Digital assets

We advise on a broad spectrum of legal and regulatory matters relating to Central Bank Digital Currencies (CBDCs), cryptocurrencies, blockchain bonds, smart contracts, non-fungible tokens (NFTs) and initial coin offerings (ICOs).  

We help our clients navigate the intricate legal and regulatory landscape of all types of digital assets built on blockchain and distributed ledger technologies (DLT). 

Our approach is holistic, integrating our top-tier corporate and M&A, intellectual property, payments, debt capital markets, derivatives, structured finance and regulatory capabilities with our deep expertise in technology and complex financial products.  

Our clients include some of the most influential participants in the fintech ecosystem including government regulators, banks, fintechs, technology companies, and market infrastructure providers such as exchanges, enterprise blockchain developers and digital asset custodians. 

Strong regulatory relationships 

We have strong relationships with key regulators and industry bodies, and use our insights to help our clients determine the regulatory status of their inventions and handle their registration requirements and compliance obligations. 

Our lawyers are renowned for their innovation, delivering a series of market firsts involving the issuance, transfer and trading (both primary and secondary) of digital assets, custody and settlement issues, and the creation and structuring of new financial instruments. 

Strategic restructuring and insolvency advice 

Recognizing the dynamic nature of the digital assets market, our restructuring lawyers work closely with our clients to navigate the challenges and opportunities that arise during times of financial distress or market volatility.  

We offer strategic advice on restructuring and insolvency matters, ensuring that our clients are well-positioned to respond to rapid changes in the digital assets landscape. 

Enforcement

We have seen enforcement actions related to digital assets surge in recent years. Our multi-disciplinary enforcement lawyers, which include former prosecutors and regulators, have first-hand knowledge of how these investigations are conducted.  

We collaborate closely with key agencies, including the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). 

Investigations and litigation

In addition to our advisory and transactional services, our global disputes lawyers have a strong track record of representing clients on digital asset-related investigations and litigation. Our global team is equipped to handle complex disputes, providing robust legal representation in this dynamic and evolving sector. 

We are dedicated to supporting the entire fintech ecosystem. From fundraising to M&A deals and supporting our clients with the development and launch of new products and platforms, we ensure they are well equipped to navigate the complexities of the digital asset space. 

Representative matters

• The HKSAR Government on the issuance of multi-currency, digitally native, green notes under its HKD200billionn global medium term note programme. The four-currency, four-series issuance comprises USD200 million 4.625% digitally native notes due 2026; EUR80m 3.5% digitally native notes due 2026; CNY1.5BN 2.9% digitally native notes due 2026; and HKD2bn 3.8% digitally native notes due 2026 
• Gemini Trust Company in connection with an investigation and CFTC enforcement action alleging misrepresentations relating to the the listing of one of the first bitcoin futures contracts and multi-agency investigation of Gemini's Earn crypto yield product.
• A bank consortium on the European Investment Bank’s inaugural issuance of a digital bond on Ethereum public blockchain. The consortium consisted of Goldman Sachs International, Santander Corporate and Investment Banking (SCIB) and Société Générale as joint lead managers, together with Société Générale – FORGE as joint structuring managers. Société Générale rale – FORGE provided the issuer, the joint lead managers and the investors its end-to-end services to issue and manage the digital-native security tokens registered on the blockchain. The EUR100m two-year bond was the first multi-dealer-led primary issuance of digitally native tokens using public blockchain technology. 
• Greenidge, a bitcoin mining and power generation company, in the restructuring of its debt and business, including the transfer of a significant portion of its mining rigs to NYDIG, its equipment lender, in exchange for significant debt reduction, a new financing agreement, and five-year hosting arrangements with NYDIG.

• Coinbase, a cryptocurrency exchange platform operator, on regulatory matters including the structuring of various transactions to be entered into by Coinbase in the future. 
• Santander on the first end-to-end blockchain bond. The Santander Senior dBond Nº1 has a nominal amount of USD20m, pays a quarterly fixed coupon, and will not be subject to secondary trading. It is represented on and fully paid and settled on the public Ethereum blockchain, registered in a permissioned manner. 
• A bank syndicate comprising BNP Paribas, HSBC and RBC Capital Markets on the European Investment Bank’s (EIB) inaugural issuance of sterling-denominated digital bonds, also marking the first public issuance on HSBC Orion, HSBC’s tokenisation platform. 
• KuCoin digital asset exchange in a New York Attorney General petition alleging sale of unregistered digital asset securities and CFTC enforcement action alleging registration failures and related anti-money laundering program requirement violations. 
• A bank consortium on the European Investment Bank’s issue of a Luxembourg law-governed dematerialised bond in different blockchains across Europe through legal and operational engineering. The consortium consisted of Goldman Sachs Bank Europe SE, Santander Corporate and Investment Banking (SCIB) and Société Générale.