assets and the complexity of regulating a fast-evolving and global market. The Taskforce has acknowledged these challenges and has called for international cooperation and coordination to develop a harmonized approach to crypto assets regulation.

Compared to other regulatory approaches, such as those in the US and China, the UK’s regulatory approach to crypto assets is relatively flexible and innovation-friendly. The UK government has recognized the potential benefits of crypto assets and has sought to create a supportive environment for crypto asset businesses and investors.

Future Outlook of the Crypto Assets Taskforce in the UK

The Crypto Assets Taskforce is expected to continue its work in the coming years and focus on several key areas. These areas include collaborating with other regulatory bodies, such as the European Union, to develop a harmonized approach to crypto assets regulation, emphasizing investor protection and market stability, and promoting innovation and competition in the crypto assets market.

The Taskforce’s work is likely to be influenced by several factors, such as the ongoing evolution of the crypto assets market, the development of new crypto asset technologies, and the emergence of new risks and challenges. The Taskforce will need to remain agile and adaptive to these changes to ensure that its regulatory approach remains effective and proportionate.

The Crypto Assets Taskforce in the UK is an important regulatory body that is tasked with developing an appropriate regulatory response to the emerging area of crypto assets. The Taskforce has made significant progress in understanding the crypto assets market, identifying the risks and potential benefits of crypto assets, and developing a regulatory approach that balances innovation and consumer protection.

The Taskforce’s work has had a positive impact on the crypto assets market by providing clarity and guidance on the regulatory approach to crypto assets in the UK. However, the Taskforce has also faced several regulatory challenges, such as the difficulty of defining and classifying crypto assets and the complexity of regulating a fast-evolving and global market.

The future outlook of the Crypto Assets Taskforce is promising, as it continues to collaborate with other regulatory bodies, emphasize investor protection and market stability, and promote innovation and competition in the crypto assets market. The Taskforce’s work is likely to be influenced by several factors, such as the ongoing evolution of the crypto assets market and the emergence of new risks and challenges. The Taskforce will need to remain agile and adaptive to these changes to ensure that its regulatory approach remains effective and proportionate.

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UK confirms legal status of cryptoassets and smart contracts

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The uk jurisdiction taskforce (ukjt) - part of the lawtech delivery panel - has issued a legal statement on the status of cryptoassets and smart contracts under the law of england and wales, providing legal certainty for the first time.

The consultation process

The UKJT conducted a consultation process prior to the issue of the statement to address issues of perceived legal uncertainties with respect to these new technologies. Linklaters led on the drafting of that consultation paper and this summer assisted in running a public event seeking input from market participants.

The legal statement

Linklaters also provided input on the legal statement itself which has resolved the uncertainties around how cryptoassets and smart contracts might be treated under English law. Providing legal certainty on the status of cryptoassets and smart contracts for the first time, the landmark statement recognises the asset class as property and smart contracts as enforceable under English and Welsh law. The influential statement is a critical step in the future application of private law to transactions involving cryptoassets.  

FAQs on the legal statement

Below, we consider at a very high level the key takeaways from the legal statement, and we will follow up in due course with our more detailed analysis.

1. What were the main conclusions of the legal statement?

The legal statement provides confirmation that, under English law:

• cryptoassets are capable of being owned; and
• smart contracts can be, or be part of, binding legal contracts.

The legal statement demonstrates the flexibility and adaptability of English law, in particular in relation to new developments, technologies and structures of modern commerce.

2. If a cryptoasset can be owned, what exactly is the asset?

The asset is the set of arrangements that gives rise to the ability to update or spend (i.e. render inert or retire) certain data, to the exclusion of another party.

The legal statement notes that the asset is not any of the public or private keys, or the distributed ledger data itself. None of those constitute property but rather they are mere information. Instead, the asset is something that arises from their combination with the relevant system rules (including the embedded cryptography): the exclusive ability to update or spend transaction data.

3. Does control of a private key confer ownership of a cryptoasset?

Sometimes, but not always.

The legal statement describes the owner of a cryptoasset as “a person who has acquired control of a private key by some lawful means” (paragraph 43). It also confirms, however, that it is possible (although in certain circumstances perhaps unwise) for the original owner of a cryptoasset to transfer ownership of that cryptoasset “off-chain” (for example, through a symbolic transfer of the private key to a third party).

4. How can a cryptoasset be transferred?

By way of an “on-chain” or an “off-chain” transfer:

• an “on-chain” transfer is what is typically understood by a “transfer” of a cryptoasset, resulting in the relevant records on the ledger being updated;
• an “off-chain” transfer relates to any other transfer. The legal statement notes that an off-chain transfer is vulnerable to a supervening on-chain transfer (paragraph 48).

5. What exactly is transferred in an on-chain transfer?

The legal statement makes clear that an “on-chain” transfer is not strictly a transfer: the asset “spent” by the transferor is a different asset to that received by the transferee. This is because the property of the transferor is consumed or destroyed (the spent cryptoasset cannot be spent again) and an entirely new cryptoasset is created that can in turn be spent by the transferee (see paragraph 45).

