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Blockchain and Private International Law: Implications for Crypto, Payment Systems, Digital Wallets and Jurisdictional Concerns

In recent years, the financial growth of the digital economy and the influence of its associated assets and organisations has led to a concern over the legal mechanisms governing market interactions on blockchain systems. More critically, the question of ‘which law, which court’ is one that the Law Commission of England and Wales has posed in relation to considering the dilemma of which laws will govern a tech-related dispute. This conflict of laws issue is exacerbated in the world of decentralised finance, given the inherently borderless nature of blockchain transactions, which can lack the necessary legal safeguards. The article frames this issue in the context of payment systems, decentralised autonomous organisations and digital wallets. The potential displacement of central counterparties that decentralised finance proposes, alongside a wealth of efficiency and security benefits, must be assessed against the backdrop of cryptocurrency related fraud, cybersecurity concerns and the revolutionary nature of contracting between parties on decentralised platforms. The article aims to show that the aggregate gain of this financial revolution must be approached with legal caution, given that principles of private international law, company law and contract law may not adequately remedy (in one form or another) the range of legal concerns regarding the resolution of blockchain-related disputes. As the article will highlight and argue, the implementation of an international framework to homogenise jurisdictional variations requires rectifying a range of underlying legal ambiguities and speculations to unify a currently fragmented framework of regulation(s).

How is the World Shaping the Financial Innovation Industry?

In recent years, financial technology (Fintech) has expanded worldwide, forcing traditional institutions to adapt to this innovative means of doing financial business. Around the globe, the legal response to this new trend has been diverse, although we can still trace certain similarities. In this context, the Banking Law Committee of the International Bar Association has conducted an investigation project to observe the regulatory and legal responses to Fintech and their impact. For this purpose, we have worked with different law firms from 39 countries. This article summarises the findings of this project.

Key Issues for the Taxation of Crypto Assets in Finland with Comparison to Other Jurisdictions

The European Union (EU) is currently in the process of developing a comprehensive framework for taxing digital currencies such as bitcoin and Ethereum. This follows the growing popularity and use of cryptocurrencies, as well as the need for the EU to regulate and tax these digital assets in a consistent manner. The proposed framework is aimed at providing clarity for both individuals and businesses on how properly to report and pay taxes on their cryptocurrency transactions. It also aims to prevent tax evasion and money laundering through the use of cryptocurrencies. Many believe that crypto assets have a crucial role to play in the evolution of the worldwide web into the so-called Web 3. The building blocks under speculation for the future internet are the metaverse, artificial intelligence, crypto assets and the other use of blockchain technology as well as the fifth-generation mobile network (5G). The above-mentioned concepts may feel like the dream works of a future enthusiast, but all of them are decisively making their way into our lives. 5G networks have been available in big cities for years, Meta Platforms Inc alone has allegedly spent US$36bn in metaverse product development and McKinsey has predicted that by 2030 the value of the metaverse could reach US$5tn in value. In this article, the authors aim to focus on giving a short description about what cryptocurrencies and other crypto assets are, how they are treated for tax purposes in the authors’ domicile jurisdiction (Finland) in comparison with some other jurisdictions and observe some international developments in crypto asset regulation and taxation.

Using NFTs to Store Health Data: A New Era or a Privacy Disaster?

It seems almost overnight that global news was flooded with talk of blockchain and non-fungible tokens (NFTs). The barrage of such information has both confused and captivated the world, leading many to still wonder what an NFT is, while inspiring others to apply this technology to advance their industry or industry sector, with one such industry sector being health data. Specifically, this article explores the use of NFTs to store health data. Much of this article may be applicable to the use of NFTs to store any type of data, but it focuses on health data, highlighting some of the significant opportunities and challenges in this space. It also provides critical analysis to demonstrate how businesses should begin to analyse their work in the NFT space under existing regulations. This article first demystifies blockchain and NFTs by explaining what they are. Second, it explores the use of NFTs to store health data, and some of the opportunities presented by this use. Third, the article highlights some of the legal and ethical gaps surrounding the use of blockchain to store health data, with a specific focus on individual privacy and privacy rights. This is accomplished through an analysis of a variety of global privacy laws and their application to NFTs, specifically when used to store health data. The article concludes with a discussion of some ethical concerns related to the use of NFTs to store health data.

