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    Judgment finds that crypto debt can be used to wind up a company in Singapore
    2023-11-24

    The High Court in Singapore has ordered the winding up of Hodlnaut Pte Ltd, a Singapore based cryptocurrency lending and borrowing platform, as it was cash flow insolvent given that the cryptocurrency funds held by the company from various creditors count as ‘debts’ within the meaning of s125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).

    Filed under:
    Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Cryptocurrency, Winding-up, Insolvency, Restructuring and Dissolution Act 2018 (Singapore)
    Authors:
    John Adams
    Location:
    Singapore
    Firm:
    Penningtons Manches Cooper LLP
    UK Jurisdiction Taskforce to consult on digital assets and English insolvency law
    2023-11-14

    The UK Jurisdiction Taskforce has launched a new public consultation on the treatment of digital assets in English insolvency law.

    Crypto assets are 'property'

    In November 2019, the UKJT published its seminal legal statement on the status of crypto assets and smart contracts. Since then, there has been widespread acceptance that crypto assets are 'property' for the purposes of English law. And the Law Commission has recently proposed a new, third category of personal property rights to capture digital assets.

    Impact on insolvency law

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Taylor Wessing, Digital assets, Insolvency
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    HM Treasury Publishes Response to Consultation on Managing Failure of Systemic Digital Settlement Asset Firms
    2023-11-03

    HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, A&O Shearman, Cryptocurrency, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Insolvency Act 1986 (UK), Financial Services and Markets Act 2000 (UK)
    Authors:
    Barnabas (Barney) Reynolds , Chloe Barrowman
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    UK Cryptoasset Regulation: Three Key Updates
    2023-11-02

    On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, CMS Cameron McKenna Nabarro Olswang LLP, Blockchain, Mediation, Cryptocurrency, Anti-money laundering, Non-fungible tokens, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK)
    Authors:
    Chris Glennie , Sam Robinson , Mike Ringer , Susann Altkemper , Yasmin Johal , Justin Kwik
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    UK Government policy updates: Regulation of fiat-backed stablecoins and failure of systemic DSA firms
    2023-11-01

    On 30 October 2023, the UK government published an update on its legislative approach for regulating fiat-backed stablecoins, following on from its consultation on the UK regulatory approach to cryptoassets and stablecoins in January 2021, and the response to that consultation in April 2022. Alongside this, it published a response to its consultation on the approach to managing the failure of systemic digital settlement asset (DSA) (including stablecoin) firms.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Hogan Lovells, Cryptocurrency, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK)
    Authors:
    John Salmon , Christina Wu , Virginia Montgomery
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    Insurance Quarterly Legal and Regulatory Update: 1 July 2023 - 30 September 2023
    2023-10-20

    1. SOLVENCY II 1.1 Solvency II Directive review: ECON agrees position on Solvency II Directive review On 27 July 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on its agreed position on the Proposal for a Directive amending the Solvency II Directive1 (Proposed Directive).

    Filed under:
    European Union, Ireland, Banking, Capital Markets, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Insurance, IT & Data Protection, White Collar Crime, Dillon Eustace LLP, Climate change, Big data, Electric vehicle, Due diligence, ESG, Personal data, Anti-money laundering, Data privacy, Greenwashing, European Commission, European Parliament, European Council, European Insurance and Occupational Pensions Authority, Central Bank of Ireland, European Securities and Markets Authority, European Data Protection Board, GDPR, Solvency II Directive (2009/138/EU), Sustainable Finance Disclosure Regulation (2019/2088/EU)
    Location:
    European Union, Ireland
    Firm:
    Dillon Eustace LLP
    UK Jurisdiction Taskforce Publishes Consultation on Digital Assets and Insolvency Law
    2023-10-20

    The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement will cover a range of areas which are listed in an Annex to the paper.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, A&O Shearman
    Authors:
    Barnabas (Barney) Reynolds , Chloe Barrowman
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part Two)
    2023-10-18

    In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Bitcoin, Cryptocurrency, US Securities and Exchange Commission, Office of Foreign Assets Control (USA), Commodity Futures Trading Commission (USA), Financial Crimes Enforcement Network (USA), Chapter 11, US Bankruptcy Code
    Authors:
    Mark A. Salzberg , Justin Cloyd
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Insolvency Now - Business Insolvency on the Rise in Canada: Understanding the Role of AI- Issue 9
    2023-10-12

    ntroduction The priority of governments and financial authorities around the world in 2023, including in Canada, has been to reduce inflation while monitoring and addressing financial sector risks. The Bank of Canada estimates that inflation will likely remain near 3% through 2024, given strong household spending levels supported by tight labour markets, population growth and high levels of accumulated household savings.

    Filed under:
    Canada, Insolvency & Restructuring, IT & Data Protection, Davies Ward Phillips & Vineberg LLP, Mediation, Artificial intelligence, Digital transformation, Machine learning, Insolvency, ChatGPT, Generative AI, Google, Office of the Superintendent of Financial Institutions (Canada), FTX, Silicon Valley Bank
    Location:
    Canada
    Firm:
    Davies Ward Phillips & Vineberg LLP
    Cryptocurrency Brings Disruption to Bankruptcy Courts—What Parties Can Expect and the Open Issues Still To Be Resolved (Part One)
    2023-10-09

    Many authorities and commentators have considered cryptocurrencies, and the blockchains that undergird them, as a potentially disruptive force in the financial industry. Now, that disruption has made its way to a different side of finance—bankruptcy, and during the past year, the United States bankruptcy courts have had to confront many unexpected challenges involved in dealing with cryptocurrency.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Blockchain, Bitcoin, Cryptocurrency
    Authors:
    Mark A. Salzberg , Justin Cloyd
    Location:
    USA
    Firm:
    Squire Patton Boggs

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