cryptocurrency

Cryptocurrency and hacking offences introduced to Parliament

The Crimes Legislation Amendment (Ransomware Action Plan) Bill 2022 (Bill) seeks to amend the Criminal Code Act 1995 (Criminal Code), the Crimes Act 1914 and the Proceeds of Crime Act 2002 to bring historical legislation into the modern state of play as it relates to threats of ransomware.  The new powers under this Bill complement existing search and seize powers which we’ve previously considered here. [Read more…]

Non-fungible tokens – the new way to own IP?

Non-fungible tokens (NFTs) have been making headlines recently for being sold at auction for enormous sums of money.  Business school drop-out turned American DJ, 3LAU, apparently sold his NFT collection just over a month ago for $11.6 million USD ($15 million AUD).[1]  Grimes, otherwise known as Claire Boucher, a prominent musician and partner to Tesla CEO, Elon Musk, sold multiple digital artworks amounting to a total of $6 million USD ($7.79 million AUD).[2]

So what are NFTs and how can they help you protect your intellectual property (IP)? [Read more…]

ASIC Statement on Initial Coin Offering

On 28 September 2017, ASIC released an Information Sheet to aid companies in establishing and meeting their legal obligations when undertaking an initial coin offering (ICO).  Whilst acknowledging that ICOs have the potential to beneficially widen the options available to both businesses and investors, ASIC Commissioner John Price also warned that “ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high”. [Read more…]

What is an Initial Coin Offering?

With the rise of cryptocurrencies (think Bitcoin and Ethereum), start-up businesses have engaged in a new method of sourcing funding from would-be investors – Initial Coin Offerings (ICOs).  ICOs are becoming an increasingly popular method for new businesses to raise money in a short period of time with minimal effort.  As ICOs are a new concept utilising new technologies, they are yet to be regulated in Australia.  However, with the rise in popularity of ICOs in Australia, and around the world, whether or not ICOs will be regulated is a question many expected to be answered shortly. [Read more…]

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