FOREWORD
Money has been with us for a long time.1 However it was only in 1938 that the first full-scale English law analysis of ‘money’ was published with FA Mann’s magisterial work The Legal Aspects of Money.2 Cryptocurrencies burst onto the public consciousness as late as 2009 when the programmer(s)3 Satoshi Nakamoto launched the technology that enabled the public to trade in ‘Bitcoins’, which remains the best known of the many thousands of alternative cryptocurrencies that are traded today. Happily we have not had to wait nearly so long to have a detailed guide to the legal aspects of cryptocurrencies with the publication of the present volume.
What are cryptocurrencies? My working description is that they are digital or virtual assets that use high-level cryptography through a decentralized system for trading purposes and to keep those assets secure. Cryptocurrencies are not organized by any nation State and they are largely outside state control for the present. They represent a revolutionary new way to create and guard an ‘asset’ and to make payments for other assets. The advocates of cryptocurrencies argue that they have emerged as a result of a growing distrust or cynicism in so-called ‘trusted third party’ financial institutions, following the apparent inability of banks and even States worldwide to master the financial crisis of 2008. Financial institutions, thought to be sound and trustworthy, failed, or were only saved at a huge cost to tax payers. Many individuals lost personal assets during or after the crisis. Since then ‘centralized’ and so-called ‘trusted’ third parties, whether banks, credit agencies, or social media networks or companies, have had millions of peoples’ personal data stolen from them by internet hackers. The use of cryptocurrencies, cutting out ‘the middleman’ and using high-standard cryptography for security, is a reaction to all these events. They enable people to transfer assets directly between two people without any need for a ‘trusted’ third party like a bank. It is even argued that cryptocurrency technology enables those who have no access to banks of similar institutions to have financial freedom, so that cryptocurrencies enable everyone to ‘take back control’ of their money or assets.
1 ‘A feast is made for laughter and wine maketh merry: but money answereth all things.’: Ecclesiastes, 10:19.
2 7th edition published in 2012. It is now edited by Dr Charles Proctor, one of the contributors to the present volume.
3 It is not known whether the ‘programmer’ was one person or a group of people.
It is estimated that the total value of all cryptocurrencies in the world today is in the region of US$350 billion, although this figure fluctuates rapidly. The daily sale and purchase of cryptocurrencies is about US$17 billion. They seem likely to be an increasingly important part of the worldwide financial scene, despite attempts by several States, including China, to ban or restrict their use.
The huge growth in the use of cryptocurrencies requires lawyers to tackle the issues of how they fit into legal frameworks. Although there have been a large number of articles and reports about different legal issues thrown up by cryptocurrencies, this is the first volume that makes a national, international, and comparative law study of the many difficult legal challenges that cyrptocurrencies present. The most basic question for any system of law which encounters a cryptocurrency, whether it be municipal or international, or private or public law, is how a cryptocurrency to be characterized. Is it to be treated, for legal analysis, as being equivalent to ‘money’, or is it an ‘asset’, or what English law calls a ‘chose (or thing) in action’ or some other form of property? Depending on the answer to that question, issues about the nature of ownership, possession, and other possible legal (or equitable) rights in cryptocurrencies can then be analysed. Given that cryptocurrencies are virtual and that anyone anywhere in the world who has access to the necessary cryptographic keys and a computer can trade in them, it is obvious that cross-border legal issues such as how to decide which courts have jurisdiction in any dispute and which is the applicable law will be of fundamental importance. Although the originators of cryptocurrencies and many of its users would like to imagine that they are outside national and international regulatory control and the criminal law, that cannot be so. So the way the regulatory and criminal law deals with them also needs attention. So do issues of whether or how cryptocurrencies and trading in them or with them might be taxed. On a more philosophical and sociological level it is also pertinent to enquire into whether, if cryptocurrencies are not statebacked currencies or assets, they fulfil some kind of ‘community currency’ role and if so, what are the legal consequences of that?
The meteoric rise in the use of cryptocurrencies necessitates that all these difficult legal and sociological questions be urgently examined. This book does so. It is not confined to English law, nor even European legal systems, but considers the problems from the viewpoint of Asian law systems as well. The distinguished authors, all specialists in the topics they address in each of the ten substantive chapters, explain the problems and suggest solutions in a clear and concise way. For any lawyer, like me, who is having to grapple with the legal aspects of cryptocurrencies for the first time, this book is a godsend. And for those who are not tyros, the deep and careful analyses that are given in each chapter will provide answers to problems or leads to further study.
