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Oct 21, 2022
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.
The treatment of crypto-assets in collateral arrangements remains an area of major legal uncertainty. Moreover, a key issue that surfaced on day one after the first insolvency proceedings were commenced with respect to crypto companies in mid-2022 was the treatment of property rights and interests in crypto assets.
38th IBA International Financial Law Conference
Nov 10, 2022
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.
- the future of artificial intelligence (AI) and the future of our profession;
- big data in tax administrations – and big problems for taxpayers; and
- chaotic crypto taxation: liquid staking, decentralised autonomous organisations (DAOs) and tokenized assets
14th Annual London Finance and Capital Markets Conference
Jan 27, 2023
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.
- Advanced use cases of non-fungible tokens (NFTs)
- Income tax regarding transactions with non-fungible tokens
- VAT and sales tax regarding transactions with non-fungible tokens
13th Annual London Finance and Capital Markets Conference
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.
The panel will explore the legal and illegal use of crypto assets, the application of sanctions and anti-money laundering (AML) regulations to the space, and the challenges practitioners and enforcement authorities face in ensuring compliance.
IBA Annual Conference Miami 2022
Jun 04, 2023
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.
The panel will analyse causes and consequences of recent banks and crypto-currency exchanges failures.
IBA Annual Conference Mexico City 2024
May 20, 2022
Moves are underway in Europe and the US to regulate the volatile cryptocurrency markets. Global Insight investigates the road ahead.
In the world of online gaming, crypto casino tokens have emerged as a revolutionary means of transaction.
IBA Annual Conference Mexico City 2024
May 17, 2023
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.
This panel will discuss:
- The basics of crypto assets, what they are and how they are being used
- What risks and challenges they present from a compliance perspective
- How regulators and enforcement agencies are approaching the issue
- What risk management tools and approaches are being used to address those risks.
18th Annual IBA Anti-Corruption Conference
Jul 25, 2023
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.
New asset classes, like crypto currencies and non-fungible tokens, have been created.
IBA Annual Conference Miami 2022
Jan 18, 2022
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
Apr 15, 2024
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.
Blockchain technology has proven to be more than a tool for crypto currency and the technology is changing how business relationships are shaped and developed, and consequently a signifi cant portion of legal practice.
Biennial IBA Latin American Regional Forum conference
Apr 08, 2024
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.
‘The New Wave’ – a comparative analysis of global crypto regulation
Despite a series of major collapses across the cryptocurrency sector, some countries are still prepared to encourage crypto players to their jurisdictions.
As we navigate an era of unprecedented digital transformation, understanding the tax dynamics associated with it becomes crucial. Our panel will take a deep dive into the taxation challenges and complexities associated with transactions within cryptocurrencies, digital platforms, and the emerging metaverse. This exploration underscores the need for comprehensive, equitable tax laws that keep pace with rapid technological advancements. Our panel of experts will offer insights into existing tax legislation, highlight potential gaps, discuss the need for consistency across jurisdictions, and explore the economic implications of these digital phenomena, all while providing strategies to navigate the contemporary tax landscape.
Annual IBA The New Era of Taxation Conference
Nov 02, 2023
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.
32nd Annual Conference on the Globalisation of Investment Funds
Jun 02, 2023
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.
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Institutionalising crypto – How political, regulatory and market forces are reshaping the landscape for digital asset funds This panel will explore new opportunities and risks in this historically volatile asset class. Topics will include:
- Have the battle for spot-based crypto ETFs and the 2024 US elections have shifted the market for digital asset funds globally;
- How crypto is building traction as an institutional asset class;
- What are the implications for liquidity, innovation and product development in the digital asset funds space;
- Can digital asset fund sponsors move the market beyond Bitcoin and Ether to more exotic fund offerings;
- How traditional fund sponsors are tokenizing their funds’ shares;
- Will clearer regulations alone promote more stable institutional demand or is active enforcement.
34th IBA Global Challenges and Opportunities for the Asset Management Industry Conference
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.
However, even in 2022 the crypto sector is still in its relative infancy, and at least for now is largely unregulated. This brings with it a great deal of uncertainty and risk. However, is crypto really manifesting problems we are not already familiar with?
IBA Annual Conference Miami 2022
Mar 29, 2023
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.
For instance, work on the substantive law aspects of digital assets is being conducted by UNIDROIT with the objective to develop a future legal instrument containing principles and legislative guidance in the area of private law and digital assets, the Hague Conference on private international law is considering work on the law applicable to digital assets, and the Financial Stability Board published a proposed framework for the international regulation of crypto-asset activities with the main goal to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and strengthen international cooperation and coordination.
IBA Annual Conference Paris 2023
Mar 28, 2023
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.
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.
