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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【财富岚海】专栏 | 抽丝剥茧:英美法系下信托的本源

经常有客户来问我,在新加坡设立信托的门槛是多少,回报是多少?一听这个问题,我就知道他们对英美法系的信托并没有真正理解。信托其实是英美法系的独特产物,本文将为各位读者系统地解释一下英美法系下的信托根本性质和起源,以及其在财富管理体系中的强大功能。

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【财富岚海】专栏 | 英美法系下,共有产权的法律形式

在英美法系国家买过房产的朋友,一定对Joint Tenancy(联合共有)和Tenancy in Common(按份共有)这两个法律词汇不陌生。但其实在英美法系,包括新加坡在内,共有产权的制度贯穿于整个财产所有权结构之中,不仅仅应用于房产。因此,理解这两种共有制度,对于财富传承的规划至关重要。

首先,“Tenancy”(租赁)在这两个词汇中并不指代租赁关系,只是持有关系的术语,因为这个词的起源是在这种共有关系最初产生的年代,那时英国所有的土地都是根据王室的封建租约持有的。 Continue reading “【财富岚海】专栏 | 英美法系下,共有产权的法律形式”

Singapore Private Equity and Venture Capital Landscape Series – Limited Partnerships

Limited partnerships (LPs) are commonly used globally as fund vehicles for both private equity (PE) and venture capital (VC) funds. In Singapore, LPs were created as a business vehicle by the Limited Partnerships Act in 2008 (the Act), which came into effect on 4 May 2009 as part of Singapore’s efforts to become a fund management hub.

Those efforts have been supplemented by a myriad of other measures including (a) the creation of variable capital companies (VCCs) by the Variable Companies Act 2018, which came into force only on 14 January 2020; (b) the establishment of several classes of fund management licences including the venture capital fund management licence; and (c) a favourable tax environment that includes a one-tier system of taxation of income, no capital gain taxes and an extensive network of double taxation treaties, as well as several incentive schemes and grants. We will discuss these measures in more detail in other articles. Continue reading “Singapore Private Equity and Venture Capital Landscape Series – Limited Partnerships”

Virtual Power Purchase Agreements in Singapore

Rising pressure to move towards net-zero carbon emissions has resulted in an increasing number of large corporations entering into physical power purchase agreements (PPA) and/or virtual power purchase agreements (VPPA) for renewable energy.

In resource-scarce Singapore, solar energy remains the main source of locally generated renewable energy. Recently, Singapore unveiled one of the world’s largest floating solar panel farms, but due to Singapore’s land constraints, the majority of the solar photovoltaic systems are deployed on building rooftops. Under a PPA arrangement, a corporation with rooftop space enters into a long-term offtake agreement to purchase power from a solar generator at a pre-agreed price based on a specific delivery schedule. This arrangement is commonly referred to as “solar leasing” in Singapore since the project developer will typically lease the rooftop from the corporation to install solar panels.

However, PPAs are often not feasible when dealing with constraints like limited rooftop space or where energy demands are in excess of rooftop energy generation. In such situations, we have seen more corporations turn to VPPAs to meet their sustainability goals.

We set out below a brief overview on VPPAs, including some of the key issues that, in our experience, parties to a contract often encounter.

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Rise of Renewable Energy Certificates (RECs) in Singapore

During the recent Budget announcement in February this year, Minister of Finance Lawrence Wong stated that Singapore will aim to achieve net-zero carbon emissions by or around 2050, in line with our commitment to address the challenges of climate change.

Presently, the bulk of Singapore’s energy supply comes from natural gas, and the power sector accounts for about 40 percent of the country’s total emissions. This paired with growing environmental awareness in Singapore have started putting pressure on organisations to meet clean energy goals as investors and customers become more vocal about the importance of using green energy. This growing pressure from stakeholders has led to a rise in the use of Renewable Energy Certificates (RECs) by businesses, as a means of fulfilling their sustainability commitments and reducing their carbon footprint.

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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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