Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Cryptocurrency & intangible property laws may need overhaul

Cryptocurrency and intangible property laws may need significant overhaul

Bitcoin or other cryptocurrency may be the catalyst for significant developments in New Zealand law. The treatment of 'intangible property' is an area ripe for clarification, and cryptocurrency may well give rise to the case to test the boundaries, according to insights from 'Cryptocurrency and Property Rights' released today.

The Russell McVeagh publication explores the question of what legal remedies are available if bitcoins (or any valuable property rights stored on the Blockchain) are stolen from the rightful owner and reviews the treatment of intangible property in various Commonwealth jurisdictions.

Banking and Finance Partner Tom Hunt says, "Cutting-edge innovations in cryptocurrencies, as well as Blockchain technologies, smart contracts and robo-advice, are shifting the landscape of financial services and the companies that make use of them. While each promises a wealth of opportunities, these technologies also bring about new challenges in regulation and enforcement to be considered."

The more obvious claims available to target a third party recipient would not work if the third party received them innocently (the so-called 'bona fide purchaser' defence). A claim in knowing receipt, a proprietary restitutionary claim or a claim for unjust enrichment, would probably be defeated by this defence.

One answer might be a claim in conversion. Conversion is a tort of strict liability and may operate in circumstances where the bona fide purchaser defence does not apply. It would, therefore, be a significant expansion to the rights of recourse if the New Zealand courts extended the tort to apply to intangible property such as cryptocurrency.

Litigation Partner Chris Curran adds, "As the Blockchain is increasingly used to store things of value, this legal area seems likely to be tested at some point. We will watch with interest to see where New Zealand lands regarding the protection of property rights in this emerging and disruptive FinTech field."


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>

ALSO:

Bankers Association: Banking Becomes First Living Wage Accredited Industry

Banking has become New Zealand’s first fully living wage accredited industry, leading to nearly 1800 employees and contractors moving onto the living wage and gaining greater economic independence for them and their families. As of today, all ... More>>

ALSO:


QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO:

Stats NZ: Mixed Performance By Regions Leaves National Emissions Picture Unchanged

Approximately two-thirds of New Zealand’s regions recorded decreases in their total greenhouse gas emissions, while one-third of regions saw increases between 2007 and 2018, Stats NZ said today. “While some regions reduced their emissions, ... More>>