This book is very timely and I warmly welcome it.
Richard Aikens
ACKNOWLEDGEMENTS
The editors would like to express their thanks to Travers Smith Braithwaite for funding, and to St Hilda’s College, Oxford, for facilitating the workshop in July 2017, at which most of the papers published as chapters in this volume were presented and discussed. Thanks are also due to the University of Oxford Law Faculty and to Christopher Hare for their assistance with administering these funds. In addition, Serena Crawshay-Williams provided sterling help with editing the manuscript before it was sent to the publisher. Finally, David and Sarah are both immensely grateful to Sir Richard Aikens for taking the time to write the foreword to this volume.
1. Cryptocurrencies: The Underlying Technology
2. It’s Virtually Money I.
3. Cryptocurrencies in International and Public Law Conceptions of Money
4. Developing the Right Regulatory Regime for Cryptocurrencies and other Value Data I. Introduction
II. Asset and Manifestation: Substance and Form of Monetary Value over the Course of Time
III. Modes of Creation of Money and Their Effects on the Substance of an Asset
IV.
V.
1. Static dimension: legal
of
Data
5. Cryptocurrencies and the Conflict of Laws
I. Introduction
Virtual currencies and cryptocurrencies in outline
B. The conflict of laws in outline
Regulatory challenges for the conflict of laws
II. The Law Applicable to the Relationships between Participants within a Cryptocurrency System
Introduction
B. Key features of the Bitcoin and Ripple cryptocurrency systems 5.18
C. Conflict of laws characterization of the relationships between participants in cryptocurrency systems
D. The law applicable to relationships between participants in cryptocurrency systems
1. Choice of the applicable law (Article 3)
a) The Rome I Regulation: choice of national law 5.36 b) Possible future alternatives to choice of national law
2. Law applicable in the absence of choice (Article 4) 5.44
a) Temporal application of the Rome I Regulation 5.45
b) Particular categories of contract (Article 4(1)) and characteristic performance (Article 4(2)) 5.49
c) The closest connection test (Article 4(4))
d) Does a tenuous connection to the country of closest connection suffice?
3. Other issues
Reflection
III. Cryptocurrencies as ‘Money’ in the Conflict of Laws 5.73 A. Cryptocurrencies and the ‘lex monetae’ 5.73 B. Illegality of transactions involving cryptocurrencies 5.81 C. Judgments in a cryptocurrency 5.89
IV. Cryptocurrencies as ‘Property’ in the Conflict of Laws 5.93 A. Introduction 5.93
B. The proprietary character of cryptocurrencies 5.96
C. The law applicable to assignments of claims under the Rome I Regulation 5.103
D. Beyond legal rights: the law applicable outside the Rome I Regulation 5.106
V. Conclusions 5.121
6. Cryptocurrencies in the Common Law of Property
I. Introduction 6.01 A. Approach and terminology 6.08
II. A Crypto-Coin as an Object of Property
III.
C.
2.
3.
4.
3.
4.
5.
IV. Mixture, Following, and Tracing
D. Tracing through mixtures 6.81
1.
E. Cryptographic and legal rules for tracing through mixtures
1. The poison approach: a punitive causation rule
2. The haircut approach: proportionate division 6.86
3. The first-in-first-out approach: Clayton’s Case 6.88
4. Variations from Clayton’s Case 6.93
F. Notice in cryptocurrency payments 6.97
Remedies
VI. Conclusion 6.107
7. Cryptocurrencies as Property in Civilian and Mixed Legal Systems I. Introduction
II. Cryptocurrencies as Res
8. The Characterization of Cryptocurrencies in East Asia I.
III.
IV.
9. Cryptocurrencies and Banking Law: Are there Lessons to Learn?
II.
IV.
10. Taxation of Cryptocurrencies
III.
11. Non-State Community Virtual Currencies I.
V.
VI.
