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Automation and blockchain in securities issuances

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Fletcher Daniel
Daniel Fletcher

Partner

London

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Trayhurn Theo
Theo Trayhurn

Partner

London

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09 April 2018

At the end of 2017 Allen & Overy (A&O) assisted Nivaura with the issue of the world’s first cryptocurrency denominated, blockchain settled bond for Luxdeco, an online retailer of luxury furniture.

In this article, we will explain the structure of the two bonds that were issued, through the Financial Conduct Authority’s (FCA) second regulatory sandbox and analyse some of the legal issues presented. We will examine the end to end automation of a securities issue, with a particular focus on Nivaura’s Legal Markup Language (LML) and will then turn to the question of whether cryptocurrency is money or not.

To access the article, which was first published in Butterworths Journal of International Banking and Financial Law, click here: Automation and blockchain in securities issuances