Economic sanctions: challenges confronting the cryptocurrency industry

This article examines the growth of the cryptocurrency industry and the US government and private sector’s efforts to respond to the corresponding compliance challenges, including with respect to the criminal actors who have utilised digital assets to launder funds, promote their criminal enterprises, and evade economic and trade sanctions.

El Salvador: a global regulatory sandbox for Bitcoin as a legal tender

On 9 June 2021, El Salvador’s Legislative Assembly approved The Bitcoin Law, which provides the first legal framework in the world to give a crypto asset – in this case Bitcoin –legal tender status.

Argentine Fintech industry: what is the current regulatory landscape and what can be expected in the near future?

In Argentina there is no centralised regulation that governs the entire Fintech ecosystem but, instead, there are several separate regulations regarding certain Fintech activities and/or players. This article provides an overview of the Argentine Fintech legal ecosystem and the main regulatory challenges for 2022.

Dispute resolution: redress and remediation in complex crypto litigation

Disputes involving crypto assets can have their own unique and sometimes novel challenges. To seek redress, litigants have had to rely on existing dispute resolution mechanisms and traditional legal remedies, with varying levels of success.

Summary: How is the World Shaping the Financial Innovation Industry? (2024)

To explore the recent evolution of Fintech, this article provides a general analysis of the latest IBA Banking & Financial Law Committee research project, Fintech: how is the world shaping the financial innovation industry? (2024). In doing so, it aims to illustrate the key changes across various areas of interest and regions, focusing on how different jurisdictions have adapted their regulatory frameworks to accommodate new technologies and user behaviour. This analysis includes an overview of Fintech and crypto regulatory frameworks, payment service providers and digital wallets and open banking. Each area has seen major developments, and there exist clear examples of how different jurisdictions have chosen specific approaches in law-making to adapt to new or upcoming technologies.

Cryptocurrency can be ‘property’ under Hong Kong law – and yet it may not be

This article provides one of the key case law updates in Hong Kong with respect to cryptocurrency. While the market sentiment is generally optimistic about the judicial recognition of cryptocurrency, the author would like to remind readers to watch out for overhype.

From blockchain to crypto: there and back again

A conference report on the ‘From blockchain to crypto: there and back again’ session from the Biennial IBA Latin American Regional Forum Conference: Technology, social media and artificial intelligence: challenges for the legal industry in the digital age.

Code, coins and courts: bank-level protection for crypto?

The proliferation of virtual currencies has exploded in recent years. The widespread adoption of cryptocurrencies can be attributed, inter alia, to the convenience they provide to carry out transactions in combination with their pseudo-anonymous nature. At the same time, the constrained traceability of cryptocurrency transfers significantly obfuscates means of effective oversight and supervision, thereby creating a heightened risk of illicit activities. Against this backdrop, the first ruling has now been handed down by the Austrian Supreme Court on the applicability of the Payment Service Act 2018 (ZaDiG 2018) and the E-Money Act 2010 (E-GeldG 2010) implicating transactions involving cryptocurrencies.

The digitisation of central bank currencies among the major economies – the current landscape

To date, the central banks of approximately 65 countries are in some stage of initiating or developing a programme of digitising their central bank currencies. This digitisation has the potential to minimise costs in cross-border transactions, increase financial inclusion and improve the efficiency of monetary policy implementation. This article details the programmes among the world’s major economies.

Crypto Disputes: The Valuation Challenge

The advent of the ‘crypto winter’ in early 2022, which saw cryptoasset values decline sharply and major crypto businesses fall into bankruptcy, has prompted an increase in disputes related to cryptoassets and associated businesses. A notable consequence of this trend is that national courts and arbitral tribunals will face a wave of complex and novel valuation issues over the coming months and years, including in the context of quantifying damages for highly volatile cryptoassets. This article aims to identify valuation challenges in the fast-developing area of business, law and practice that surrounds crypto disputes before making practical suggestions to help parties and their counsel successfully navigate these challenges.

EU establishes comprehensive set of rules for crypto-assets

In-House Perspective outlines what organisations need to know about the Markets in Crypto-assets legislation, the EU’s attempt to be at the forefront of the token economy and to protect consumers in the process.

Pro bono through blockchain: Tokens Pombo

Tokens Pombo are an innovative combination between blockchain technology and pro bono projects in support of access to justice. As the Fernando Pombo Foundation explains, this methodology introduces a new manner of charitable fundraising that results in the total transparency and traceability of a donation. This initiative is social engagement through the application of technology and legal innovation, and aims specifically at the rights of victims of gender-based violence, victims of trafficking for the p

Alipay and the impact of e-payment systems resulting in new regulations in China and other jurisdictions - China Working Group

By Yi-An (Ann) Lai. Alipay and the impact of e-payment systems resulting in new regulations in China and other jurisdictions.

