Abstract
This chapter examines cryptoassets, with special focus on bitcoin. Fiat currencies all function as (a) a store of value, (b) a medium of exchange and (c) a unit of account. In contrast, bitcoin is not a stable store of value and is neither (b) nor (c). The 'Legal statement on Cryptoassets and Smart Contracts' is summarised, along with the decision in AA v Persons Unknown & Ors, Re Bitcoin [2019] EWHC 3556. The UK Government's Cryptoassets Report divides cryptoassets into (a) exchange tokens, (b) security tokens and (c) utility tokens. Treatment of cryptoassets under the Second Electronic Money Directive ("EMD2"), the Payment Services Regulations 2017, FSMA Regulated Activities Order (RAO) Order 2001 and MiFID II. FCA regulation, EU law and international policies on anti-money laundering and cryptoassets. Rules and guidance on retail customers and cryptoasset derivatives. The chapter finishes with reference to Central Bank Digital Currency (CBDC) plans.
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