‘Non-fungible tokens’ or NFTs were designed to help artists keep control of the ownership of their work. However, the sums of money potentially involved in that ownership are proving too attractive for scammers to ignore.

What is an NFT?

An NFT is a digital token that contains unique digital items such as paintings, drawings, animations, songs, or elements from video games. These items can be one-offs like individual works of art or one of a collectable series like trading cards.

NFTs were designed to allow collectors to buy and sell the items on the tokens with the ownership being tracked…

Decentralized finance — or DeFi for short — is the name that’s been given to a variety of new applications designed specifically to disrupt the historic structure of the financial market.

The theory behind DeFi is based on blockchain, technology that allows a number of parties to share ownership of a series of transactions so that they aren’t controlled a single entity. Blockchain was quickly taken up by bitcoin as because it takes away any human delays, speeding up transactions and allowing users greater control over their assets.

DeFi takes this one step further.

Bitcoin had already cut out the…

In their new taxation guidelines HMRC have stated that as cryptocurrencies (and by ‘cryptocurrencies’ they mean exchange tokens like Bitcoin, advice on security and utility tokens will follow) are neither money nor securities in their eyes, they will be exempted from stamp tax.

On the surface this might look like good news for investors but many think the new guidelines could actually herald a massive administrative headache for everyone involved.

The Revenue has also insisted businesses will now need to keep a record of every transaction having not only exchanged the value of the transaction into sterling but also kept a record of how they calculated that value:

Reasonable care needs to be taken to arrive at an appropriate valuation for the transaction using a consistent methodology. Individuals and companies must also keep records of the valuation methodology.”

This is because companies using…

Public perception is often that litigation is stressful, expensive and drawn out, but this is only the case if the lawyers involved work for rather than with the industries they specialise in.

However, when lawyers take one step back and invest the time required to learn their sector, to identify the legal requirements of those involved and, most importantly, understand exactly how to deliver their advice so that it genuinely benefit their clients, they can add real commercial value. They can also safeguard the client from ever having to consider stressful, expensive and drawn out disputes.

This is why we…

As a result of the stratospheric rise in its popularity, law firms and other professional advisers have been quick to position themselves as cryptocurrency experts, promoting teams who — seemingly overnight — have acquired all of the requisite experience.

Predictably the charge is being led by the big boys. Many very familiar ‘City’ names now top the search engine rankings thanks to the considerable resource they can patch into their marketing efforts.

The only thing is on closer examination the CVs they’re promoting are arguably a little generic. We know there’s always (a perceived) security in size and “nobody gets…

In July last year Spanish authorities arrested a criminal team headed by Alex Estevez, figurehead of the renowned Spanish restaurant Don Alex for producing counterfeit bottles of Vega Sicilia and Pingus, wine they then reportedly sold online for a total of €1.5m.

While we recently blogged about the increasing threat of fraud private wine collectors are facing, this is yet another case that serves to remind the hospitality industry that bars, restaurants and private members clubs are just as vulnerable to wine frauds. …

Action Fraud, The UK’s national fraud helpline, recently released figures showing more than 1200 would be investors in the UK lost an unbelievable £15 million in Bitcoin related scams between March 2018 and March 2019, a total that averages out at over £41,000 per day.

Even more incredibly Action Fraud’s report claims that many of the victims were hit twice, firstly by the initial scam and then by a second scam whereby they were contacted by different fraudsters who told them they could get their money back for a fee.

One of the most famous of the recent cases reported…

Canadian cryptocurrency exchange QuadrigaCX may well owe its customers $250 million but following the death of their CEO apparently no one knows the password required to access it. This may sound incredible — especially given the amount of money involved — but according to reports the story is as true as it is unbelievable.

The fact Quadriga’s accounts hold more than $180 million in virtual currencies isn’t in question. However, following their CEO Gerald Cotton’s sudden death in December 2018 from Crohn’s Disease the company has claimed no one has the passwords required to access customer funds.

As a result…

The European Commission recently held a roundtable discussion on cryptocurrencies, which was attended by representatives of the European Central Bank, the Financial Stability Board and various industry groups, reports the Guardian.

According to Vice-President Dombrovskis, who hosted the meeting, its purpose was to feed into the Commission’s upcoming Action Plan on FinTech, and the EU’s position for a possible discussion at G20 level. The meeting focused on three main topics:

  • the implications of cryptocurrencies for financial markets,
  • the risks and the opportunities associated with their use,
  • and the recent development of Initial Coin Offerings.

Vice-President Dombrovskis reports that following discussions…

As the value of cryptocurrencies like bitcoin continues to soar, so does its public profile. It seems a day can’t go past without new comment on the on the regulation, legality and taxability of bitcoin. Now it appears we may have to add ‘divorce settlement’ to the list of potential considerations.

When divorce becomes the unavoidable conclusion to the break-up of a marriage, the couple concerned need to come to an agreement on how their assets will be divided. …

Selachii Legal Limited

Selachii is a modern commercial law firm, specialising in litigation and dispute resolution, helping businesses and their owners to achieve their objectives

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