Property Rights, Crypto Tokens and Digital Assets: 8 Predictions – UK Human Rights Blog

Posted September 20th, 2022 in contracts, cryptocurrencies, Law Commission, news by tracey

‘In recent years, digital assets including cryptocurrencies and non-fungible tokens (NFTs) have commanded considerable media attention. Speaking extra-judicially in the foreward to the UKJT Statement on Crypto-assets and Smart Contracts in November 2019, the Master of the Rolls, Sir Geoffrey Vos, has stated that: “In legal terms, cryptoassets and smart contracts undoubtedly represent the future”. To what extent should the law of the future grant property rights in respect of crypto assets? Will the inalienable right to peaceful enjoyment of possessions apply to tokens existing only on the blockchain? Or to NFTs residing only in the “metaverse”?’

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UK Human Rights Blog, 16th September 2022

Source: ukhumanrightsblog.com

Crypto market rife for new areas of litigation – Law Society’s Gazette

Posted September 9th, 2022 in cryptocurrencies, fraud, money laundering, news by tracey

‘The highly active cryptocurrency sector will spawn a raft of new areas of litigation, experts told the Law Society’s commercial litigation conference this week.’

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Law Society's Gazette, 8th September 2022

Source: www.lawgazette.co.uk

Court of Appeal to consider crypto ‘duty of care’ – Law Society’s Gazette

Posted August 16th, 2022 in appeals, cryptocurrencies, duty of care, news by sally

‘The question of whether developers of cryptocurrencies and other blockchain-based assets owe a duty of care to investors in their products is to be examined in the Court of Appeal. Ruling last week in Tulip Trading v Van der Laan and Ors, Lady Justice Andrews granted permission for a Seychelles company owned by Dr Craig Wright, who claims to have invented the bitcoin digital currency to appeal a judgment by Mrs Justice Falk of 25 March denying jurisdiction over a claim for breach of fiduciary and tortious duties.’

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Law Society's Gazette, 15th August 2022

Source: www.lawgazette.co.uk

English courts increasingly grappling with complex crypto disputes – OUT-LAW.com

Posted August 5th, 2022 in company directors, company law, cryptocurrencies, dispute resolution, news by tracey

‘The English courts have adapted quickly to increasingly complex disputes involving crypto assets, a legal expert has said, following a recent ruling in a dispute over the ownership of an account worth roughly £30 million.’

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OUT-LAW.com, 5th August 2022

Source: www.pinsentmasons.com

Law reforms proposed for digital assets, including NFTs and other crypto-tokens – Law Commission

Posted August 2nd, 2022 in consultations, cryptocurrencies, Law Commission, news by tracey

‘The Law Commission of England and Wales has published new proposals to reform the law relating to digital assets.’

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Law Commission, 28th July 2022

Source: www.lawcom.gov.uk

Craig Wright wins ‘only nominal damages’ of £1 in bitcoin libel case – The Guardian

Posted August 2nd, 2022 in cryptocurrencies, damages, defamation, evidence, news by tracey

‘For years Craig Wright has claimed that he is the mythical figure who created bitcoin. But a legal bid by the Australian computer scientist to defend his assertion that he is Satoshi Nakamoto resulted in a pyrrhic victory and a tarnished reputation on Monday.’

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The Guardian, 1st August 2022

Source: www.theguardian.com

MoR proposes ‘major new project’ to boost blockchain – Law Society’s Gazette

‘Putting tax payments or property transactions on blockchain – or issuing a Bank of England-backed digital currency – would help entrench English law as the forum of choice for resolving crypto disputes, the master of the rolls has said in a constitutionally daring intervention into policy-making.’

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Law Society's Gazette, 26th July 2022

Source: www.lawgazette.co.uk

Unlocking the crypt: insolvency & cryptocurrency – New Law Journal

Posted July 13th, 2022 in bankruptcy, company directors, cryptocurrencies, insolvency, news by tracey

‘Despite the UK’s intention to be a global leader in cryptoassets, the courts are still wrestling with the basics: Rachel Coyle of 36 Commercial explains why it’s time to get to grips with the insolvency context.’

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New Law Journal, 8th July 2022

Source: www.newlawjournal.co.uk

High Court permits service by NFT in ‘English legal first’ – Law Society’s Gazette

Posted July 13th, 2022 in cryptocurrencies, fraud, misrepresentation, news, service by tracey

‘An Italian engineer trying to recover around £2m of stolen cryptocurrency has been given permission to serve High Court proceedings via a non-fungible token (NFT) on the blockchain, in what his lawyers have said is an English legal first.’

