Ciarán – one of the UK’s Hot 100 lawyers
Read the article and full The Lawyer Hot 100 2025 list here.
Motivation: Ciarán McGonagle, Tokenovate’s Chief Legal & Product Officer, has been instrumental in advancing global legal standards and product innovation in blockchain, smart contracts, and digital assets, bridging the gap between traditional and decentralised finance.
Building on several years of foundation legal and policy work while serving as Assistant General Counsel at the International Swaps and Derivatives Association (ISDA), Ciarán led the development of an industry-standard tokenisation taxonomy within financial markets, culminating in the development of industry-standard model provisions for the use of tokenised assets as collateral for derivatives, along with a comprehensive guidance note for global practitioners considering legal and regulatory issues relating to the enforceability of collateral arrangements in respect of tokenised assets. These contributions have proven critical to the work underway to integrate digital assets into the derivatives market by providing the necessary legal infrastructure for their use as collateral.
Ciarán also led industry responses to consultations on digital assets led by the Law Commission, IOSCO and other regulatory bodies, working with leading market participants in both traditional and digital asset markets to establish industry-agreed policy positions.
Additionally, Ciarán played a central role in developing a standard documentation framework for digital asset derivatives, leading a working group of several hundred global market participants in establishing contractual risk allocation mechanisms for novel legal and operational challenges associated with crypto-asset derivatives. These standards also served as the foundation for a smart contract proof of concept developed in partnership with UCL which involved coding and implementing a legally robust derivatives life-cycle platform on the Ethereum blockchain.
Recognising his expertise and innovative mindset, Ciarán joined Tokenovate in July 2024, and was appointed to the dual role of Chief Legal and Chief Product Officer. In this role, he leads the development of blockchain and smart contract-based financial products that integrate industry-standard legal and contractual frameworks. His strategic leadership is driving the creation of innovative solutions that apply blockchain technology to traditional markets, such as derivatives, and emerging markets like carbon credits.
Furthermore, Ciarán founded and chaired the ISDA Future Leaders in Derivatives program, focusing on fostering innovation and mentoring future leaders across the global derivatives market. This group recently published a research paper on the application of AI to financial markets. Ciarán also serves as a non-executive director for Pakflatt UK Ltd, providing strategic and legal support to the world’s leading provider of innovative, accessible voting systems and equipment, including a recent product used in the 2024 UK election to improve voting accessibility for blind and partially-sighted voters.
From all of us at Tokenovate: CONGRATULATIONS, Ciarán!
