TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
On March 11, 2022, the UK Financial Conduct Authority (FCA), the Bank of England, and the Office of Financial Sanctions Implementation (OFSI) released a joint statement reiterating that all UK financial services firms, including the cryptoasset sector, are expected to ensure compliance with economic sanctions.
Non-fungible tokens (NFTs) have exploded in popularity over the past year. Use cases for NFTs have been growing as more industries are realizing the benefits they present. A report by blockchain specialist Chainalysis found that almost $41 billion was spent on NFTs in 2021—a number that is likely to continue growing.
As 2021 comes to a close, we have once again compiled all the links to our Contract Corner blog posts, a regular feature of Tech & Sourcing @ Morgan Lewis. In these posts, members of our global technology, outsourcing, and commercial transactions practice highlight particular contract provisions, review the issues, and propose negotiating and drafting tips.
Please join us on Tuesday, November 2 for a one-of-a-kind program with an all-female panel to hear from leading industry lawyers and executives on what the future holds for fintech. These executives will discuss how they’re helping clients hedge risk using cryptocurrency and reimagining opportunities using the underlying technology.
Various Chinese regulators announced a blanket ban on all cryptocurrency transactions and mining, the latest in a concerted effort to address illicit activities conducted using digital assets. The announcement on September 24, 2021, authored by a group of agencies including the China Securities Regulatory Commission and the People’s Bank of China, among others, represents the government’s most direct and sweeping action against cryptocurrencies to date. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
As part of our Spotlight series, we connect with Jeff Boujoukos, the leader of Morgan Lewis’s securities enforcement practice, to discuss the current and future state of affairs of the regulation and enforcement activities of the US Securities and Exchange Commission (SEC) regarding cryptocurrency and initial coin offerings. Jeff points to recent cases and statements that may impact and shape the cryptocurrency market going forward.
The United Kingdom’s Digital Regulation Cooperation Forum (DRCF) on March 10 announced in its 2021–2022 workplan that the UK Financial Conduct Authority (FCA) will join as a full member from April 1, 2021.
Morgan Lewis partner Peter Watt-Morse (Pittsburgh) and associate Eric Pennesi (Pittsburgh) will be participating in the Pennsylvania Bar Institute’s 2019 Cyberlaw Update, which will address trending topics, including blockchain and cryptocurrency and security and privacy concerns related to social media, in addition to GDPR.
The World Bank announced on August 10 that 70 years after its first bond transaction, it will be issuing the first bond to use entirely blockchain technology, in part to help the bank gain experience in the use of blockchain. The World Bank’s innovation lab partnered with the Commonwealth Bank of Australia (CBAUF) and Microsoft on this endeavor almost a year in the making.