As the Northern Hemisphere’s winter begins to thaw, our latest Digital Assets Download turns to coverage of the latest in the UK’s “Tulip Case” (no, not those tulips), which has implications for developers of crypto asset software. In this issue, the global Mayer Brown team also covers statements from regulators in the US and Hong Kong. Finally, we’re thrilled to have guest commentary from Manoj Ramia, general counsel of Digital Asset, on his perspective for a regulatory approach to blockchain technologies.
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective™ on the digital assets multiverse—created by Mayer Brown’s global Digital Assets, Blockchain & Cryptocurrency group. (Check out all of our previous editions of the Digital Assets Download)
The Lead Block
Hong Kong Gets Mixed Ratings in Latest FATF Report for AML Compliance
On February 17, 2023, the Financial Action Task Force (FATF) issued its first regular follow-up report on Hong Kong’s compliance with the FATF Recommendations. The FATF Recommendations are a globally recognized set of measures that combat money laundering and terrorist financing. In its report, FATF concluded that while Hong Kong has not yet implemented all the new requirements under Recommendation 15 for virtual asset service providers (VASPs), it has made sufficient progress in addressing the technical compliance deficiencies concerning the Designated Non-Financial Business or Profession (DNFBP) sector previously identified under Recommendation 28.
News Node
Payments Giant Says It's Not Slowing Down Plans for Crypto Products
Web3 a ‘Golden Opportunity’ for Hong Kong: Finance Secretary
US Justice Department Pushes for Independent Investigation of FTX Collapse
US Lawmakers to Reintroduce Crypto Tax Reform Bill: Report
Binance.US Is Operating 'Unregistered Securities Exchange,' SEC Official Says
US Lawmakers Reintroduce Bill to Force Crypto Miners to Disclose Emissions
SEC Chair Gensler Says Crypto Exchanges May Not Be 'Qualified Custodians'
Stablecoins Attract Scrutiny in SEC’s Drive to Control Crypto
India Imposes Money Laundering Provisions on Crypto Sector
Investment Firm Registers as Crypto Service Provider in France
Largest Bitcoin Fund Soars as US Judges Raise Hope for Investor Payday
DAO Gets Legal Recognition in the US as Utah DAO Act Passes
The Evolution of Digital Assets in Sports
Select Events
Selected events for deeper dives into different parts of the digital assets and DeFi world.
Coincidence or Coordinated? The [Biden] Administration’s Attack on the Digital Asset Ecosystem
The Subcommittee on Digital Assets, Financial Technology and Inclusion of the US House Financial Services Committee convened for a hearing on Thursday, March 9, 2023 at 2:00 pm ET. The link above leads to a recording of the hearing.
Learn the Lingo

Private Keys
A private key is a long string of alphanumeric characters or code used in cryptography, similar to a password. In the context of crypto assets, private keys are used to authorize transactions and prove ownership of a crypto asset.
A private key is an integral part of using or transacting in crypto assets, and the encryption at the heart of a private key is critical to protecting those crypto assets from theft and unauthorized access. That said, a private key can literally unlock access to your cryptocurrency, so it is important to carefully manage access to your private keys. As the saying goes, “not your keys, not your crypto.”
Writing on the Wall, Translating ‘Crypto’ Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, “Writing on the Wall, Translating Securities with Mayer Brown,” has been updated with additional digital assets and cryptocurrency terms. Check out our “featured” list for the crypto terms and the full list of terms.
