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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search

Crypto Assets and Cryptocurrency

Regulation of cryptocurrency is still evolving. Anyone using it must be aware of the risks. Anyone who comes under investigation for using it must know how to respond.

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Cryptocurrency has emerged as one of the most innovative developments in business and finance. Its use of encrypted, decentralised blockchain has revolutionised the way individuals and corporates conduct operations and it is continually offering new business possibilities, either through investment or its use in transactions.

There is little doubt that crypto is an ever-evolving area – as is the law in relation to it. Rahman Ravelli has already proved itself unrivalled when it comes to navigating this exciting, rapidly-developing sector. Through a series of hugely-significant cases that have helped define and refine the law regarding cryptocurrency, Rahman Ravelli’s experts have shown themselves to be pioneers in the field. We are one of the UK’s most influential cryptocurrency law firms, with a track record of success in the leading cases involving crypto asset fraud, smart contracts and the intersection of new technologies with existing law and regulations.

Central to our approach to cryptocurrency and blockchain practice is a profound comprehension of - and authentic passion for - the technologies powering blockchain and associated advancements in distributive computing networks.

We have represented and / or advised:

  • Multinational regulated businesses on issues surrounding securities.
  • Artificial intelligence (AI) laboratories that are focused on building machine learning platforms based on the blockchain and distributed ledger.
  • Utility tokens in the form of crypto assets that are trading in global markets.
  • Cryptocurrency exchanges seeking advice on sanctions compliance and asset recovery.
  • Global non-fungible token (NFT) marketplaces on regulatory, anti-money laundering and sanctions compliance.

 

Experience

Cryptocurrency does not adhere to borders. Its regulation is in its relative infancy, and it carries risks. These factors mean that anyone considering any involvement with it must be fully aware of its intricacies. At Rahman Ravelli, our international experience means that we are ideally placed to offer the best advice, carry out the necessary checks, deal with the relevant enforcement agencies worldwide and assist whenever assets need to be traced and recovered.

While cryptocurrency and blockchain is still a relatively new concept from a regulation perspective, it has attracted the attention of enforcement agencies around the world. Such agencies have been quick to assess the potential dangers associated with such currencies, which are often subject to allegations that they have been set up to defraud investors and / or are being used to facilitate other offences. From investment frauds to ransomware, cybercrime can take many forms. In recent years, cryptocurrency has also become the preferred detergent for bad actors looking to launder proceeds of crime.

Any company or individual that comes under investigation has to know how to respond – and must do so quickly. We put ourselves at the forefront of representing those who believe they may have - or are accused of having - used cryptocurrency as a vehicle for wrongdoing.

Many may also find themselves needing to recoup their cryptoassets as a result of wrongdoing which has been committed against them. We employ a number of asset recovery instruments that are at our disposal to seek a return of the assets to their rightful owner. We have seen first-hand how cryptoassets have been identified as being suitable for civil remedies and have had involvement in leading judgments for interim relief such as proprietary injunctions, freezing injunctions, bankers trust orders and Norwich Pharmacal orders.

Active

Rahman Ravelli was involved in the first UK cryptocurrency case to go all the way to successful enforcement for a client, who was a victim of fraud. We have had a longstanding presence in this area of law. Since its inception, we have been at the forefront of the asset recovery space when dealing with the crypto industry.

Our specialist blockchain cryptocurrency team at Rahman Ravelli brings together a wealth of legal expertise from multiple disciplines across the firm, including our investigations, litigation, regulatory, asset tracing and business crime practices.

We specialise in all areas of cryptoasset compliance and all types of cryptoasset disputes and are on hand to ensure that we can help in whatever way assistance is needed.

 

The ever-changing crypto asset landscape

Digital assets and Non-Fungible Tokens (NFT’s) have seen exponential growth in the last few years. They have become increasingly popular and have led to a greater public understanding of what blockchain- related technologies are capable of. This, however, has produced a range of novel legal issues, ranging from market manipulation to various types of fraud.

Decentralised Automated Organisations (DAO’s) have seen a rise in interest and implementation across a number of sectors. DAO’s are organisations or communities, typically based on blockchain technology. They have no central governing body and are developed by their members, adopting a bottom-up management approach. As with any decentralised entity or concept, the issue of governance is one that often leads to complex and nuanced disputes. Tailored advice is required to address specific concerns as no two DAO’s are the same.

The metaverse, and by extension Web3, have been popular terms, not only in the legal sector but for much wider audiences. As was the case with cryptocurrencies and, to an extent, NFT’s when they first saw a rise in user adoption, a large proportion of those becoming involved do not fully understand or appreciate the extent of this technology. Given the extremely limited regulations governing this area, bad actors have seen this as an attractive opportunity to misappropriate funds and assets.

The limited regulations around the digital asset and cryptocurrency sector have led to it often being referred to as “wild west”. The UK government is seeking to address this with such proposals as the Financial Services and Markets Bill. This will most likely be the first of numerous pieces of legislation that seek to govern this sector. As such, those who involve themselves in the many facets of digital assets and cryptocurrencies will have to be ever mindful of the developing regulatory landscape.

 

How Rahman Ravelli can help

Rahman Ravelli has an in-depth guide on the subject of crypto asset recovery that answers the questions many will have about this area of law.

We are able to offer advice and representation on all crypto-related matters.

  • Blockchain technologies are not limited to just digital assets and cryptocurrencies. There are limitless possibilities and opportunities for implementing them. Rahman Ravelli is able to provide advice to companies or organisations in any sector that are looking to explore the potential benefits of such technology.
  • Those who operate as a crypto asset service provider and are seeking to register with the Financial Conduct Authority (FCA) will require expert advice to navigate the onerous registration requirements. Rahman Ravelli has a wealth of experience assisting corporate entities throughout this process.
  • Rahman Ravelli has paved the way when it comes to setting common law precedent relating to digital assets. Our landmark cases have helped determine how the courts in England and Wales deal with crypto assets and attempts to recover misappropriated assets. Our industry-leading lawyers are internationally recognised for their expertise and ability to assist those who have had their cryptoassets stolen.
  • Initial coin offerings and security token offerings are often plagued with schemes to defraud and launder money. We are able to provide specially-tailored advice for both individuals and corporate entities on the various pitfalls that can arise in these scenarios.

Specialist Team

Syedur Rahman C 09551 Syedur Rahman
Partner
+44 (0)203 910 4566
angelika 08780r lores Dr. Angelika Hellweger
Legal Director
+44 (0)203 597 9783
faye 08580 Faye Summers
Associate Solicitor
+44 (0)7549 223816

Legal Articles

Crypto and Money Laundering: Some Figures
Syed Rahman assesses crypto involvement in money laundering.

1 min read - Published Jun 2024
Binance seeks the setting aside of a $4.4 million fine
Syed Rahman outlines the latest developments in the exchange’s Canadian case.

2 min read - Published Jun 2024
The Arrival of MiCA
Syed Rahman considers the possible impact of the European Union’s crypto legislation.

2 min read - Published Jun 2024