I. Introduction This article focuses on the use of NFTs in metaverses. At first, we will briefly introduce NFTs, particularly in the video games industry. Video games feature vast virtual worlds that are a considerable part of many companies’ metaverse strategy, with many of the major fashion brands bringing their products to video games. Subsequently, we will provide insights concerning two key legal areas for NFTs: financial regulation (Section II) and intellectual property rights (Section…
In brief The plaintiff in CLM v CLN [2022] SGHC 46 commenced an action to trace and recover 109.83 Bitcoin and 1497.54 Ethereum that were allegedly misappropriated from him by unidentified persons, a portion of which had been traced to digital wallets that were controlled by cryptocurrency exchanges with operations in Singapore. The General Division of the High Court (“Court”) ultimately held that cryptocurrency could be classified as property that could be protected via proprietary injunctions. In…
Blockchain was originally created to validate the transactions of bitcoin and other cryptocurrencies. It can be described as a digital ledger of transactions that is an immutable database and distributed across a network of computer systems. Although touted primarily as a value transfer technology, at its core, blockchain is also a records and data management technology.1 Blockchain technology provides a system for recording information in a manner that makes it difficult to change, hack, or…
On 7 September 2020, the Tech London Advocates’ (TLA) Blockchain Legal and Regulatory Group and the Law Society of England and Wales published a new joint report which sets out key issues for legal practitioners to be aware of when advising on distributed ledger technologies (DLT). Launched to coincide with the start of London Tech Week 2020, the new guidance explores a range of topics and provides a list of key recommendations on aspects relating…
Blockchain technology was born in the midst of the financial crisis and proposed as a means of reliably transferring a store of value without using a bank or other financial intermediary. Bitcoin was the first such blockchain token, and multiple cryptocurrencies have followed. But blockchain use cases extend far beyond the financial world, and some of the more creative uses of blockchain technology have emerged in the supply chain. The numerous benefits of blockchain to…
An expert legal statement was published by the UK Jurisdiction Taskforce (UKJT, a taskforce of the UK’s Lawtech Delivery Panel) on recognising cryptoassets as property and smart contracts as enforceable agreements under English law. The two key takeaways: In principle, cryptoassets are to be treated as property under English law.A smart contract is capable of having contractual force. For more details, read the full article on Baker McKenzie’s dedicated blockchain blog.
Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a better understanding of the opportunities and…
The hype around blockchain and smart contracts is like nothing we have seen, possibly since the Internet. For a disputes lawyer, the technology raises twists on some historical issues such as personal jurisdiction and choice of law. Another issue — does the code that makes up smart contracts satisfy the statute of frauds?But smart contracts will also raise issues that courts have not had to deal with in connection with more traditional contracts. For example,…
Over the past few decades, supply chain management has benefited immensely from technological advances that have made it easier and faster to transport cargo from one place to another. However despite these advances, supply chains continue to face challenges when it comes to tracking cargo, ensuring the integrity of cargo and holding members of the supply chain accountable for cargo, as it moves from one participant in the chain to the next. Blockchain has the…
Update: Baker Mckenzie with R3 has published the report referenced below, today, 31 July 2017. For your copy please click here where you can view an executive summary and download a PDF:View report websiteBaker McKenzie in collaboration with R3 has developed and is excited to be nearing the launch of a new white paper, entitled “Blockchains and Laws. Are they compatible”. The report will discuss the compliance challenges posed by privacy and data protection laws worldwide…