6. Who owns a cryptoasset in the event of unlawful spending (for example, following a hack)?

The legal statement does not address this question directly.

A person may have created or acquired control of a private key quite lawfully whilst unlawfully causing the cryptoasset to be spent in someone’s favour (such as a hacker) on-chain. Given the legal statement confirms (paragraph 45) an “on-chain” transfer creates a new asset, such a person would, in our view, likely be regarded in law as the owner of the new asset. That person’s ownership interest would, however, remain subject to certain remedies available to the victim of the unlawful spending.

7. What are the implications for permissioned DLT applications?

That depends on the specific features of the permissioned system: subject to those features, the conclusions in the legal statement may or may not apply (as is recognised in the legal statement in paragraph 33).

That said, the legal statement is helpful in that it provides guidance for those permissioned DLT systems that do intend to establish a native digital asset capable of being owned as to the features that system must have in order to achieve that end.

8. The legal statement concludes that cryptoassets are not negotiable. Isn’t this a significant drawback?

No: although the legal statement concludes cryptoassets are not negotiable in the strict legal sense, the legal nature of on-chain transfers is such as to render cryptoassets equivalent to negotiable instruments (paragraph 124).

9. Can a trust or bailment be created over a cryptoasset?

The legal statement concludes that it is possible to declare a trust over an ownership interest in a cryptoasset (paragraph 133).

However, as the legal statement concludes that as a cryptoasset is not a physical thing, it cannot be subject to a possessory relationship, such as a bailment, a lien or a pledge.

10. How can security be taken over a cryptoasset?

By way of charge or mortgage, but not pledge or lien.

11. What are the implications for non-native cryptoassets ?

The legal statement notes that cryptoassets may represent or be linked to rights, assets, services or other things (paragraph 68) (non-native cryptoassets). Such linkages will need to be examined to determine if they create separate legal or property rights. We expect any such rights to attach to (and be distinct from) ownership of the cryptoasset.

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Task force issues recommendations for the implementation of stay nj tax program.

With a deadline looming, the Stay NJ Task Force released a 100-page report detailing recommendations for the state to implement the Stay NJ program.

Stay NJ was created during last year’s budget process and though it has already received funding, it is not set to launch until 2026. It has been billed as a way to cut property tax bills for seniors in the hopes of keeping them in New Jersey during their retirement years.

The report acknowledges that the task force was “limited in scope” and was not “asked to make any recommendations related to income thresholds, alternatives to existing programs, or traditional circuit breakers such as property taxes as a percentage of income or asset tests.”

The task force was designed to make recommendations for establishing and funding the program, though none of the recommendations deal with the latter and the report "suggests the governor and the Legislature consider appropriation language be included in the FY2026 budget that would allow the Director of the Office of Management and Budget to exercise a directory letter supplemental appropriation in the event the amounts projected for Stay NJ and appropriated through FY2026 are insufficient to cover the actual benefit costs."

What did the Stay NJ Task Force recommend?

The task force made 13 recommendations on everything from the application process to the payment timeline.

They recommend that the application process should start no later than Feb. 1 each year and even earlier if possible, with the process and application resembling that of the current Senior Freeze program and that benefits should be determined based on the year immediately preceding the application year, with the exception of the Senior Freeze first time applicants, which will remain unchanged.

The task force suggested that the income to determine eligibility for benefits for senior freeze and Stay NJ should be based on the New Jersey tax return, plus Social Security – meaning gross Social Security benefits and all items of income both taxable and non-taxable as reported on the New Jersey Gross Income Tax return while the income eligibility for ANCHOR will remain unchanged.

They also recommend a one-year residency requirement, a minimum age of 65 as of Dec. 31 of the benefit year and that legislation to implement these changes be signed into law no later than Nov. 3 of this year and for the application to be available Feb. 1, 2025.

The task force recommends for benefits for Stay NJ to be equal to 50% of property taxes to exceed $6,500 to $3,250 in fiscal year 2026 — should be calculated.

“The maximum Stay NJ benefit is then reduced by Senior Freeze and ANCHOR benefits paid to eligible homeowners and any remaining benefit is paid as a separate payment after ANCHOR,” the report said.

They recommend payment being paid by check or direct deposit in the first year and for the Department of Community Affairs and the Department of the Treasury to develop a standard application packet to be sent out no later than the November tax bill.

The task force also recommends those agencies to “work toward the effective implementation of a credit process for future years.”

They suggest for Senior Freeze and ANCHOR to be paid at the same time of year as they have been and for Stay NJ to be paid after ANCHOR benefits.

The task force is also recommending for the Division of Taxation to determine the feasibility of continued direct payments instead of a property tax credit for Senior Freeze and Stay NJ and for the division’s director to use the discretion to waive the requirement to include proof of property taxes paid when applying for the Senior Freeze benefit.

The task force was formed to review all of the existing property tax relief programs and present a report to the governor and the Legislature by the end of May.

