It is boom time for new financial services. The value of the world’s cryptocurrencies passed a record $2.4tn this year, while the volume of non-fungible tokens (NFTs) sold in the first half reached more than $2.5bn.
The sale of an NFT representing a digital work by artist Beeple for $69.3m at Christie’s made the headlines in March. Payment cards from challenger banks Monzo and Revolut are now in the wallets of 20m customers. But what people seldom see is the army of legal pioneers working to make these services possible.
Lawyers are having to wrestle with new financial concepts against a setting of old legal frameworks. They are operating in grey areas where regulators are still writing the rules.
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