Puesan Lam
Puesan advises clients on a wide range of regulatory and compliance matters, including: authorisation and perimeter issues; prudential and conduct of business requirements, regulatory filings, regulatory investigations, insider dealing and market manipulation issues and EU regulatory matters, such as MiFID II, EMIR, AIFMD and PSD.
Her experience includes
-Advising on regulatory issues arising from cross-border corporate transactions -Advising a high-frequency prop trader on the revised scope of MiFID and implications for the its business -Advising former OFT licensed firms on the new FCA consumer credit regime -Advising an outsourced business provider in relation to its provision of outsourcing services to UK retail banks -Advising asset managers on compliance issues, including outsourcing, conflicts of interest and remuneration matters -Advising non-EU entities on their obligations under EMIR -Advising non-EU asset managers on marketing issues and remuneration disclosures under AIFMD.Practice Area
Panels
- Consulting Editorial Board
- Contributing Author
1 Contributions by Puesan Lam
PRACTICE NOTES
Cryptoassets: economic benefits, operational limits, and legal/regulatory risks—consumer protection, AML/CTF, security, volatility and environmental impact
What are cryptoassets?
One difficulty in grasping non-traditional money and assets is the inconsistent terminology. Regulators, tax bodies and commentators speak of digital currencies, virtual currencies, cryptocurrencies, cryptoassets and crypto tokens, and it is often uncertain whether the labels are being swapped freely or used with their distinct meanings in mind. For definitions, see Practice Note: Web 3.0, digital assets and cryptoassets—essentials. That Practice Note considers the benefits and drawbacks of using cryptoassets. A range of advantages helps explain their rapid rise in popularity, but these must be weighed against risks inherent in the cryptoasset.
Pros of cryptoassets
Below are some of the advantages of cryptoassets (notably when used as a fiat currency substitute):
lower transaction costs compared with transfers of real currency and assets
transparent costs and charges—hidden fees and extra charges common in other online payment methods are absent in Bitcoin transactions
contribution to the economy and access to markets that were historically inaccessible
quicker, more efficient processing of...
Financial Services
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