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Spring International Conference | May 2-4, 2016
	
LISBON
Digital Currency
Out of the shadows and
into the spotlight
TAGLaw Spring International
Conference in Lisbon
Panel members
•  Tom Maher – DQ Advocates, Isle of Man
•  Basil Bielich – Browne Craine & Co, Isle of Man
•  Sibina Eftenova – Popov & Partners, Bulgaria
•  Erin Fonte – Dykema Cox Smith, USA
•  Sinead O’Connor – DQ Advocates, Isle of Man
Does Bitcoin exist?
l
e
p
r
a
c
h
o
i
n
Introduction to digital currency
•  Bitcoin is a consensus network that enables a
new payment system and a completely digital
money. It is the first decentralized peer-to-peer
payment network that is powered by its users
with no central authority or middlemen. From a
user perspective, Bitcoin is pretty much like cash
for the Internet. Bitcoin can also be seen as the
most prominent triple entry bookkeeping system
in existence.
Bitcoin Foundation
??????????
Introduction to digital currency
•  Bitcoin is two things
▫  A digital currency
▫  A network
•  https://www.youtube.com/watch?
v=ycT2Spnc788
Is digital currency still in the
shadows?
•  16 million Bitcoin
wallets forecast by
2016
•  150 thousand
merchants accepting
•  Coinbase see
international users
grow to over half of
total user base
•  Silk Road
•  Mount Gox
•  Increasing use in
cyber ransom attacks
•  Still the domain of the
criminal
Who’s embracing it and why?
•  Not the banks
•  What about the regulators?
•  Is it easier to embrace the blockchain?
•  What is the blockchain?
▫  https://www.youtube.com/watch?v=Tn0Jr-
pRQfA
Tax and accounting implications
•  Basic accounting
•  Auditing
•  Tax implications
Business opportunities
“The progress of mankind is marked by the rise of
new technologies and the human ingenuity they
unlock”
•  Main opportunity coming from blockchain
linked technology/distributed ledger
•  How does law and regulation keep pace?
Business opportunities
•  Distributed ledger:
▫  an asset database shared across a network;
▫  all participants have their own identical copy;
▫  changes reflected in all copies in minutes/ seconds;
▫  security and accuracy maintained cryptographically;
▫  entries can be updated by one, some or all participants,
according to rules agreed.
“Distributed ledger technologies have the potential to help
governments to collect taxes, deliver benefits, issue passports,
record land registries, assure the supply chain of goods and
generally ensure the integrity of government records and services”
UK Government Office for Science 2016
Business opportunities
Banking and
Finance
ü Intermediating function for transfers and exchanges of
money
ü Various services – Santander InnoVentures claims 20-25
uses
Real
Property
ü Track changes in ownership of an asset
ü Replace domestic title registers like property title
registries? - Honduras Creating Land Title Block Chain 2015
Intellectual
Property
ü Track ownership and licensing of intellectual property
Contract Law ü Self-executed “smart-contracts”
Corporate
Management
ü “Decentralized autonomous organizations” -
“corporations” run without human involvement?
Business opportunities
•  Smart contract:
q  Computer protocol that facilitates, verifies or enforces the
negotiation or performance of a contract:
q  conditional (IF/THEN) statements;
q  information processing;
q  value transfer (receives, stores and sends)
q  Proposing to embed contracts in all sorts of property that is
valuable and controlled by digital means – Nick Szabo;
q  Benefits: certain, self-executing, quick and cost-saving;
q  Legal issues: privacy and identification, jurisdiction, etc.
Might lawyers need to become familiar with creating and advising
on Blockchain contracts?
Business opportunities
Contract terms
(Event agreed)
Value
Event
Settlement
Shared, Replicated Ledger Shared, Replicated Ledger
•  Counterparties establish
obligations and settlement
instructions/ conditions for
execution (“If…then…”)
•  Value put under custody
of smart contract
• Agreed event triggers
contract execution
• Event can refer to:
ü transaction initiated
ü  i n f o r m a t i o n
received
•  Terms of contract
dictate movement of
v a l u e b a s e d o n
conditions met
•  For assets represented
off the chain, accounts
o f f - c h a i n m a t c h
settlement instructions
• Changes to accounts will
be reflected on ledger
•  Value transferred to
intended recipient as
dictated by contract terms
•  For digital assets on
chain accounts contracts
are settled automatically
Value transfer
Concluding remarks

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Digital Currency… Out of the Shadows and into the Spotlight

