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Cryptocurrency: Liability and Regulatory Issues

Reading time: 15 minutes

Written by Tan Yan Ru | Edited by Josh Lee Kok Thong

We’re all law and tech scholars now, says every law and tech sceptic. That is only half-right. Law and technology is about law, but it is also about technology. This is not obvious in many so-called law and technology pieces which tend to focus exclusively on the law. No doubt this draws on what Judge Easterbrook famously said about three decades ago, to paraphrase: “lawyers will never fully understand tech so we might as well not try”.

In open defiance of this narrative, LawTech.Asia is proud to announce a collaboration with the Singapore Management University Yong Pung How School of Law’s LAW4032 Law and Technology class. This collaborative special series is a collection featuring selected essays from students of the class. Ranging across a broad range of technology law and policy topics, the collaboration is aimed at encouraging law students to think about where the law is and what it should be vis-a-vis technology.

This piece, written by Tan Yan Ru, seeks to explore liability and regulatory issues around cryptocurrency. It begins by exploring how the two central characteristics of blockchain – decentralisation and pseudonymity raise liability and regulatory issues. It then examines existing measures taken by regulators and policymakers to address liability issues, while acknowledging increasing sophistication on the part of those seeking to evade these measures. Other measures, such as raising cryptocurrency literacy and setting up a cryptocurrency task force are examined. Moving on, it examines the existing regulatory conundrum arising from the use of cryptocurrencies. It is observed that current regulatory regimes appear to reflect an escalating legal arms race to be the first in coming up with a solution. Finally, the paper submits that regulatory issues may be resolved by the harmonisation of the various regulations with international institutions working together.

To what extent is blockchain technology effective in managing IPRs?

Reading time: 13 minutes

Written by Meher Malhotra | Edited by Josh Lee Kok Thong

We’re all law and tech scholars now, says every law and tech sceptic. That is only half-right. Law and technology is about law, but it is also about technology. This is not obvious in many so-called law and technology pieces which tend to focus exclusively on the law. No doubt this draws on what Judge Easterbrook famously said about three decades ago, to paraphrase: “lawyers will never fully understand tech so we might as well not try”.

In open defiance of this narrative, LawTech.Asia is proud to announce a collaboration with the Singapore Management University Yong Pung How School of Law’s LAW4032 Law and Technology class. This collaborative special series is a collection featuring selected essays from students of the class. Ranging across a broad range of technology law and policy topics, the collaboration is aimed at encouraging law students to think about where the law is and what it should be vis-a-vis technology.

This piece, written by Meher Malhotra, seeks to review the extent to which blockchain technology will be effective in managing IPRs. Today, IPR management systems manage intellectual property rights. Nevertheless, over the years, these management systems have not been matching the expectations of IPR owners, as its institutional gaps hamper the ability of such owners to effectively enforce their rights. In light of this, there have been optimistic proposals seeking to replace and improve such a system with the aid of blockchain technology. This, while a viable solution, is easier said than done. Implementing a blockchain-based system has several implications, including gaining legitimacy from courts. In seeking to provide a realistic overview of the extent to which blockchain technology will be effective in managing IPRs, this paper will examine what makes an effective IPR management system and how the blockchain may deliver on that promise. 

How are Non-Fungible Tokens Stolen?

Reading time: 13 minutes

Written by Marilyn Sim | Edited by Josh Lee Kok Thong

We’re all law and tech scholars now, says every law and tech sceptic. That is only half-right. Law and technology is about law, but it is also about technology. This is not obvious in many so-called law and technology pieces which tend to focus exclusively on the law. No doubt this draws on what Judge Easterbrook famously said about three decades ago, to paraphrase: “lawyers will never fully understand tech so we might as well not try”.

In open defiance of this narrative, LawTech.Asia is proud to announce a collaboration with the Singapore Management University Yong Pung How School of Law’s LAW4032 Law and Technology class. This collaborative special series is a collection featuring selected essays from students of the class. Ranging across a broad range of technology law and policy topics, the collaboration is aimed at encouraging law students to think about where the law is and what it should be vis-a-vis technology.

This piece, written by Marilyn Sim, seeks to discuss a question that has as of late not yet been dealt with in most jurisdictions – how are Non-Fungible Tokens (“NFTs”) stolen? More specifically, what does it mean for an NFT to be stolen in fact, and if it can indeed be stolen, what are the chances of an individual reclaiming his or her NFT? This paper surveys available material and comes to the finding that NFTs can be stolen in direct and indirect ways.

Stablecoins: A Stable Picture in Singapore?

Reading time: 14 minutes

Written by Lee Da Zhuan | Edited by Josh Lee Kok Thong

We’re all law and tech scholars now, says every law and tech sceptic. That is only half-right. Law and technology is about law, but it is also about technology. This is not obvious in many so-called law and technology pieces which tend to focus exclusively on the law. No doubt this draws on what Judge Easterbrook famously said about three decades ago, to paraphrase: “lawyers will never fully understand tech so we might as well not try”.

In open defiance of this narrative, LawTech.Asia is proud to announce a collaboration with the Singapore Management University Yong Pung How School of Law’s LAW4032 Law and Technology class. This collaborative special series is a collection featuring selected essays from students of the class. Ranging across a broad range of technology law and policy topics, the collaboration is aimed at encouraging law students to think about where the law is and what it should be vis-a-vis technology.

This piece, written by Lee Da Zhuan, critically examines whether the present regulatory picture in Singapore presents a clear framework to govern the phenomenon of “stablecoins”.

As its name suggests, stablecoins have been held to be a form of cryptocurrency which are designed to function as the composition of some value which attempts to stay stable with traditional currencies or its underlying assets. Given its recent hype in Singapore as being the cryptocurrency which generates exceptional returns with significantly lower risk vis-à-vis other cryptocurrencies, an important question arises as to whether our current legislations presents a clear framework to regulate these cryptocurrencies. This paper examines this question by adopting the following approach. Part II provides a primer to stablecoins and its different classifications used today. Heralding on the information from part II, part III evaluates that the scope of coverage found in the current Payment Service Act is insufficient to cover various different classes of stablecoins. Part IV concludes with possible recommendations. It is the author’s hope that the findings presented from this paper would present an overview of the lapses of the Payment Services Act concerning the governance of stablecoins. 

TechLaw.Fest 2020 Cyber Edition – A virtually transformative conference experience

Reading time: 11 minutes

By Josh Lee | Edited by Elizaveta Shesterneva

Supported by: Lenon Ong, Utsav Rakshit, Benjamin Peck, Ong Chin Ngee, Tristan Koh

“In a year when a certain pesky virus turned the world upside down, how can a conference engage, encapsulate and elaborate upon all of the disruption seen in one year?”

This must have been the key question on the minds of the planners of TechLaw.Fest 2020, as they went about organising Asia’s largest law and technology conference. What followed was a signature conference held with a virtually (pun intended) uniquely signature.

In this article, LawTech.Asia will take our readers on a quick recap of TechLaw.Fest 2020, as we look forward to another exciting edition of TechLaw.Fest in 2021. LawTech.Asia is grateful for our ongoing strategic media partnership with the Singapore Academy of Law (“SAL”), and for the opportunity to be a media partner for TechLaw.Fest once again.

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