Digital assets content hub
SINGAPORE: Crypto-assets and NFTs may now be classed as matrimonial assets
Two recent decisions of the High Court of Singapore have ruled that digital assets such as cryptocurrency holdings and non-fungible tokens (NFTs) are considered property and can be subject to proprietary injunctions. The rulings in CLM v CLN (2022 SGHC 46) and Janesh s/o Rajkumar v Unknown Person (2022 SGHC 264) have attracted substantial interest in the legal community, especially regarding the treatment of digital assets in Singapore cases concerning matrimonial assets acquired during a marriage.
Find out more about what is going on in the world of digital assets in STEP's Industry News repository.
GERMANY: Definitive court ruling confirms short-term crypto investments are taxed as capital gains
Gains realised by taxpayers within one year from the sale or exchange of cryptocurrencies are subject to taxation as a private capital gain, Germany's supreme court for taxes and customs has held. The case (IX R 3/22) concerned an investor who, in 2017, realised a EUR3.4 million profit from private dealings in Bitcoin, Ethereum and Monero. The court also held that this legal interpretation is not subject to further constitutional challenge with respect to possible structural deficiencies or structural budgetary defects, confirming a circular issued by the German Federal Ministry of Finance issued in May 2022.
Source: Morrison & Foerster, PwC, Germany Federal Fiscal Court (in German)
Our latest webinar from the Digital Assets SIG
The Digital Assets SIG use case studies to demonstrate the kind digital assets structuring needs trustees can expect to meet, covering practical aspects of onboarding clients and their digital assets, AML and compliance considerations, and how to identify and assess associated risks.
Research report: Digital assets - A call to action
STEP's report in partnership with the Microsoft-funded Cloud Legal Project at Queen Mary University of London found that digital assets are increasingly becoming a normal part of modern estate planning but close to half of respondents had not prepared to to assist clients with digital assets.
Further resources
STEP have devised an inventory template to help you and your clients account for their digital assets. Both print and interactive digital versions are available.
Else, read up on all digital assets related content produced by STEP, including news stories, Journal articles, and more.
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Our Digital Assets Special Interest Group provides an international forum of debate, education and support related to planning for and administering digital assets, also driving the need for, and harmonisation of, legislation in relevant areas.
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