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    EU aims for more insolvency protection for investors in crypto assets
    2023-05-04

    Background

    Several recent insolvencies of popular crypto fin-techs have shaken the crypto markets, eroding investors’ trust in digital assets in general and their future reliability.

    The European Union's (EU) response is to implement new and clarify existing safeguards for investors to protect their property in the event of an insolvency. In this context, the Markets in Crypto Assets Regulation (MiCAR) is to be implemented throughout the EU.

    Legislative changes

    Filed under:
    European Union, Banking, Insolvency & Restructuring, IT & Data Protection, Taylor Wessing, Cryptocurrency, Insolvency
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    European Union
    Firm:
    Taylor Wessing
    Endlich Rechtssicherheit? - Zukunftsfinanzierungsgesetz stärkt Kundenrechte bei Insolvenz von Kryptoverwahrern
    2023-05-04

    Der Entwurf des Gesetzes zur Finanzierung von zukunftssichernden Investitionen (Zukunftsfinanzierungsgesetz („ZuFinG“)) vom Bundesministerium der Finanzen („BMF“) und dem Bundesministerium der Justiz („BMJ“) führt nicht nur elektronische Aktien ein, sondern stärkt auch Kundenrechte bei Insolvenz von Kryptoverwahrern. Zukünftig normiert das Kreditwesengesetz („KWG“), wie Kryptoverwahrer das von ihnen verwahrte Kundenvermögen schützen müssen und was mit dem verwahrten Kundenvermögen bei einer Insolvenz des Kryptoverwahrers passiert.

    Filed under:
    Germany, Banking, Insolvency & Restructuring, IT & Data Protection, Heuking, Cryptocurrency
    Authors:
    Dr. Johannes Blassl , Dr. Christoph Gringel , Maria-Therese Bless
    Location:
    Germany
    Firm:
    Heuking
    Court Grants Extension of Moratoria and Sealing of Documents in Restructuring of Cryptocurrency Business
    2023-05-04

    Introduction

    The law is constantly developing to fit the ever-changing world. Most recently, with the digitalisation of the commercial landscape and the proliferation of cryptocurrencies, NFTs and metaverse-related businesses, the courts have had to apply or adapt the law to deal with novel situations. This was the case in Re Babel Holding Ltd and other matters [2023] SGHC 98, where the Singapore High Court had to apply restructuring and insolvency law in the context of a cryptocurrency-related business.

    Filed under:
    Singapore, Banking, Company & Commercial, Insolvency & Restructuring, IT & Data Protection, Litigation, Rajah & Tann Asia, Cryptocurrency, Non-fungible tokens, Insolvency
    Authors:
    Sheila Ng , Raelene Pereira
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    ISDA Says Clear Rules Are Needed to Govern Ownership of Digital Assets when Intermediaries Go Bankrupt
    2023-05-03

    ISDA argued the need for clarity in rules that govern the ownership of customer digital assets in the event of an intermediary’s insolvency.

    Filed under:
    Global, Banking, Insolvency & Restructuring, IT & Data Protection, Fried Frank Harris Shriver & Jacobson LLP, Digital assets, International Swaps and Derivatives Association
    Location:
    Global
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    Hong Kong court recognises that crypto is property
    2023-04-27

    The Hong Kong High Court has found that cryptocurrencies are property in a landmark case, further boosting the city’s virtual asset industry and its ambition to become the Asian crypto hub.

    Filed under:
    Australia, Hong Kong, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Piper Alderman, Blockchain, Cryptocurrency, Ethereum, US Securities and Exchange Commission, FTX
    Authors:
    Michael Bacina , Steven Pettigrove , Jake Huang
    Location:
    Australia, Hong Kong
    Firm:
    Piper Alderman
    Court of Appeal summaries (April 24, 2023 - April 28, 2023)
    2023-04-29

    Following are our summaries of the civil decisions of the Ontario Court of Appeal for the week of April 24, 2023.

    Filed under:
    Canada, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, IT & Data Protection, Litigation, Real Estate, Blaney McMurtry LLP, Insolvency
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Crypto Restructuring: Singapore Court Recognises Administrative Convenience Class
    2023-04-19

    In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept allows debtors to obtain an approval from a large number of low value creditors without those creditors being involved in the voting exercise. This reduces the administrative burden on restructuring entities.

    Filed under:
    Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, White & Case, Cryptocurrency, Insolvency
    Authors:
    Alexander McMyn , Charles McConnell , Joann Ho
    Location:
    Singapore
    Firm:
    White & Case
    Insurance Newsletter - Issue No. 12
    2023-04-13

    IAIS launches climate risk training materials for insurance supervisors

    According to a press release published on April 5th, 2023, the International Association of Insurance Supervisors (IAIS) and the Financial Stability Institute jointly launched new online training materials on climate risk for insurance supervisors.

    Filed under:
    European Union, Malta, Insolvency & Restructuring, Insurance, IT & Data Protection, Ganado Advocates, Fintech, Digital transformation, Confidential information, European Commission, Solvency II Directive (2009/138/EU)
    Location:
    European Union, Malta
    Firm:
    Ganado Advocates
    Silver Linings Playbook: Celsius Bankruptcy Ruling Provides Cryptocurrency Tax Planning Opportunities
    2023-04-12

    Although it’s inaccurate to say that the Chinese character for “crisis” combines the characters for danger and opportunity, the thought has resonated since President Kennedy repeatedly used this trope in his presidential campaign speeches.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Tax, Mayer Brown, Cryptocurrency, Internal Revenue Service (USA), US Department of the Treasury
    Authors:
    Mark H. Leeds , Kyoolee C. Park
    Location:
    USA
    Firm:
    Mayer Brown
    Crypto Contagion - Managing Risk on Multiple Fronts
    2023-04-04

    Crypto firm bankruptcies and resulting disruption in the crypto ecosystem will continue to exacerbate liquidity and regulatory concerns in this space. Signs of contagion are evident as prices of almost every cryptocurrency type have halved in recent months. Since all participants supporting the crypto ecosystem are at risk, managing that risk is critical.

    Fund managers should be prepared on multiple fronts, as the following examples illustrate:

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Proskauer Rose LLP, Bankruptcy, Venture capital, Cryptocurrency, Anti-money laundering, Non-fungible tokens, US Securities and Exchange Commission, Commodity Futures Trading Commission (USA)
    Authors:
    Margaret A Dale , Michael R Hackett , William C Komaroff , Timothy W Mungovan , Dorothy Murray , Joshua M Newville , Todd J. Ohlms , Robert Pommer , Seetha Ramachandran , Robert H. Sutton , John Verwey , Jonathan M. Weiss , Julia D. Alonzo , Julia M. Ansanelli , Charles Bishop , Massimo B. Capizzi , William D Dalsen , Adam L. Deming , Reut N. Samuels , MIchael Singh , Hena M. Vora
    Location:
    USA
    Firm:
    Proskauer Rose LLP

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