TABLE OF CASES
UNITED KINGDOM
A/S Awilco of Oslo v Fulvia SpA di Navigazione of Cagliari, The Chikuma [1981] 1 WLR 314
Able UK Ltd v HMRC [2007] EWCA Civ 1207
Actavis UK v Eli Lilly & Co [2015] EWCA Civ 555, [2016] 4 All ER 666
Akbar Khan v Attar Singh [1936] 2 All ER 545
Alldridge v Johnson (1857) 7 E & B 885, 119 ER 1476
Amin Rasheed Shipping Corporation v Kuwait Insurance Co [1984] AC 50
Armstrong DLW GmbH v Winnington Networks Ltd [2012] EWHC 10 (Ch), [2013] Ch 156
Arnold v Britton [2015] UKSC 36, [2019] AC 1619
. 3 .29, 6 .38, 6 .39, 6 .41, 6 .103, 9 .04, 9 .09
Ashton Investments Ltd v OJSC Russian Aluminium (Rusal) [2006] EWHC 2545 (Comm)
Attorney-General v Observer Ltd [1990] 1 AC 109
.9 .16, 9 .17
Attorney-General for Hong Kong v Nai-Keung [1987] 1 WLR 1339 3 29, 3 30, 6 41, 9 09
Azam v Iqbal [2007] EWHC 2025 (Admin) 9 09
BBMB Finance Ltd v Eda Holdings Ltd [1990] 1 WLR 409 6
BCCI (Overseas) Ltd v Akindele [2001] Ch 437 6
Banco de Portugal v Waterlow & Sons Ltd [1932] AC 452 (HL) 4
Banks v Whetson (1596) Cro Eliz 457 6
Barclays Bank v Quincecare [1992] 4 All ER 363 9 19
Barclays Bank v Taylor [1989] 1 WLR 1066
Barclays Bank plc v O’Brien [1994] 1 AC 180
Barlow Clowes International Ltd (in liq) v Vaughan [1992] 4 All ER 22
Black v Freeman & Co (1910) 12 CLR 105
Breyer Group Plc and Others v Department of Energy and Climate Change [2014] EWHC 2257 (QB)
British Red Cross Balkan Fund, Re [1914] 2 Ch 419
Burnett’s Trs v Grainger 2004 SC (HL) 19
.94
Campanari v Woodburn (1854) 15 CB 400 9 15
Campbell v Mirror Group Newspapers Ltd [2004] 2 AC 457 9 16
Celtic Extraction Ltd, Re [2001] Ch 475 6 41, 9 09
Charge Card Services Ltd, Re [1989] Ch 497 2 38, 9 25, 11 46
Clarke v Shee (1774) 1 Cowp 197 6 49, 6 59
Clayton’s Case, Devaynes v Noble (1816) 1 Mer 529 6 89, 6 91, 6 94
Coats Ltd v Inland Revenue Commissioners [1897] 1 QB 778, [1897] 2 QB 423 2 35
Coco v AN Clark (Engineers) Ltd [1968] FSR 415 9 16
Coinstar Ltd v The Commissioners for Her Majesty’s Revenue and Customs [2016] UKFTT 0610 (TC), aff’d [2017] UKUT 256 9 04
Colonial Bank v Whinney (1885) LR 30 Ch 261, adopted (1886) LR 11 App Cas 426 (HL)
Commerzbank AG v IMB Morgan [2004] EWHC 2771 (Ch); [2005] 2 All ER (Comm) 564
.32,
.33,
.38
Commissioners of Taxation v English, Scottish and Australian Bank [1920] AC 683
Coutts & Co v Stock [2000] 1 WLR 906
Cowan de Groot Properties v Eagle Trust [1992] 4 All ER 700 .
Cox v Ergo Versicherung [2014] UKSC 22, [2014] AC 1379
Cretanor Maritime Co Ltd v Irish Marine Management Ltd [1978] 1 WLR 966
Customs & Excise Commissioners v Barclays Bank plc [2007] 1 AC 181
Davies v Customs and Excise Commissioners [1975] 1 WLR 204
Delbrueck & Co v Manufacturers Hanover Trust, 609 F 2d 1047 (2nd Cir, 1979) 1051
Despina R [1979] AC 685
Devaynes v Noble, Clayton’s Case (1816) 1 Mer 529
Diamantides v J P Morgan Chase Bank [2005] EWCA Civ 1612
v Nunn (1879) 4 QBD 661
Earl of Haig’s Trustees v IR 1939 SC 676 .
Egon Oldendorff v Libera Corp [1995] 2 Lloyd’s Rep 64
El Ajou v Dollar Land Holdings plc [1993] 3 All ER 717
Emperor of Austria v Day and Lossuth (1861) 3 De G F & J 217, 45 ER 861 .
Environment Agency v Churngold Recycling [2014] EWCA Civ 909, [2015] Env LR 13
Foley v Hill (1848) HLC 28 .
