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Aidan: The English legal system has been at the forefront of crypto disputes for years – from the UK Jurisdiction Taskforce statement and developing case law, to the launch in 2021 of the Digital Dispute Resolution Rules. Consequently, in some international cases, it is clear that the UK has an edge over other jurisdictions and we have seen the result of that in action with successful client recoveries. CFAAR wants to ensure that this experience secures the UK as the preferred seat for crypto disputes and to help guide how the rest of the world approaches these disputes.
Nick: There have been, and will continue to be, a number of consultations from the likes of the Law Commission, the UK Treasury and the Financial Conduct Authority on how to deal with cryptoassets. CFAAR will bring together the leading names and their combined experience at the sharp end of crypto disputes and investigations to provide an authoritative, coordinated industry voice to guide the development of policy, legislation and regulation. In particular, there are unregulated crypto platforms which fall outside the existing financial services regulatory structure, who do not have a unified voice and CFAAR can have an influence on their behalf.
Aidan: Since its launch back in September, CFAAR has very quickly grown a global profile through its LinkedIn group, its events and media interest. We will soon be launching a website and already have a calendar of regular events planned for the coming months. One focus is the launch of ‘foreign chapters’ in the jurisdictions and offshore financial centres which are the home of the major exchanges and will be hubs for crypto cases. These foreign chapters will ensure that market leaders are working together and mean the momentum of CFAAR continues in a practical and meaningful way.
Aidan: As the mainstream progression of crypto continues, this sector is now dealing with wider issues, not just cybercrime or the stereotypical dark web-related crypto seizures. From civil asset recovery, contentious insolvency, commercial arbitration, deceased estates and the development of central bank digital currencies, cryptoassets are becoming more prevalent across multiple sectors. Changes to proceeds of crime legislation to make it easier to seize cryptoassets and which impose greater regulation upon virtual asset service providers is also expected in 2022. CFAAR members and their collective experiences will become an invaluable resource for industries navigating the challenges that this rapid evolution will inevitably produce. As it becomes easier to identify illicit or stolen crypto with greater use of blockchain analytic tools, enforcement activity will increase and we will hopefully see many more successful outcomes for victims in asset recovery cases.
Nick: At our official launch in September, Sir Geoffrey Vos rightly evangelised the need for ‘education, education, education’ about crypto. This applies from the victims of crypto fraud to the law-makers. CFAAR’s central ethos is about inclusivity and sharing information and best practice. Our founding members are experienced practitioners behind the landmark crypto judgments in the English courts; we want to break down misconceptions for clients, build best practice for investigations and guide the development for the future.
Nick Price is a disputes specialist at Osborne Clarke with expertise in cryptoassets and financial services regulation.
Aidan Larkin is the CEO of Asset Reality and a cryptocurrency investigator and asset manager providing solutions for the recovery, custody and realisation of seized crypto.
Aidan: The English legal system has been at the forefront of crypto disputes for years – from the UK Jurisdiction Taskforce statement and developing case law, to the launch in 2021 of the Digital Dispute Resolution Rules. Consequently, in some international cases, it is clear that the UK has an edge over other jurisdictions and we have seen the result of that in action with successful client recoveries. CFAAR wants to ensure that this experience secures the UK as the preferred seat for crypto disputes and to help guide how the rest of the world approaches these disputes.
Nick: There have been, and will continue to be, a number of consultations from the likes of the Law Commission, the UK Treasury and the Financial Conduct Authority on how to deal with cryptoassets. CFAAR will bring together the leading names and their combined experience at the sharp end of crypto disputes and investigations to provide an authoritative, coordinated industry voice to guide the development of policy, legislation and regulation. In particular, there are unregulated crypto platforms which fall outside the existing financial services regulatory structure, who do not have a unified voice and CFAAR can have an influence on their behalf.
Aidan: Since its launch back in September, CFAAR has very quickly grown a global profile through its LinkedIn group, its events and media interest. We will soon be launching a website and already have a calendar of regular events planned for the coming months. One focus is the launch of ‘foreign chapters’ in the jurisdictions and offshore financial centres which are the home of the major exchanges and will be hubs for crypto cases. These foreign chapters will ensure that market leaders are working together and mean the momentum of CFAAR continues in a practical and meaningful way.
Aidan: As the mainstream progression of crypto continues, this sector is now dealing with wider issues, not just cybercrime or the stereotypical dark web-related crypto seizures. From civil asset recovery, contentious insolvency, commercial arbitration, deceased estates and the development of central bank digital currencies, cryptoassets are becoming more prevalent across multiple sectors. Changes to proceeds of crime legislation to make it easier to seize cryptoassets and which impose greater regulation upon virtual asset service providers is also expected in 2022. CFAAR members and their collective experiences will become an invaluable resource for industries navigating the challenges that this rapid evolution will inevitably produce. As it becomes easier to identify illicit or stolen crypto with greater use of blockchain analytic tools, enforcement activity will increase and we will hopefully see many more successful outcomes for victims in asset recovery cases.
Nick: At our official launch in September, Sir Geoffrey Vos rightly evangelised the need for ‘education, education, education’ about crypto. This applies from the victims of crypto fraud to the law-makers. CFAAR’s central ethos is about inclusivity and sharing information and best practice. Our founding members are experienced practitioners behind the landmark crypto judgments in the English courts; we want to break down misconceptions for clients, build best practice for investigations and guide the development for the future.
Update from the Chair of the Bar
By David Green
Mário Barroso, Head of R&D and Method Development at AlphaBiolabs, examines the forensic science underpinning hair drug testing, its evidential scope and limitations, and why it remains the gold standard for evidencing patterns of drug use in family proceedings
Unlocking your aged debt to fund your tax in one easy step. By Philip N Bristow
Clement Cowley, Partner at The Penny Group, discusses the upcoming changes to pensions and Inheritance Tax and the potential impact on your financial future
Save the Children UK is the latest charity to benefit from a £500 donation from AlphaBiolabs via the company’s Giving Back initiative
The Chief Legal Officer to the Metropolitan Police, barrister Brett Welch, tells Anthony Inglese CB about his mission and the work to turn the Met around
Barrister apprenticeships – shortly to provide the fourth pathway to the Bar – are an ideal opportunity to support local talent and ‘grow your own’, say Tim Coulson and Dr Jane Dennehy
Born from a grievance, their research project grew into a book and is now challenging the status quo. Emma Price and Emma-Louise Fenelon reveal the key findings – and the critical next steps
Grok around and find out – or not? Mariya Peykova investigates the nudification scandal, what the law has to say about sexually explicit deepfakes, and whether stronger regulation is needed
Oliver Lewis spotlights an overlooked yet rapidly evolving area of law – coercive and controlling behaviour within care contexts
