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Jul 27, 2022
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.
- 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
Apr 20, 2022
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.
IBA European Fashion and Luxury Law Conference
Sep 23, 2022
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’).
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
Sep 23, 2022
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 legal landscape of the metaverse, NFTs and digital assets: what lawyers need to know
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
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 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
Oct 08, 2021
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?
The panel will analyse causes and consequences of recent banks and crypto-currency exchanges failures.
IBA Annual Conference Mexico City 2024
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.
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
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.
New asset classes, like crypto currencies and non-fungible tokens, have been created.
IBA Annual Conference Miami 2022
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.
May 20, 2022
Moves are underway in Europe and the US to regulate the volatile cryptocurrency markets. Global Insight investigates the road ahead.
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
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.
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
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.
32nd Annual Conference on the Globalisation of Investment Funds
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.
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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 shifted the market for digital asset funds globally;
- How crypto is building traction as an institutional asset class;
- M&A, 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;
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How traditional fund sponsors are tokenizing their funds’ shares;
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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
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
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
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.
The first involves leveraging nonfungible tokens (NFTs) and cryptocurrencies to create blockchain-based metaverse startups.
IBA Annual Conference Paris 2023
Despite a series of major collapses across the cryptocurrency sector, some countries are still prepared to encourage crypto players to their jurisdictions.
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
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.
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.
- Access to US capital markets for German tech companies
- Scaling up your business out from Berlin
- When the sky gets cloudy: dealing with financing challenges / down rounds
- Employee incentive schemes - providing for unexpected changes
- Representation and warranty insurance – challenges in tech transactions
- Exchange of information during transactions – competition law
- AI in M&A transactions (data, data protection and the AI Act)
- NFT and crypto challenges
- Product liability for automated or semi-automated systems
- Co-opetition licenses and arrangements
- Earnouts
- Merger control and FDI issues
- Data privacy: lessons learned and outlook
- Effective approaches to due diligence in technology M&A deals
- Data Transfer Impact Assessments and the US Executive Order
- Cloud computing and data protection
- The impact of the Digital Services Act
- Overlooked cyber security risks in M&A: best practices 2023
- Challenges of public clouds
6th Mergers and Acquisitions in the Technology Sector 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.
- AI challenges
- Crypto assets, micro-transactions, NFTs, DAOs self-regulations
- Jurisdictional challenges and forums for disputes
- Metaverse environments for dispute-resolution, covering both arbitration and ADR systems
Metaverse; Artificial Intelligence; and Web3.0 Technology
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.
How do copyrights and smart contracts increase the value of non-fungible tokens (NFT), the new digital media asset? What are mere lines of code minted on a blockchain, represent a living digital work on the internet.
IBA Annual Conference Miami 2022
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.
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What are the new types of digital assets (crypto currencies and stablecoins, digital assets (representing real world assets or entitlements), utility tokens (intended to provide digital access to an application or service), NFTs? What is their interplay with traditional financial instruments and commodities through digitisation (central bank digital currencies, digital securities, tokenised deposits, crypto commodities)?
IBA Annual Conference Mexico City 2024
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.
This session will discuss the traceability and recoverability of diamonds, the mechanisms that are currently available as well as new ideas to assist in recovering missing physical assets, including the innovative use of blockchain technology and the tokenisation of legal rights to missing diamonds (and other missing physical assets) into non-fungible tokens (NFTs).
Panellists will consider issues and challenges specific to the diamond industry, including relevant international regulations and sanctions.
2nd Annual IBA Asset Recovery Conference
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.
The panel will explore a multitude of IP issues, strategies and challenges as they relate to recreational and non-recreational Cannabis and two areas Miami is famous for: tattoos and NFTs, including Digital Art and Collectibles. And to top it off, the panel will link IP issues in Cannabis and tattoos to the evolving reality of the metaverse.
IBA Annual Conference Miami 2022
A French point of view: from crypto assets to digital assets
Silvestre Tandeau de Marsac
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.
Beyond the hype around NFTs, videogames and virtual worlds have introduced a new form of human interaction, and its evolution as metaverses exceed the entertainment industry.
Biennial IBA Latin American Regional Forum conference
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.
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
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