.49,
.56, 6 .106
.3 .18, 11 .12
.29
. . . .6 .15, 6 .30, 7 .13, 9 .09, 9 .10, 11 .47
Footman Bower & Co Ltd, Re [1961] 1 Ch 443 6 90
Foskett v McKeown [2001] 1 AC 102 4 68, 6 75, 6 79, 6 85, 6 87, 6 105, 9 09 Foster v Driscoll [1920] 1 KB 470 5 82 Fourie v Le Roux [2007] 1 All ER 1087 9 15
Government of India v Taylor [1955] AC 491 (HL) 3 18
Governor & Company of the Bank of Scotland v A Ltd [2001] 1 WLR 751 9 09, 9 20
Governor and Company of the Bank of Scotland v Alfred Truman [2005] EWHC 583 (QB) 9 22
Hallett’s Estate, Re (1880) 13 ChD 696
Halpern v Halpern [2007] EWCA Civ 291, [2008] QB 195
Hill & Al v Lewis (1693), 1 Salk 132, 91 ER 124
Hollicourt (Contracts) Ltd v Bank of Ireland [2001] 2 WLR 290
Hopkins v Geary (1702), Hill Ann BR Guildhall
Hunter v Moss [1993] 1 WLR 934, [1994] 1 WLR 452(CA)
IBL Ltd v Coussens [1991] 2 All ER 133
IRC v Muller & Co’s Margarine Ltd [1901] AC 217
Indian Oil Corporation Ltd v Greenstone Shipping SA (Panama) [1987] QB 345
Industrial and Commercial Bank Ltd v Banco Ambrosiano Veneto SpA [2003] 1 SLR 221
Ireland v Livingstone (1872) LR 5 HL 395
Isaack v Clark (1615) Bulstrode 307; 1 Rolle 126
6 .78, 6 .95, 6 .105
J & P Coats Ltd v Inland Revenue Commissioners [1897] 1 QB 778, [1897] 2 QB 423 2 35
J P Morgan Chase Bank v Springwell Navigation Corporation [2008] EWHC 1186 (Comm), aff’d [2010] EWCA Civ 1221
Jervis v Harris [1996] Ch 195
Joachimson v Swiss Bank Corporation [1921] 3 KB 110
6 .15, 6 .87, 6 .90,
John Foster & Sons Ltd v Inland Revenue Commissioners [1894] 1 QB 516
.10, 9 .12
Table of Cases
K v National Westminster Bank plc [2006] 2 All ER (Comm) 655
Karak Rubber Co Ltd v Burden [1972] 1 WLR 602
Kotonou v National Westminster Bank plc [2010] EWHC 1659 (Ch) .
Kuwait Airways Corporation v Iraqi Airways Co (Nos 4 and 5) [2002] 2 AC 883
Laconia [1977] AC 850
Ladbroke & Co v Todd (1914) 30 TLR 433
.20
25
Lancare Services Ltd v Barclays Bank plc [2009] EWCA Civ 752 9 22
Lawlor v Sandvik Mining and Construction Mobile Crushers and Screens Ltd [2013] EWCA Civ 365, [2013] 1 Lloyd’s Rep 98
Leask v Commonwealth [1996] HCA 29, (1996) 187 CLR 579
Lehman Brothers International (Europe) [2012] UKSC 6 9 09
Leigh and Sillavan Ltd v Aliakmon Shipping Co Ltd [1986] AC 785
Libyan Arab Foreign Bank v Bankers Trust Co [1989] QB 728
Lipkin Gorman v Karpnale (a firm) [1991] 2 AC 548
.30, 6 .59, 6 .103,
Littlewoods Mail Order Stores v Inland Revenue Commissioners [1963] AC 135
Lloyds Bank Ltd v Bundy [1975] QB 326 .