• Trends in Fund Terms
• Credit funds and Borrowing Structures for Private Funds
• GP-Led Secondaries, Continuation Vehicles, and Other Liquidity Solutions
• BDCs, Private Wealth Feeders, Retail Structures, ELTIFs
• Specific Asset Classes such as Cryptos, Decarbonization, Healthcare & Royalty, Tech
Impact of Regulator and Investor Activity on the Industry
IBA Global Challenges and Opportunities for the Asset Management Industry Conference
A French point of view: from crypto assets to digital assets
Silvestre Tandeau de Marsac
The panel will cover the expected new regulatory and enforcement landscape at the US Securities and Exchange Commission (SEC), the rise of crypto currencies, the impact of expected interest rate fluctuations, the expected impact of global tariffs and potential increased mergers and acquisitions (M&A) and real estate investment activity.
23rd Annual International Conference on Private Investment Funds
Jun 11, 2023
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.
This session will look at the following four aspects of asset management:
- trends in private equity: evolution of secondary transactions (general partner (GP)-led or otherwise) and continuation funds - focus of regulators;
- Alternative Investment Fund Managers Directive (AIFMD) review: the latest position;
- crypto - will the latest volatility lead to a co-ordinated approach to regulation in this area; and
- asset classes: is the potential slowdown going to show us a different asset class for limited partnership (LP) fundraising?
IBA Annual Conference Miami 2022
Dec 13, 2022
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.
This session will explore:
• Trends in retail fund launches, including liquid alternatives and crypto-based exchange traded funds (ETFs);
• new environmental, social and governance (ESG) related market and regulatory trends, including human capital and modern slavery in value chains;
• trends in artificial intelligence (AI) use in fund governance, asset management and sales, and distribution;
• what’s new in Mexico and key developments in Latin America;
regional trends in fund formation jurisdictions;
• and political and geopolitical risk management.
IBA Annual Conference Mexico City 2024
Apr 06, 2022
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.
This will include assets such as boats, planes, spaceships, real estate, oil and gas interests, crypto currencies, NFT’s, art (collections), jewelry (collections), and wine (collections).
IBA Annual Conference Mexico City 2024
May 27, 2021
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.
The collapse of a crypto hedge fund 3 Arrows Capital in 2022 lead to a domino effect of collapses and eventually to a downfall of Bahamas-based cryptocurrency exchange FTX.
IBA Annual Conference Paris 2023
Apr 15, 2024
The United Kingdom recently introduced legislation which expands the scope of corporate criminal liability. The Economic Crime and Corporate Transparency Act 2023 (the Act) aims to strengthen the UK’s response to financial crime through an array of measures. For crypto firms, the primary touchpoints in the Act are the standalone provisions which concern crypto assets in Part 4. Those provisions are focused on the powers of UK law enforcement agencies to seize and recover crypto assets and enable the seizure and forfeiture of crypto assets believed to be the proceeds of crime, or which are connected to terrorism on reasonable grounds without first requiring a criminal conviction. This article, however, considers how the introduction in Part 5 of the Act of a new offence of failing to prevent fraud, that may have a wider impact on crypto firms and make it easier for criminal prosecutions to be brought against organisations.
Sep 26, 2023
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.
In this panel, we will go through the legal framework that rules the FinTech industry in the different continents, analysing how governments have taken proactive and/or reactive regulatory approaches encompassing and/or decoupling banks, financial institutions, and technology businesses; particularly, regarding crypto assets, service/payment providers, digital wallets and open banking.
38th IBA International Financial Law Conference
May 25, 2023
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).
Dec 01, 2022
The high-profile collapse of FTX – the world’s second largest cryptocurrency exchange – has demonstrated the need for better corporate governance standards in the nascent crypto industry, alongside increased oversight from regulators.
Real estate industry representatives and lawyers from various jurisdictions will discuss the future trends and tools for real estate in a post-pandemic world, including:
- Tokenization of real estate projects and commercialization through crypto currencies.
- Metaverse as a new submarket in the global real estate market?
IBA Annual Conference Miami 2022
May 25, 2023
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.
Approach of MNEs towards sustainable tax structures, pressures from society and governmental authorities, tax policy measures; use of taxes to balance gender diversity issues (pink taxes)
- Tax liligation: increasing trend to tax litigation and alternative dispute resolution mechanisms, such as tax arbitration and mediation
- Domestic characterisation and reporting/disclosure for crypto and digital assets
IBA Annual Conference Miami 2022
Sep 20, 2022
As the world of finance continues to wrestle with exactly what to make of cryptocurrencies, it’s the litigators making a mint.
Nov 17, 2021
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.
Incentivising employees: retainging people in the deal
6. Reg Tech
7. Crypto currencies
8. Cybersecurity - latest developments and insurance
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7th Mergers and Acquisitions in the Technology Sector Conference
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