The question of whether bitcoin or crypto assets are “property”, and the implications that this can have on the relief that may be sought from the Courts, continues to be an important and evolving topic. These 2 webinars build on earlier seminars by the Singapore Academy of Law, and seeks to provide a ‘deeper dive’ into the issue and related topics involving crypto assets.
Down the Digital Rabbit Hole – Investigations, Injunctions and Associated Remedies involving Crypto Assets
Focussing on litigation related issues relating to crypto assets, the panel will share on matters such as the classification of crypto assets (i.e. whether as a property or as a currency) and the reliefs that a court or tribunal can grant over crypto assets. Together with a technical expert, the discussion will also cover some of the key practical challenges of tracing and enforcing court orders, both in and outside of the jurisdiction. Some key issues to be highlighted include:
- The scope of crypto currencies and crypto assets. Crypto currencies such as Bitcoin and crypto assets such as Non-Fungible Tokens are currently traded increasingly often on e-commerce platforms. The panel will examine and seek to demystify some of these crypto assets and address the question of whether these assets can be said to grant the buyer certain exclusive rights.
- Whether Bitcoin or crypto assets are “property” and what interim relief can be granted by the Singapore Court, in the event of a dispute involving crypto assets that have been transferred or dissipated outside of the jurisdiction (such as freezing injunctions and proprietary injunctions).
- The practical difficulties of enforcing relief (such as cross border tracing and enforcement that may be granted by the Singapore Courts), and the use of data mining techniques that can be deployed to facilitate tracing / locating crypto assets in difficult jurisdictions.
Old Story New Twist - Insolvency And Valuation Issues Involving Crypto Assets
What are the issues that are likely to be foremost on the minds of insolvency / restructuring and finance lawyers? Given the surge in popularity of crypto assets, it is inevitable that we will see an uptake in restructuring and insolvencies relating to this space. Indeed, the high-profile insolvencies / liquidation of crypto asset exchanges such as Cryptopia in New Zealand and Japan-based Mt Gox provide a preview on what is to come. Some issues that come to the fore include the valuation of crypto currency assets, whether crypto currency should be properly viewed as property of monies and tied to this, the type and scope of reliefs and orders that can be made in respect of crypto assets. An industry expert will join in to cover some of the key practical considerations that are likely to arise when insolvency is on the cards. The topics to be canvassed include:
- Whether a trust can be created over a crypto asset and how this can be used by creditors to get higher up on the priority chain.
- The legal issues that are likely to arise in valuing crypto assets considering the fluctuations in price that are likely to take place between the date at which the cause of action arises, the start and end of trial.
- The challenges that are likely to be encountered in valuing crypto assets, practical considerations and workarounds that typically arise when crypto assets feature in insolvency / restructuring procedures.