UK Court recognizes NFTs as ‘private property’ — What now?
Not all the experts are rushing to call the development “groundbreaking,” but it will certainly help the industry combat fraud. At the beginning of May, the British Web3 community celebrated an important legal precedent — the High Court of Justice in London, the closest analog to the United States Supreme Court, has ruled that nonfungible tokens (NFT) represent “private property.” There is a caveat, though: In the court’s ruling, this private property status does not extend to the actual underlying content that NFT represents. Cointelegraph reached out to legal experts to understand what....
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NFTs can now serve as court documents but they might also be unregistered securities, illegal loot boxes, or come with impossible tax demands.Nonfungible tokens (NFTs) are thought of by most people as just funny pictures that degens on the internet spend far too much money on for poorly understood reasons. But Jason Corbett, managing partner of global blockchain law firm Silk Legal, says new and innovative use cases are beginning to emerge.Weve seen recently the courts allowing the serving of court documents by way of an NFT, Corbett says, referring to a recent decision by a United Kingdom....
The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor’s office in Russia’s second-largest city describes the ruling as a precedent. Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have been sentenced to nine and seven years in prison under strict regime for extorting 5 million rubles (almost $90,000) in cash and 55 million rubles (close to $1 million) in digital assets from another man. In the course of the....
The Canadian Revenue Agency (CRA) has announced it views Bitcoin and digital currency as “specified foreign property” for tax purposes. The clarification was given in a document, originally dated April 16, as part of a response to a request for additional information regarding Canada’s tax treatment of digital currency wealth. The request outlined a situation in which a company invests over a certain amount “in a foreign partnership, which in turn invests in digital currency (e.g. bitcoins). The foreign partnership uses currency arbitrage/exchange and other trading methods to increase the....
A user of the NFT marketplace NFTCN allegedly poached a creation of an artist and sold it as an NFT for $137 to another user. A court in the Chinese city of Hangzhou ruled a one-of-a-kind judgment against a nonfungible token (NFT) marketplace for allowing a user to create (or mint) NFTs of stolen artwork.As reported by South China Morning Post, the court verdict toward the NFT marketplace was made after Shenzhen-based company Qice filed a lawsuit against NFTCN’s parent company, BigVerse.The lawsuit claimed that an NFTCN user stole a copyrighted artwork of Ma Qianli, a Chinese artist....
Decentralized finance (DeFi), tokenization and non-fungible tokens (NFTs) are gaining momentum as sub-sectors that could transform the traditional financial system. All are leveraging a broader approach to unlock earning opportunities to everyone, offering a permissionless financial ecosystem. Owning real-world assets or private equity, however, doesn’t allow you to access DeFi yield-generating products. Additionally, much of […]