  • 1. Spring International Conference | May 2-4, 2016 LISBON
  • 2. Digital Currency Out of the shadows and into the spotlight TAGLaw Spring International Conference in Lisbon
  • 3. Panel members •  Tom Maher – DQ Advocates, Isle of Man •  Basil Bielich – Browne Craine & Co, Isle of Man •  Sibina Eftenova – Popov & Partners, Bulgaria •  Erin Fonte – Dykema Cox Smith, USA •  Sinead O’Connor – DQ Advocates, Isle of Man
  • 5. Introduction to digital currency •  Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Bitcoin Foundation
  • 7. Introduction to digital currency •  Bitcoin is two things ▫  A digital currency ▫  A network •  https://www.youtube.com/watch? v=ycT2Spnc788
  • 8.
  • 9. Is digital currency still in the shadows? •  16 million Bitcoin wallets forecast by 2016 •  150 thousand merchants accepting •  Coinbase see international users grow to over half of total user base •  Silk Road •  Mount Gox •  Increasing use in cyber ransom attacks •  Still the domain of the criminal
  • 10. Who’s embracing it and why? •  Not the banks •  What about the regulators? •  Is it easier to embrace the blockchain? •  What is the blockchain? ▫  https://www.youtube.com/watch?v=Tn0Jr- pRQfA
  • 11. Tax and accounting implications •  Basic accounting •  Auditing •  Tax implications
  • 12. Business opportunities “The progress of mankind is marked by the rise of new technologies and the human ingenuity they unlock” •  Main opportunity coming from blockchain linked technology/distributed ledger •  How does law and regulation keep pace?
  • 13. Business opportunities •  Distributed ledger: ▫  an asset database shared across a network; ▫  all participants have their own identical copy; ▫  changes reflected in all copies in minutes/ seconds; ▫  security and accuracy maintained cryptographically; ▫  entries can be updated by one, some or all participants, according to rules agreed. “Distributed ledger technologies have the potential to help governments to collect taxes, deliver benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services” UK Government Office for Science 2016
  • 14. Business opportunities Banking and Finance ü Intermediating function for transfers and exchanges of money ü Various services – Santander InnoVentures claims 20-25 uses Real Property ü Track changes in ownership of an asset ü Replace domestic title registers like property title registries? - Honduras Creating Land Title Block Chain 2015 Intellectual Property ü Track ownership and licensing of intellectual property Contract Law ü Self-executed “smart-contracts” Corporate Management ü “Decentralized autonomous organizations” - “corporations” run without human involvement?
  • 15. Business opportunities •  Smart contract: q  Computer protocol that facilitates, verifies or enforces the negotiation or performance of a contract: q  conditional (IF/THEN) statements; q  information processing; q  value transfer (receives, stores and sends) q  Proposing to embed contracts in all sorts of property that is valuable and controlled by digital means – Nick Szabo; q  Benefits: certain, self-executing, quick and cost-saving; q  Legal issues: privacy and identification, jurisdiction, etc. Might lawyers need to become familiar with creating and advising on Blockchain contracts?
  • 16. Business opportunities Contract terms (Event agreed) Value Event Settlement Shared, Replicated Ledger Shared, Replicated Ledger •  Counterparties establish obligations and settlement instructions/ conditions for execution (“If…then…”) •  Value put under custody of smart contract • Agreed event triggers contract execution • Event can refer to: ü transaction initiated ü  i n f o r m a t i o n received •  Terms of contract dictate movement of v a l u e b a s e d o n conditions met •  For assets represented off the chain, accounts o f f - c h a i n m a t c h settlement instructions • Changes to accounts will be reflected on ledger •  Value transferred to intended recipient as dictated by contract terms •  For digital assets on chain accounts contracts are settled automatically Value transfer

Editor's Notes

  1. All images appear one by one on click
  2. Erin to make introductory remarks about not new, almost as old as e-commerce, bitcoin first in 2009 and so what is bitcoin anyway – tongue in cheek comment about simple explanation on slide which will appear on a click
  3. YouTube link to simple explanation of digital currencies Images left to right – bitcoin, ethereum, ripple, litecoin – four largest digital currencies consistently since 2013 Erin to fill in here on anything else she wants to say about the fundamentals e.g. mining and transfers
  4. Coinbase – leading bitcoin wallet and exchange company Silk Road – online black market in the dark web. Shut down in October 2013 by the FBI and founder Ross Ulbricht sentenced to life in prison. DEA seized bitcoin. Federal agents go bad Silk Rd https://www.rt.com/usa/245353-silk-road-agents-arrested/ Mount Gox – bitcoin exchange based in Tokyo. By 2013, MG was handling 70% of bitcoin transactions. Feb 2014 – MG suspended trading and filed for bankruptcy. Announced 850,000 bitcoins were missing or had been stolen, valued at more than $450 million at the time UK Serious Organised Crime Agency said in last national organised crime assessment that digital currency is still the domain of the criminal Point of the slide is for the panel to contrast the positive with the negative. Erin can talk here about the points made in payment technology, investment currency, transaction currency elements of her slides
  5. panel to talk about the impact that the banking industry’s acceptance of digital currency has on the ability of digital currency friendly business Embracing the blockchain - - Honduras land reg X-IOM Blockchain Register for AML crypto US – differing approaches and attitudes between states and regulatory bodies. Erin to contribute views from her slides Asia – polar opposites between HK and Russia, Japan and China giving early consideration Europe – significant development in October 2015 when EU said bitcoin sales not subject to VAT. Focus on AML regulation in UK and IOM Int’l – FATF – calls for regulation of currency exchanges
  6. Quote taken from UK Government’s Blockchain report published in January 2016 Blockchain linked technology – smart contracts, distributed ledger technology Talk about public v private blockchain – Erin Millenial generation
  7. Sibina to provide highlights remembering non-English and non-technical nature of audience
  8. Sibina to talk through fundamentals