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NFTs: a Brazilian legal perspective

This article provides an overview of the legal implications for non-fungible tokens (NFTs) in Brazil, specifically in relation to their impact on intellectual property rights and data protection.

The wild world of NFTs

This article provides a brief introduction to the concept of non-fungible tokens (NFTs) and some of the challenges experienced in relation to these digital assets.

Digital assets: surging popularity of NFTs raises important legal questions

Case Comment: NFTs as Private Property – Recent English Case Law

A recent judgment by the High Court in London in the case of Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc, trading as Opensea [2022] EWHC 1021 (Comm) decided that non-fungible tokens (NFTs) are to be treated as property as a matter of English law (or, in the context of the present hearing, made ex parte: ‘there is at least a realistically arguable case that such tokens are to be treated as property as a matter of English law’).

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.

The EU’s Markets in Crypto-Assets Regulation: a regulatory tectonic shift for the crypto economy

With the rapid development of the crypto-asset market, risks regarding the trading of crypto-assets have begun to emerge, prompting the European Union to create its own comprehensive piece of legislation: its Markets in Crypto-Assets Regulation project – a future regulation on crypto-asset transactions within the EU.

Crypto winter disputes: Navigating the intersection of crypto, arbitration and insolvency

The advent of a ‘crypto winter’ in early 2022, characterised by a sharp decline in the value of cryptocurrency assets and significant market volatility, has caused major crypto hedge funds, exchanges and lenders to experience financial distress with several entering insolvency proceedings. Since arbitration is the dispute resolution forum of choice in many crypto-related contracts, with the Hong Kong International Arbitration Centre (“HKIAC”) arbitration rules being particularly popular, the coming months are likely to see an increase in the number of parties seeking to arbitrate disputes against financially distressed crypto companies. This article first provides an overview of the current state of the crypto disputes landscape, which arises at a novel intersection of crypto, arbitration and insolvency. It then looks at the type of legal and practical factors that may be relevant to a creditor in deciding on a dispute strategy when faced with a financially distressed crypto company, including in the context of arbitration and liquidation proceedings.

What you don't know about NFTs could hurt you: non-fungible tokens and the truth about digital asset ownership

Non-fungible tokens, or NFTs, are currently in the midst of the type of hype-cycle last seen in the blockchain/crypto world when initial coin offerings (ICO) were all the rage. On 11 March 2021, an NFT associated with a piece of digital art sold at auction at Christie’s for $69m. Other NFTs, such as one based on Jack Dorsey’s first Tweet, are selling for millions as well and there is an active secondary market for some NFTs which can drive prices up quickly after the initial sale. One of the key questions, especially for anyone focused on the legal issues raised by NFTs, can be posed in simple terms: What does a purchaser really own when he or she buys an NFT?

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.

Tax aftermath of the crypto winter

The panel provided valuable insights into the ever-changing cryptocurrency landscape. A key topic discussed was the development of regulations and transparency rules by the Organisation for Economic Co-operation and Development, with a focus on the recently published Crypto-Asset Reporting Framework. Additionally, the panel delved into the evolving tax regulations in Austria, Portugal, Spain, Switzerland and the United States. Finally, the panel addressed distressed situations in the realm of cryptocurrencies, specifically discussing the impact in the US of the bankruptcy of FTX and other lending platforms.

The future of crypto

The collapse of numerous crypto businesses in 2022 has led to alarm and calls for increased regulation. Global Insight assesses what’s at stake and what should be done.

ICOs - a crypto conundrum

IBA Global Insight February/March 2018 - Regulators are grappling with initial coin offerings (ICOs), the latest cryptocurrency trend. China and South Korea have banned them, but elsewhere the focus is on whether they can be treated like securities, and how best to protect investors.

Crypto-catastrophes and executive orders

Moves are underway in Europe and the US to regulate the volatile cryptocurrency markets. Global Insight investigates the road ahead.

Crypto is crazy – non-fungible tokens are crazier still

The panel examined recent developments regarding the taxation of crypto-assets in various jurisdictions. The presentation focused on what non-fungible tokens (NFTs) are, important definitions in recent OECD rules and EU regulations dealing with crypto-assets and the EU’s tax transparency rules for crypto-asset transactions, the value-added tax-treatment of transactions concerning crypto-assets and NFT platforms in the United Kingdom and, finally, the income tax treatment in the United States and Italy.

New Portuguese personal income tax framework applicable to crypto-assets

The Portuguese State Budget for 2023 introduced new rules for the personal income taxation of income connected to crypto-assets. The boost in the mainstream adoption of crypto-assets led to the increased attention from tax authorities worldwide to income that otherwise would typically fall outside the scope of taxation or would be incompatible with the rules in place. Until the 2023 State Budget was approved, no tax law provisions were directly applicable to crypto-assets in Portugal.

Crypto, blockchain and FinTech – can tax keep pace with technology?

This session provided guidance on the tax treatment of gains and losses on cryptos, the issues arising in connection with the use of crypto funds, tax compliance matters in relation to crypto ownership and trading, and the tax treatment of staking (but not mining) in South Korea, Spain, Switzerland and the US.

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.

Crypto asset taxation – keeping up with the trends

A report on a conference session at the 11th annual IBA Finance and Capital Markets Tax Virtual Conference, focusing on recent developments and emerging tax issues in the area of blockchain

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.

Cryptocurrencies: jurisdictions remain open for business despite crypto collapses

Despite a series of major collapses across the cryptocurrency sector, some countries are still prepared to encourage crypto players to their jurisdictions.

Cryptocurrencies: jurisdictions remain open for business despite crypto collapses

Despite a series of major collapses across the cryptocurrency sector, including that of the exchange FTX and the hedge fund Three Arrows Capital, some countries are still prepared to encourage crypto players to their jurisdictions.

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.

Is Malta the domicile of choice for crypto-millionaires?

Bitcoin has been around since 2009, gradually increasing in value over the years under most people’s radar. In a timespan of barely two years, however, the world witnessed the meteoric, rise and subsequent price correction of bitcoin and hundreds of other cryptocurrencies, altcoins and tokens.

Stop scrolling and read the Ts and Cs: Arbitration agreements in crypto disputes

A recent English High Court decision concerning a non-fungible token (NFT) auction has brought into focus the use of arbitration agreements in crypto disputes. It is a caution to crypto and NFT holders worldwide, who may find themselves bound to arbitrate their disputes with crypto exchanges and NFT marketplaces in a foreign jurisdiction and applying a foreign law.

Tax regime for virtual digital assets: boon or bane for the crypto industry?

India has recently provided a framework for the taxation of crypto assets. The move has been appreciated by the industry; however, in the authors’ view, the regressive tax policy adopted may do more harm than good.

Finance: Regulators scramble to get to grips with crypto-assets

Governments and financial services regulators around the world – including in the European Union and the United States – are considering their next moves as they seek to bring law and order to the ‘wild west’ of crypto-assets.

The EU’s new regulation for crypto assets: what you should know about MiCA

The European Union is set to introduce the ‘Markets in Crypto-Assets (MiCA) Regulation’ to govern cryptocurrencies and related services. The EU Council has finalised the draft regulation, which will likely be approved soon.

A French point of view: from crypto assets to digital assets

A French point of view: from crypto assets to digital assets Silvestre Tandeau de Marsac

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.

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.