More from Trenton: What else is NJ Legislature considering to impact government transparency?

What will Stay NJ do?

The program dominated headlines around this time last year after Assembly Speaker Craig Coughlin first introduced a version of it in his chamber. Senate President Nick Scutari joined him by introducing a companion bill in the state senate.

Gov. Phil Murphy was not initially on board with the program. He said at the time that there are a few things about the bill that are concerning, with the "biggest one" being the expense added to the budget, where "we've got revenues that are softening already," and another being that it "would be for everybody," so even millionaires like Murphy would get a break.

The governor’s office was said to be preparing for all possibilities, including a government shutdown, though the governor himself noted that he has a great relationship with Coughlin and the Legislature overall and that both sides are "focused on seniors and making the state more affordable."

After negotiations, the bill was amended to include the expansion of the Senior Freeze program, which Murphy included in his proposed budget for fiscal year 2024. The expansion of eligibility would include seniors earning up to $150,000, a $50,000 increase, and would decrease the residency requirement from 10 years to three years. It remains in the new agreement.

The program is expected to cost about $1.3 billion and with a "significant focus on equity." The program includes around $140 million being set aside in fiscal years 2024 and 2025. The state is expected to set aside about $100 million, $200 million and $300 million for each of the next three years respectively.

There are funding caveats included for other budget priorities, though, including a full pension payment, fully fund school aid payments and maintaining a surplus of at least 12%.

While Murphy has included funding for the program in his proposed 2025 fiscal year budget, he does not meet the surplus requirement and it is up to the Legislature to make sure the budget they send to his desk at the end of June has that.

Katie Sobko covers the New Jersey Statehouse.

Email: [email protected]

This article originally appeared on NorthJersey.com: Stay NJ tax relief program implementation outlined

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Head of swanky NYC prep school accused of ripping antisemitism task force as ‘power play by Jewish families’

The head of a swanky Manhattan prep school allegedly ripped a newly created antisemitism task force as a “joke” and nothing more than a “power play by Jewish families” to have him ousted, according to a new lawsuit.

Collegiate School’s top administrator, David Lourie, is accused of deriding the task force after it was set up by the school’s board of trustees to weed out any potential antisemitism on the Upper West Side campus in the wake of the Oct. 7 Hamas terror attacks, papers filed in Manhattan Supreme Court allege.

The claims were laid bare in a wide-ranging gender discrimination lawsuit filed earlier this week by the task force’s head, Anna Carello, who alleges Lourie forced her into the role because she’s a woman — and then repeatedly disparaged her to male colleagues.

As part of her role as task force leader, Carello — who is also associate head of school for academics — said she was ordered to speak with Collegiate families at the $63,400-per-year school to address issues Lourie “could not be bothered handling.”

“Mr Lourie declined to participate in the task force at all and expressed to Dr Carello that the task force was ‘a joke,’ ‘useless,’ and nothing more than a ‘power play by Jewish families’ and New York City Rabbis to oust Mr Lourie as Head of School,” the filing states.

She alleges Lourie tasked her with meeting parents because, in part, she would be “more sympathetic” as a woman, according to the suit, which was first reported on by the Daily Beast .

Carello claims Lourie then hampered her efforts as task force leader by leaving her out of key antisemitism-related discussions — including an instance where a teacher was placed on leave last November for showing a biased video about the Israel-Hamas war in his classroom.

She alleged she was the last to learn the teacher had been axed despite it being her job to oversee the educators in her role as the head of school for academics.

Still, after receiving overwhelming support from parents about her handling of the task force, Carello alleges the elite school’s head then set out to punish her, in part, by telling less-senior male staffers she was “undermining” him by meeting with Jewish families.

Carello claims it led to two male colleagues “chastising her” for the work she was doing on the task force, the court papers charge.

Separate to the task force allegations, Carello also claimed in the suit that Lourie made disparaging remarks about other female teachers and regularly dismissed complaints from her, as well as others, about gender bias.

In March, the school’s head allegedly described Carello to a less-senior male colleague as a “personnel issue,” the suit states.

Carello said her position at the school became “untenable” this spring due to Lourie’s alleged hostility, but she continued “to endure this environment” because of her “devotion to her students.”

She noted in the suit she would be resigning from Collegiate at the end of the academic year.

The filing of the lawsuit comes just days after a much-anticipated internal report about antisemitism at Collegiate admitted that some faculty members blamed “wealthy and influential” Jewish parents for tensions at the school after the Oct. 7 attack.

The nine-page report, released on May 17, came after more than 100 Jewish parents wrote to Lourie and Board of Trustees president Jonathan K. Youngwood late last year to complain the school’s response to the Hamas bloodshed “did not meet the moment.”

Collegiate — one of the Big Apple’s most tony private high schools — counts David Duchovny,  rapper Lil Mabu,  and noted nepobabies  Jack Schlossberg  and Cornelius Vanderbilt II among its most famous alumni.

Lourie didn’t immediately respond to The Post’s request for comment.

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