This incisive book examines the extent to which existing UK financial service regulations can be applied to digital assets and decentralised financial services provided by distributed networks. Brendan McGurk and Stefan Reichenbach consider the wider legal issues beyond regulatory enforcement, attributable to the use of distributed ledger technology based financial services.
Key Features:
- Comprehensive examination of the nature and application of distributed ledgers in the context of financial services
- Analyses the proprietary nature of cryptoassets and their amenability to financial services regulation as a form of property
- Detailed consideration of the extent to which existing financial services law governs cryptoassets and forms of decentralised finance
- Sector specific analysis of the use of digital assets as securities, within the distributed payment systems, and in supporting lending and insurance services
- Consideration of the complexities in identifying the appropriate jurisdiction and applicable laws governing crypto disputes
- In-depth exploration of the remedies and dispute resolution methods available to holders of digital assets
Discussing the benefits and risks associated with the application of DLT, this informative book will be fundamental for financial services practitioners, including solicitors, barristers, and in-house counsel, as well as industry specialists operating within the decentralised finance sphere. It will also be beneficial for academics and researchers in finance and banking law, and technology, media, and telecommunications law.
Contents:1 Introduction to Financial Services Law and Distributed Ledger TechnologyPART I THE NATURE AND USE OF DISTRIBUTED LEDGERTECHNOLOGY IN FINANCIAL SERVICES2 Blockchain and distributed ledger technology3 Digital assets and the token economy4 The application of DLT in financial services: Benefits and use cases5 Risks and the regulatory issues arising from the use of DLTPART II THE FINANCIAL SERVICES REGULATORY FRAMEWORK6 Financial services regulation Part 1: The proprietary status of cryptoassets7 Financial services regulation Part 2: The regulated activities8 Financial services regulation Part 3: Other applicable provisionsPART III REGULATING SPECIFIC USE CASES9 Regulating trade in securities tokens10 Cryptoassets in payments and payment services11 Crypto lending platforms12 Decentralised insurancePART IV JURISDICTION AND REMEDIES13 Jurisdiction and applicable law14 Dispute resolution and remedies15 Conclusion: Regulating distributed ledger technology through financial services law
Brendan McGurk KC, Monckton Chambers, London, UK and Stefan Reichenbach, Market Infrastructure and Information Services Executive
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