Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Asset definition

What does Asset mean? In legal practice, an asset is any thing of economic value that a person or entity owns or controls and can realise, transfer, secure or enforce. The term is descriptive and used across contexts (company law, trusts, matrimonial finance, probate, enforcement and insolvency), with specific legislation or rules defining it for particular purposes (for example, insolvency, taxation and financial services). Assets include land and buildings, cash and bank balances, securities (shares, bonds and other fixed‑income instruments), receivables, contractual rights (choses in action), intellectual property, goodwill and, increasingly, cryptoassets. Assets may comprise legal or equitable interests and can be tangible or...

Cryptoassets: consumer risks and regulatory protections across the UK and EU, including MiCA, financial promotions, custody segregation, disclosures and complaints

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

This Practice Note outlines the principal risks to Consumers from different categories of cryptoassets and related offerings, including staking, together with the consumer protection tools currently available and/or under consideration.

What are cryptoassets?

Understanding unconventional forms of money and assets is hampered by inconsistent terminology. Regulators, tax authorities and commentators alternately reference digital currencies, virtual currencies, cryptocurrencies, cryptoassets and crypto tokens, without always indicating whether these labels are used interchangeably or with precise distinctions. For definitions, see Practice Note: Web 3.0, digital assets and cryptoassets—essentials. Unless stated otherwise, this Practice Note adopts ‘cryptoassets’ as defined in section 417(1) of the Financial Services and Markets Act 2000 (as amended from time to time).

Under section 417, a cryptoasset means any cryptographically secured digital representation of value or contractual rights that:

can be transferred, stored or traded electronically; and
uses technology that supports the recording or storage of data (which may include distributed ledger technology).

...

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Bhavesh Panchal

Paul Hastings LLP

Bhavesh Panchal is an associate in the London office of Paul Hastings. Bhavesh focuses his practice on providing financial services and regulatory advice on UK and E.U. matters. Bhavesh has extensive experience in advising clients on various regulatory regimes, with particular expertise in regulatory authorisation applications, product design, regulatory compliance, regulatory capital requirements, cross-border offerings and large-scale transactions. He has advised firms across numerous industries, including banks, private credit institutions, fintech companies and cryptoasset businesses. He has also been seconded to a commodities broker-dealer and a large consultancy firm, as well as practiced as an overseas solicitor in Australia....

Web page updated on 21/05/2026

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