London and Mediterranean Bank, Re (1870) LR 5 Ch App 567
London Joint Stock Bank v Macmillan [1918] AC 777
London Joint Stock Bank v Simmon [1892] AC 201 (HL)
.19
11 .16
Lupofresh Ltd v Sapporo Breweries Ltd [2013] EWCA Civ 948, [2013] 2 Lloyd’s Rep 444 5 71
Macmillan Inv v Bishopsgate Investment Trust plc (No 3) [1995] 1 WLR 978 6 98
Mansouri v Singh [1986] 1 WLR 1391 5 88
Mardorf Peach & Co Ltd v Attica Sea Carriers Corporation of Liberia, The Laconia [1977] AC 850 9 25
Mercedes-Benz v Leiduck [1996] AC 284 9 15
Midland Bank v Seymour [1955] 2 Lloyd’s Rep 147 9 13
Miliangos v George Frank (Textiles) Ltd [1976] AC 443 5 90, 5 92, 11 10
Miller v Race (1758) 1 Burr . 452; 97 ER 398 (KB) . . . . . . . . . . . . . . .4 .37, 6 .51, 6 .59, 6 .61, 6 .62, 7 .33, 11 .08, 11 .12
Montagu’s ST, Re [1987] Ch 264
6 .105
Moss v Hancock [1899] 2 QB 111 . . . . . . . . .2 .13, 6 .64–6 .65, 11 .13, 11 .23, 11 .41, 11 .51, 11 .53
Murphy v HSBC Bank plc [2004] EWHC 467 (Ch)
9 .20
N Joachimson v Swiss Bank Corporation [1921] 3 KB 110 . . . . . . . . . 6 .15, 6 .87, 6 .90, 9 .10, 9 .12
NSB Ltd v Worldplay Ltd [2012] EWHC 927 (Comm) .
. 9 .22
National Commercial Bank (Jamaica) Ltd v Hew [2003] UKPC 51 9 19
National Provincial Bank Ltd v Hastings Car Mart Ltd [1965] AC 1175 9 09
National Westminster Bank Ltd v Halesowen Presswork Assemblies Ltd [1972] AC 785 9 15
Navee Ltd v The Commissioners for Her Majesty’s Revenue and Customs [2017] UKFTT 0602 (TC) 9 04
OBG Ltd v Allan [2007] UKHL 21, [2008] 1 AC 1 2 04, 6 29, 6 42, 6 46, 6 102, 7 30, 9 08
Office of Fair Trading v Lloyds TSB Bank plc [2008] 1 Lloyd’s Rep 30 9 22
One Step (Support) Ltd v Morris-Garner [2018] 2 WLR 1353 7 21
Owners of MV Despina R, The Despina R [1979] AC 685
PJS v News Group Newspapers [2016] UKSC 26
PML v Person(s) Unknown (responsible for demanding money on 27 February 2018) [2018] EWHC 838 (QB) .
Papadimitriou v Crédit Agricole Corpn and Investment Bank [2015] UKPC 13, [2015] 1 WLR 4265
5 .90
9 .16
6 .98
Table of Cases
Patel v Mirza [2016] UKSC 42, [2017] AC 467
Perrin v Morgan [1943] AC 399 (HL)
Pettit v Novakovic [2007] BPIR 1643
v
R J Reuter Co Ltd v Mulhens (No 2) [1954] Ch 50
R (United Kingdom Association of Fish Producer Organisations) v Secretary of State for Environment Food and Rural Affairs [2013] EWHC 1959 (Admin)
R v Preddy [1996] AC 815
R v Velumyl [1989] Crim LR 299
Raiffaisen Zentralbank Österreich AG v Five Star Trading LLC [2001] EWCA Civ 68, [2001] QB 827
Ralli Bros v Compania Naviera Sota y Aznar [1920] 1 KB 614
Regazzoni v KC Sethia Ltd [1956] 2 QB 490 .
Robshaw Brothers Ltd v Mayer [1957] Ch 125
Ross v Lord Advocate 1986 SC (HL) 70 7
Royal Brunei Airlines Sdn Bhd v Tan [1995] AC 378
Russell-Cooke Trust Co v Prentis [2002] EWHC 2227 (Ch), [2003] All ER 478
Schioler v Westminster Bank Ltd [1970] 2 QB 719
Scott v Surman (1742) Willes 400
Secure Capital SA v Credit Suisse AG [2015] EWHC 388 (Comm), aff’d [2017] EWCA Civ 1486
Selangor United Rubber Estates Ltd v Craddock (No 3) [1968] 1 WLR 1555 9 18
Services Europe Atlantique Sud v Stockholm’s Rederiaktebolag SVEA (The Foleas) [1979] AC 685
Shah v HSBC Private Bank (UK) Ltd [2010] EWCA Civ 31
Shalson v Russo [2003] EWHC 1637 (Ch), [2005] Ch 281
Sharp v Thompson 1995 SC 455 (IH)
Sierra Telecommunications Co Ltd v Barclays Bank plc [1998] 2 All ER 821
Simpson v Connolly [1953] 1 WLR 911
Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd (In Administration) [2011] EWCA Civ 347, [2012] Ch 453
Société Eram Shipping Co Ltd v Compagnie Internationale de Navigation [2004] 1 AC 260
Sollaway v McLoughlin [1938] AC 247
South African Breweries International (Finance) BV v Laugh it Off Promotions CC [2005] FSR 30
Space Investments Ltd v Canadian Imperial Bank Trust Co (Bahamas) Ltd [1986] WLR 1072
Squirrel Ltd v National Westminster Bank plc [2005] 2 All ER 784
St Albans District Council v International Computers Ltd [1996] 4 All ER 481
Stafford v Conti Commodity Services [1981] 1 All ER 691
Standard Bank London Ltd v The Bank of Tokyo Ltd [1995] 2 Lloyds Rep 169
Sunderland v Barclays Bank Ltd (1938) 5 LDAB 163
Swift v Dairywise Farms Ltd [2000] 1 WLR 177
.29,
TSB Bank of Scotland v Welwyn Hatfield District Council [1993] Bank LR 267
Tai Hing Cotton Mill Ltd v Liu Chong Hing Bank [1986] AC 80
.33,
Table of Cases
Tamimi v Khodari [2009] EWCA Civ 1042 .
