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Round-up of key law and policy developments relating to blockchain and cryptocurrency in 2020. 1. INTRODUCTION In June 2019, the Financial Action Task Force (‘FATF’) updated its standards of anti-money laundering (‘AML’) and combating the financing of terrorism (‘CFT’) measures to regulate virtual asset service providers (‘VASPs’) in its member countries. FATF recommended its members toRead more

In this note, we have discussed three categories of countries on the basis of their approach to regulating cryptocurrency- (a) countries that have legalized cryptocurrency by regulating it; (b) countries that have proposed to regulate it, and (c) countries that have banned cryptocurrency. We have discussed a few examples of countries for each category toRead more

This blogpost explains why cryptocurrencies and blockchain are the next big thing in the global technology revolution, and why India must become a part of this revolution. This is especially important in light of the proposed ban on cryptocurrency in India, which could exclude India from the exciting developments taking place around blockchain and cryptocurrency.Read more

This blogpost addresses a number of frequently asked questions around cryptocurrency and blockchain technology. It addresses some key issues such as blockchain existing in the absence of cryptocurrency, the government’s concerns on cryptocurrency and how they can be addressed, and what a ban on cryptocurrency will lead to. This blogpost explains all these issues andRead more

In January 2021, the Ministry of Electronics and Information Technology released a draft National Strategy on Blockchain. The draft strategy identifies the potential for adoption of blockchain in India and envisages creation of a ‘National Level Blockchain Framework’. This blogpost highlights a representation submitted by Ikigai Law as a response to the draft strategy. InRead more

This article explores the concepts of crowdfunding, tokenisation and REITs, focussing on their distinctive attributes and major advantages/disadvantages. Introduction Conventional fundraising and governance has undergone a sea change over the past many decades. Starting from 1960s, REITs gained prominence as the vehicle to provide access to an otherwise illiquid market – real estate. With time,Read more

In the recent years, Singapore has emerged as a global hub in technologies such as cryptocurrencies and blockchain. Simultaneously, the Monetary Authority of Singapore, has been taking steps to actively regulate cryptocurrency business in Singapore. In this piece, we look at the Singapore government’s attitude towards cryptocurrency businesses, the new cryptocurrency regulation and licensing regime,Read more

This post explores how different states in the United States have recognised blockchain and related technologies in their laws. Introduction We are well past the stage of countries pondering whether to integrate blockchain and related technologies into their laws. Many countries have; and most of those who have not are exploring the best ways toRead more

Should we start worrying about news of a ‘cabinet note’ proposing a crypto ban in India? What is a cabinet note? How soon will this cabinet note turn into a law? Can the ban be introduced as a money bill or in the upcoming monsoon session of the Parliament? A. Introduction: In November 2017, anRead more

Central banks across the world have started exploring Central Bank Digital Currency (“CBDC”). In a recent survey by the Bank of International Settlements[1], 80% of the 66 banks surveyed were engaged in research and pilot projects related to CBDC, including Canada,[2] USA[3] and Singapore[4]. In fact, as of May, 2020 China has started testing itsRead more