Cryptoassets – Global Investment Law Watch

United States: NFA Updates Digital Asset Obligations

Oct 22 2025

By: Sarah V. Riddell, Cheryl Isaac, and Gustavo De La Cruz Reynozo

On 17 October 2025, the National Futures Association (NFA) announced that it will be eliminating interpretive guidance requiring digital assets-related disclosure obligations for NFA members. The NFA Board unanimously concluded that NFA Interpretive Notice 9073 (Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities), which was originally adopted by the NFA to require members to disclose specific risks associated with their digital asset activities and inform customers that the NFA does not have jurisdiction over spot digital assets, was outdated and should be reevaluated. The NFA expects to propose updated disclosure requirements in the future after it receives input from impacted members. In the meantime, commodity pool operators (CPOs) and commodity trading advisors (CTAs) remain obligated to appropriately disclose material risks related to their offerings (regardless of asset class).

Europe: Public Marketing of Cryptocurrencies in the UK – The End is (Nearly) Nigh

Jun 08 2023

By Kai Zhang and Jin Enyi

Thousands of advertisements for cryptoasset-related products were displayed on London public transport, including the underground network, in 2021. There has been a drop-off since the Advertising Standards Authority (“ASA”) issued standards for crypto adverts. Nonetheless, in 2022 there were reportedly adverts for 24 crypto products on London public transport. Now, however, legislation seems likely to end much of this public advertisement of crypto in the UK.

Europe: UK Regulation of Cryptoassets – Another Glimpse but Still None the Wiser

Feb 15 2023

By Kai Zhang and Philip Morgan

On 1 February, the UK Government published another consultation paper on the proposed regulation of business relating to cryptoassets in the UK. This is to seek views (by 30 April 2023) on the overall approach and policy direction, and includes a call for evidence to gather more pertinent information on decentralised finance. As such, the consultation does not contain details on any specific proposed rules. For example, the proposed cryptoasset-related regulated activities described in the consultation paper are stated to be illustrative of the sorts of activities the Government intends to regulate, rather than specific proposals. For further information on this consultation please see our fintech blog here.

Tag:Cryptoassets