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In Blockchain

Singapore Court recognizes cryptocurrency as property and grants first reported freezing injunction against persons unknown in CLM v CLN [2022] SGHC 46

by , , , and 7 Mins Read

In brief The plaintiff in CLM v CLN [2022] SGHC 46 commenced an action to trace and recover 109.83 Bitcoin and 1497.54 Ethereum that were allegedly misappropriated from him by unidentified persons, a portion of which had been traced to digital wallets that were controlled by cryptocurrency exchanges with operations in Singapore. The General Division of the High Court (“Court”) ultimately held that cryptocurrency could be classified as property that could be protected via proprietary injunctions. In…

In Data Privacy

Singapore: High Court clarifies scope of private actions under the Personal Data Protection Act 2012

by , and 6 Mins Read

In brief On 25 May 2021, the Singapore High Court provided long-awaited clarifications on the scope of private actions under the Personal Data Protection Act 2012 (PDPA). It was held that in order to succeed in a private action under the PDPA, the claimant must suffer loss or damage that falls within the common law heads of loss or damage (such as pecuniary loss, damage to property, and personal injury including psychiatric illness) directly as…

In Data Privacy

Data Protection Day – Looking ahead to 2021

by , , , , , , , , , , , , , , and 25 Mins Read

Happy Data Protection Day! The 28 January each year is celebrated as Data Protection Day (or Data Privacy Day outside of Europe), which marks the anniversary of the Council of Europe’s Convention 108. To mark Data Protection Day 2021, we have summarised some of the key trends and developments in the EU, UK and beyond from a data protection perspective and looking ahead to what to expect for 2021. You can jump to specific country…

In Data Privacy

Data Portability – Growing Adoption in APAC?

by and 6 Mins Read

The concept of data portability has been of increasing interest in APAC countries. This is partly influenced by data portability provisions in the GDPR. However, scoping and implementing data portability rights in practice is proving challenging. Here is a snapshot of differing and developing approaches.In Thailand, the right to data portability has been incorporated into the new Personal Data Protection Act, which will come into effect in May 2020. In India, the right to data…

In Financial Institutions

The Rise of ICOs, Digital Tokens and Virtual Currencies – Do Securities Regulations Apply?

by 2 Mins Read

Globally, there is an emergence of initial coin (or token) offerings (“ICOs”) as a source of funding for startups and technology companies latching onto the digital token trends. The Singapore Business Times reported that based on information obtained from Tokendata.io, there were 34 ICO projects raising USD 665 million in July 2017 alone. Singapore has also seen its fair share of ICOs and digital tokens offering, ranging from property backed tokens to crowdfunding platforms for…

In Data Privacy

Singapore Government issues Public Consultation on draft Cybersecurity Bill

by 3 Mins Read

The Singapore government has issued its long-awaited draft Cybersecurity Bill for public consultation. In light of the global increase in cybersecurity threats, the draft bill seeks to provide a framework for national cybersecurity and protect critical information infrastructure against cybersecurity threats. The provision of certain investigative and non-investigative cybersecurity services will also now be regulated under the draft bill. Click here for a detailed alert on the topic.Key points to noteA Commissioner of Cybersecurity will…

In FinTech

Japan to Cooperate with the UK and Singapore on FinTech

by 3 Mins Read

Japan’s Financial Services Agency recently announced plans to cooperate respectively with the UK’s Financial Conduct Authority and the Monetary Authority of Singapore for the purpose of promoting fintech innovation. The collaboration is intended to reduce regulatory uncertainty and time to market, remove barriers to entry in the respective jurisdictions and otherwise further encourage innovation. Press releases issued by the regulators detailing the frameworks can be found here: Japan & UK cooperation and Japan & Singapore…

In FinTech

Singapore racing ahead to become the InsurTech hub

by 2 Mins Read

Technology and innovation is shaping the future and transforming the world. In this new era, Singapore has a bold ambition of becoming the world’s first Smart Nation. The initiatives and traction seen in the financial and insurance technology space undoubtedly echoes this ambition.As Singapore strives towards becoming a Smart Financial Centre and a world-class FinTech hub, the Monetary Authority of Singapore (“MAS”) announced a series of initiatives aimed at fostering the FinTech/InsurTech sector and building…

In Data Privacy

Updates to the Personal Data Protection Regime in Singapore

by 2 Mins Read

The Personal Data Protection Commission (“PDPC”) has recently introduced and updated its advisory guidelines to help companies better protect personal data in compliance with the Personal Data Protection Act (“PDPA”). The new Guide to Preventing Accidental Disclosure When Processing and Sending Personal Data as well as updates to the (a) Guide to Securing Personal Data in Electronic Medium; (b) Guide to Disposal of Personal Data on Physical Medium; and (c) Guide on Building Websites for…

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