Law firms Brown Rudnick and Mishcon de Reya have been elected to the board of a network set up to develop a legal framework for policing cryptoassets. 

The firms have been elected for a two-year term on the board of the Crypto Fraud and Asset Recovery network (CFAAR) alongside UK law firm Penning Manches Cooper and blockchain analytics platform Chainalysis. 

CFAAR was launched in summer 2021 by Osborne Clarke, RPC, Stewarts and Rahman Ravelli alongside barristers from Twenty Essex and Essex Court Chambers and forensic accountants and asset recovery specialists Grant Thornton and Asset Reality. 

The network is intended to help develop the legal framework for crypto dispute resolution and asset recovery and hosts regular events to enable members to share best practice.

Since its launch CFAAR has grown its membership to more than 1800 globally and now has 12 firms on its board in London as well as foreign chapters in Hong Kong, North America and Singapore – with more chapters expected soon in the Middle East and the Caribbean.

The new members’ representatives are Jessica Lee, litigation partner at Brown Rudnick, Danielle Haston, head of global asset management at Chainalysis, Rebecca Belgrave, partner at Mishcon de Reya, and Charlotte Hill, senior associate at Penningtons Manches Cooper. 

Lee said: “Despite mainstream uptake and increasing attention from regulators, the crypto space continues to be exploited by bad actors and I look forward to working with the CFAAR group to promote knowledge sharing, education and regulator engagement to help combat crypto asset fraud.”

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Commenting on CFAAR’s expansion, chairperson Dan Wyatt, partner at RPC in London, said: “We are delighted that, following a very competitive application process, we have been able to elect such high-calibre new board members. 

“The elections reflect CFAAR's rapid growth over the past 18 months, and our new members will be integral to its continued success.”

CFAAR’s board members are now: Asset Reality, Brown Rudnick, Chainalysis, Essex Court Chambers, Grant Thornton, Mishcon de Reya, Osborne Clarke, Penningtons Manches Cooper, Rahman Ravelli, RPC, Stewarts and Twenty Essex. 

The expansion of CFAAR’s board follows the UK government launching a consultation last month that sets out proposals for the UK’s financial services regime for cryptoassets. 

The government said its proposed measures, which include limits of foreign companies selling into the UK and provisions for how to deal with companies collapsing, had been ‘informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.’ 

Those wanting to register their interest in becoming a member of CFAAR are invited to join its LinkedIn group.