Crypto and CBDCs in Brazil-Russia trade: regulatory developments, sanction risks and compliance strategies

The tightening of sanctions, increasing pressure on traditional payment systems and the concurrent advancement of digital financial technologies are reshaping the rules of the game for cross-border trade between Russia and Brazil. Since August 2023, Russia has been piloting the Digital Ruble, and since late 2024 it has been implementing pilot programmes for cross-border settlements using cryptocurrencies and digital assets. In Brazil, the first federal regulations on virtual assets have taken effect, while the Brazilian Central Bank continues to introduce a phased regulatory framework and integrate cryptocurrencies into the formal financial system.

Decentralised autonomous organisations and liability in litigation – Sarcuni, et al v bZx DAO, et al

A recent ruling of the United States District Court in Sarcuni v bZx DAO, No 22-cv-0618 (S.D. Cal. March 27, 2023), has raised more than an eyebrow amongst many in the decentralised finance community who, until now, largely believed that decentralised autonomous organisations (DAO), and those that sit behind them, were outside of the traditional legal system and as such, not exposed to corresponding liabilities.

Regulating buy-now-pay-later Fintechs

Regulating buy-now-pay-later Fintechs. By Akshay Bhargav, Kaushalya Shetty and Vaishali Nayar In today’s fast-paced retail environment, we are spoilt for choice with online business platforms trying to offer a plethora of services to ensure they retain their customers and achieve optimum customer acquisition. New ways are being invented to expedite online checkout – all with the objective of reducing the steps involved in, and the time spent on, transaction settlements. Faster checkouts ensure customer con

The regulation of crypto-assets and recent anti-money laundering developments in Portugal

Important changes have been implemented in Portugal regarding crypto-assets and crypto-asset activities, and additional changes are expected to take place during 2021. The introduction of a prior registration with the Bank of Portugal marks the beginning of regulation of crypto-asset activities in Portugal, and the transposition of the EU's Fifth Anti-Money Laundering Directive sets higher standards for crypto service providers.

Thailand: recent trends toward more stringent regulation of digital assets in Thailand

The Thai Securities and Exchange Commission (SEC) has taken numerous steps to strengthen and expand the regulatory regime covering digital asset operators in Thailand. This has resulted in several enforcement actions against violators, including issues in connection with fabricated information on the trading volume of digital assets on a digital asset exchange.

I’m a beneficiary, get me out of here!

The panel addressed the challenges posed by modern families, but also new types of assets that can be part of international estates, such as digital assets and cryptocurrencies. The law of the administration of such international estates can be a jungle when taking into consideration modern family ties and concepts, as well as these new types of assets that can be treated differently (if at all) by various jurisdictions.

New IBA report outlines fintech regulatory frameworks of 39 jurisdictions across the world

A new report from the International Bar Association Banking Law Committee (IBA BLC), provides an overview of the financial technology (fintech) regulatory frameworks of 39 jurisdictions across Africa, Asia Pacific, Europe, North America and South America. The report, titled Fintech: legal frameworks...

Business Law International (BLI) – May 2023

Regulating cryptocurrency in India

Regulating cryptocurrency in India - Asia Pacific Regional Forum, September 2020

DREX and Open Finance: the Brazilian Central Bank unveils innovations for the Brazilian financial market

This article assesses recent innovations and the impact of new technologies in the Brazilian financial market.

Responding to ransomware

Australia has implemented a first-of-its kind requirement for companies to report ransomware payments. In-House Perspective assesses this development and the approaches taken by other jurisdictions towards ransomware.

Declining fertility rates and the threat to human rights

Facing low fertility rates that could undermine labour forces and social structures, governments are pursuing labour reforms, immigration expansion and pronatalist policies. Global Insight explores the impact of such policies on human rights and gender equality.

Value-added tax on digital services in Peru

Legislative Decree No 1623, enacted on 4 August 2024, has introduced significant changes to Peru’s framework on value-added tax, extending its application to digital services and intangible goods acquired by Peruvian consumers from foreign providers. This reform addresses the expanding digital economy, imposing new tax obligations on non-resident providers and payment intermediaries, particularly financial institutions.