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In Blockchain

Singapore Court recognizes cryptocurrency as property and grants first reported freezing injunction against persons unknown in CLM v CLN [2022] SGHC 46

by , , , and 7 Mins Read

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…

In FinTech

FInsight Episode 19: Crypto around the World (Part 2)

by , , and 2 Mins Read

Our new episode of FInsight: Global Financial Institutions Industry Podcast focuses the regulatory development f cryptoassets, following our recent publication Crypto around the World. The speakers for this episode are Sue McLean, partner and global tech lead for fintech from our London office; Iris Barsan, counsel from our Paris office; Julian Hui, senior associate from our London office, and Chris Murrer, a US attorney based in our Switzerland office. In this second part, we cover market abuse, sustainability, decentralized finance, and future developments.…

In Data Privacy

Federal Circuit Finds Fourth Amendment Does Not Protect Bitcoin Data

by , and 4 Mins Read

Digital assets vary. They can be a virtual currency that has no analog in the real world, and exists only on the blockchain used as a substitute for money. For this reason, virtual currencies are generally considered to be secure and offering a high degree of privacy. A recent decision from a US federal court of appeals, however, may cast a different light on this generally held view. USA v. Gratkowski In United States v.…

In Blockchain

Technology as a Risk Tool: Using Blockchain in the Supply Chain to Manage Compliance Risks

by 1 Min Read

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…

In Blockchain

Blockchain and cryptocurrency in Africa

by 1 Min Read

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…

In Financial Institutions

Digital Currencies and Digital Tokens are Regulated as Securities under Malaysian Securities Laws

by 2 Mins Read

Pursuant to the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the Prescription Order), which came into force on 15 January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfils other specific features, are prescribed as securities.The implications of treating digital currencies and digital tokens as securities are significant as the Malaysian Capital Markets and Services Act…

In Financial Institutions

Recent developments in Italian case law cast doubt on the use of cryptocurrency in the corporate environment

by 2 Mins Read

Two recent decisions issued by an Italian Court of First Instance and, subsequently, by the Court of Appeal intervene in the debate around the qualification of cryptocurrencies as an asset or money that may be validly injected into a limited liability company’ s capital.Both decisions refer to the same question: can a company accept cryptocurrencies as a contribution in kind to the company’ s corporate capital? Both courts answered in the negative, however on different…

In Financial Institutions

The Rise of ICOs, Digital Tokens and Virtual Currencies – Do Securities Regulations Apply?

by 2 Mins Read

Globally, there is an emergence of initial coin (or token) offerings (“ICOs”) as a source of funding for startups and technology companies latching onto the digital token trends. The Singapore Business Times reported that based on information obtained from Tokendata.io, there were 34 ICO projects raising USD 665 million in July 2017 alone. Singapore has also seen its fair share of ICOs and digital tokens offering, ranging from property backed tokens to crowdfunding platforms for…