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Law Society's Gazette, 13th July 2022

Source: www.lawgazette.co.uk

English High Court ruling on NFTs ‘hugely significant’ for fraud victims – OUT-LAW.com

Posted June 20th, 2022 in artistic works, computer crime, cryptocurrencies, fraud, news by tracey

‘A ground-breaking ruling in the English High Court that recognised non-fungible tokens (NFTs) as legal property is a major victory for victims of fraud, according to one legal expert.’

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OUT-LAW.com, 17th June 2022

Source: www.pinsentmasons.com

Crypto specialists cautiously welcome regulation plans – Law Society’s Gazette

‘Specialist lawyers have cautiously welcomed the chancellor of the exchequer’s announcement that so-called stablecoins – cryptoassets with a value pegged to that of a conventional fiat currency – are to “be brought within the scope of regulation”. The announcement is part of a package of measures, including the promise of a Royal Mint “non fungible token” (NFT), to make the UK “a global hub for cryptoasset technology and investment”.’

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Law Society's Gazette, 7th April 2022

Source: www.lawgazette.co.uk

Judge lambasts parties’ animosity in latest ‘Dr Bitcoin’ ruling – Law Society’s Gazette

Posted March 30th, 2022 in cryptocurrencies, duty of care, jurisdiction, London, news by sally

‘Parties in the latest round of litigation involving a controversial claim to have originated the Bitcoin digital currency have been warned by a judge against using the courts as a vehicle for their animosity. Ruling in an application over the choice of London as a jurisdiction, Mrs Justice Falk also set out what was hailed as a landmark statement of the law relating to blockchain encryption technology.’

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Law Society's Gazette, 28th March 2022

Source: www.lawgazette.co.uk

New rules to tackle offshore crypto crime – Law Society’s Gazette

‘New rules to help the courts trace cryptoassets overseas are being drawn up to deal with the increasing volume of litigation in this area, the master of the rolls revealed yesterday. “In the world of crypto fraud, there are no national barriers and unlawfully obtained cryptoassets can be difficult to trace,” Sir Geoffrey Vos told an audience of lawtech specialists in London.’

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Law Society's Gazette, 25th February 2022

Source: www.lawgazette.co.uk

Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian

‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’

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The Guardian, 18th January 2022

Source: www.theguardian.com

Law firm first to sell advice using cryptocurrency tokens – Legal Futures

Posted October 27th, 2021 in cryptocurrencies, fees, law firms, news by sally

‘A law firm based in Bristol will auction two and a half hours of chargeable time next month in the form of three unique cryptocurrency tokens.’

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Legal Futures, 27th October 2021

Source: www.legalfutures.co.uk

Binance: Watchdog clamps down on cryptocurrency exchange – BBC News

Posted June 29th, 2021 in cryptocurrencies, financial regulation, news by sally

‘Binance, the world’s biggest cryptocurrency exchange, has been issued a warning by the UK’s financial regulator.’

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BBC News, 28th June 2021

Source: www.bbc.co.uk

Financial watchdog bans crypto exchange Binance from UK – The Independent

‘Britain’s Financial Conduct Authority (FCA) has stated that Binance, one of the world’s largest cryptocurrency exchanges, is not permitted to undertake any regulated activity in the UK.’

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The Independent, 27th June 2021

Source: www.independent.co.uk

‘Time to buy’ bitcoin adverts banned in UK for being irresponsible – The Guardian

Posted May 26th, 2021 in advertising, banking, complaints, cryptocurrencies, news, ombudsmen by sally

‘An ad campaign telling the public that “it’s time to buy” bitcoin has been banned after the advertising watchdog ruled that it was irresponsible and misleading.’

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The Guardian, 26th May 2021

Source: www.theguardian.com

Rapid arbitration at heart of new rules for digital disputes – Litigation Futures

‘Non-court-based digital dispute resolution rules designed for novel technology such as crypto-assets, smart contracts, and blockchain applications have been published today.’

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Litigation Futures, 22nd April 2021

Source: www.litigationfutures.com

Money for Nothing? Crypto-Assets and their Implications in Matrimonial and Private Client Work – Pump Court Chambers

‘For the matrimonial finance and private client lawyer, crypto-assets can form a major part of a client’s estate and we are seeing them with increasing frequency. It is vital that we can identify, value and understand them, and advise on their implications for clients, for others interested in client assets, and to assist the court, if necessary.’

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Pump Court Chambers, 19th March 2021

Source: www.pumpcourtchambers.com