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Germany leads the way with proposed legislation regulating crypto-assets safekeeping that will provide insolvency protection
2023-09-21

The European Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 – MiCA), which entered into force on 29 June 2023, is a significant new regulation that will impact the treatment of cryptocurrencies and digital assets. MiCA requires the European Securities and Markets Authority (ESMA) to develop a series of regulatory technical standards (RTS) and implement technical standards (ITS) and Guidelines. Many of these regulations are to be developed in close cooperation with the European Banking Association (EBA).

Filed under:
Germany, Banking, Insolvency & Restructuring, IT & Data Protection, Squire Patton Boggs, Cryptoassets
Authors:
Dr Andreas Fillmann
Location:
Germany
Firm:
Squire Patton Boggs
View Original Article
Three Arrows Capital Co-Founder Avoids Contempt and Sanctions in United States, But Bankruptcy Court Previews Worldwide Enforcement Options
2023-08-25

On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore.

Filed under:
British Virgin Islands, Global, USA, New York, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bankruptcy, Cryptoassets
Authors:
Kyle F. Arendsen
Location:
British Virgin Islands, Global, USA
Firm:
Squire Patton Boggs
View Original Article
Winter Wears On: Celsius Court Rules That Certain Customer Deposits are Property of the Bankruptcy Estate
2023-01-06

Introduction

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Real Estate, Weil Gotshal & Manges LLP, Cryptocurrency, FTX
Authors:
Ronit J. Berkovich , Jessica Liou , John Marinelli
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
Landmark insolvency decision in Hong Kong on treatment of cryptocurrencies
2023-08-01

Re Gatecoin Limited (Gatecoin) is a landmark decision concerning the winding-up of a cryptocurrency exchange.

Background

Liquidators secured over 50 types of cryptocurrencies with an aggregate value of over HK$140m. To aid the liquidator’s allocation of the seized cryptocurrencies, the Court of First Instance decided two key issues.

Decision

The court held that:

Filed under:
Hong Kong, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Taylor Wessing, Cryptocurrency, Insolvency
Authors:
Mark Chan
Location:
Hong Kong
Firm:
Taylor Wessing
View Original Article
Digital assets in insolvency - MiCA and the German Future Finance Act
2023-07-31

It is no secret anymore that the MiCA (Markets in Crypto-Assets Regulation) is coming. But why is this important for insolvency practitioners and clients? This update aims to give an answer to this question and to provide an outlook on how the German legislator plans to implement these principles.

Filed under:
Germany, Banking, Insolvency & Restructuring, IT & Data Protection, Taylor Wessing, Digital assets, Insolvency, Cryptoassets
Authors:
Dr. Rembert T. Graf Kerssenbrock
Location:
Germany
Firm:
Taylor Wessing
View Original Article
Who Owns Crypto Assets? Know the Risks
2023-07-26

Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual depositors/customers, safely out of the reach of the bank’s creditors, reinforced by numerous federal and state regulations, and bankruptcy case law.

But what happens if the asset that’s been deposited is cryptocurrency, held by a third-party, non-bank custodian?

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Levenfeld Pearlstein LLC, Chapter 11, US Bankruptcy Code
Authors:
Heidi M. Hockberger
Location:
USA
Firm:
Levenfeld Pearlstein LLC
View Original Article
Cayman Islands’ Joint Provisional Liquidators Appointed Over Failed Cryptocurrency Exchange
2023-06-17

On 8 March 2023, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators (“JPLs”) over Atom Holdings (the “Company”), a Cayman incorporated holding company for the Atom Group, which operated a cryptocurrency exchange via an online platform known as AAX (Atom Asset Exchange).

Filed under:
Cayman Islands, Banking, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Conyers, Liquidation, Cryptocurrency
Authors:
Jonathon Milne , Alecia Johns
Location:
Cayman Islands
Firm:
Conyers
View Original Article
Delaware Bankruptcy Court Approves DIP Financing of 700 Bitcoin
2023-06-09

On May 8, 2023, online cryptocurrency exchange platform Bittrex, Inc. and three of its affiliated entities (collectively “Bittrex”) filed for chapter 11 to wind down their U.S. and long-dormant Malta operations. The bankruptcy filing followed costly regulatory investigations and an April 17, 2023 SEC enforcement action alleging that Bittrex improperly sold crypto assets that were securities. Unlike other crypto bankruptcies, Bittrex did not risk, hypothecate, or loan cryptocurrencies needed to meet its contractual obligations to its customers.

Filed under:
USA, Delaware, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission
Authors:
Kyle F. Arendsen
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Shopping for Distressed Crypto Assets or Troubled Crypto Businesses? Don’t Leave Home Without This Roadmap
2023-06-08

Investing in or acquiring distressed assets can be a lucrative investment strategy for those with a healthy risk appetite and a roadmap for sourcing and evaluating quality assets.

Following a steep run-up in crypto asset prices and valuations of crypto-adjacent businesses in the last two years, there has been a sharp increase in companies and assets in the space looking at deeply distressed valuations, liquidity crunches or formal insolvency or bankruptcy proceedings.

Filed under:
USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Mayer Brown, Blockchain, Due diligence, Cryptocurrency, Insolvency, US Securities and Exchange Commission
Authors:
Joaquin M. C De Baca
Location:
USA
Firm:
Mayer Brown
View Original Article
Risks and reforms: the UAE adjusts to a shifting landscape
2023-05-26

Morgan Heavener, Darren Mullins and Paul Wright, Accuracy

This is an extract from the 2023 edition of GIR's Europe, Middle East and Africa Investigations Review. The whole publication is available here. 

Filed under:
United Arab Emirates, Compliance Management, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Private equity, Due diligence, Cryptocurrency, Personal data, Anti-money laundering, Anti-bribery and corruption, GDPR
Location:
United Arab Emirates
View Original Article

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