Crypto Fraud: An Overview of Recourse and Remedies in Singapore

The dark side of the rise of cryptocurrency and blockchain-enabled transactions is fraud of a new kind, global in scope and emboldened by a veil of anonymity. One need only look to the headlines to see the impact. From the theft of hundreds of thousands of Bitcoin in the infamous Mt. Gox hack, to the horror story of a 53-year-old Singaporean businesswoman who lost $1.2 million of her life savings in an investment-based crypto scam despite having taken steps to ascertain the authenticity of the counterparty. For a victim of crypto fraud, what redress, if any, can the laws of Singapore provide? We review recent developments and share our thoughts.

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了解新加坡NFT消费者保护

非同质化代币(NFT)是区块链上的加密代币,其可以证明数字资产的所有权和真实性,也可以被看作是有所有权证的数字数据。NFT是不可替代的,因为没有相同的两个NFT,每个NFT都有唯一的识别号和元数据。

作为买卖数字艺术品的一种模式,NFT正变得越来越流行,其允许艺术家将其真实的数字艺术品货币化,否则这些数字艺术品很容易被复制。至关重要的是,NFT可以与数字艺术品和实物艺术品一起证明出处。此外,某些NFT可能涉及卖方向买方提供通行证,该通行证允许NFT持有人获得独家商品或服务,包括活动、订阅、内容或限量版产品。 Continue reading “了解新加坡NFT消费者保护”

Understanding Consumer Protections for NFTs in Singapore

Non-fungible tokens (NFTs) are cryptographic tokens on a blockchain that can prove the ownership and authenticity of a digital asset, which can also be considered as digital data with a certificate of ownership. NFTs are non-fungible because no two NFTs are the same and each has a unique identification code and metadata.

NFTs are becoming increasingly popular as a mode to buy and sell digital artworks, permitting artists to monetise their authentic digital artwork, which could otherwise easily be copied. Crucially, NFTs can be used with both digital and physical artwork for establishing provenance. In addition, certain NFTs may involve the seller providing the buyer with an access pass, which allows NFT holders access to exclusive goods or services, including events, subscriptions, content, or limited-edition products.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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