Tassell and Lee v Lewis (1695), 1 Ld . Raym . 743, 91 ER 1397
9 .20
.11 .43, 11 .44
Taurus Petroleum v State Oil Marketing Co of the Ministry of Oil, Iraq [2017] UKSC 64 9 14
Tayeb v HSBC Bank plc [2004] 4 All ER 1024 9 22, 9 23
Tidal Energy Ltd v Royal Bank of Scotland plc [2015] 2 All ER 15 9 24
Tournier v National Provincial and Union Bank of England [1924] 1 KB 461 9 16, 9 17
Turner v Royal Bank of Scotland [1999] 2 All ER (Comm) 664 9 17
United City Merchants v Royal Bank of Canada [1983] 1 AC 168 5 86, 5 88
United Dominions Trust Ltd v Kirkwood [1966] 2 QB 431 9 08
United Railways of the Havana and Regla Warehouses [1961] AC 1007 5 90, 11 10
Valse Holdings SA v Merrill Lynch International Bank Ltd [2004] EWHC 2471 (Comm) .
Verjee v CIBC Bank and Trust Company (Channel Islands) Ltd [2001] Lloyd’s Rep Bank 279
Vestergaard Frandsen A/S v Bestnet Europe Ltd [2013] 1 WLR 1556
Ward v Evans (1702), 2 Ld Raym 928, 92 ER 120
Welex AG v Rosa Maritime Ltd [2003] EWCA Civ 938, [2003] 2 Lloyd’s Rep 509
9 .19
9 .19
9 .16
.71
Westdeutsche Landesbank v Islington LBC [1996] AC 669 6 49, 6 106
Westminster Bank v Hilton (1926) 136 LT 315 9 11, 9
Westminster Property Group, Re [1984] 1 WLR 1117, aff’d [1985] 1 WLR 676 2
White & Carter (Councils) Ltd v McGregor [1962] AC 413 2 43
Whitecomb v Jacob (1710) 1 Salk 160 6 51
Williams & Glyn’s Bank Ltd v Barnes [1981] Com LR 205 9 19
Wilson, Smithett & Cope Ltd v Terruzzi [1976] QB 683 5 85, 5 86
Wilton Park Ltd v Commissioners for Her Majesty’s Revenue and Customs [2015] UKUT 343 (TCC)
(The) Winkfield [1902] P 42
Woods v Martins Bank Ltd [1959] 1 QB 55
Wooley v Poole (1820) 4 B & Ald 1
Wright v HSBC plc [2006] EWHC 930 (QB)
Young v Toynbee [1910] 1 KB 215
Your Response Ltd v Datateam Media Ltd [2014] EWCA Civ 281, [2015] QB 41
2 .04,
EUROPEAN UNION
Regina v Thompson (1978) ECR 02247
Case 34/82, Martin Peters Bauunternehmung GmbH v Zuid Nederlandse Aannemers
Verenigung [1983] ECR 987
Case C-256/00, Besix SA v Wasserreinigungsbau Alfred Kretzschmer GmbH & Co KG [2002] ECR I-1699
Case C-464/01, Gruber v Bay Wa [2005] ECR I-439
Case C-27/02, Engler v Janus Versand GmbH [2005] ECR I-481
Case C-180/06, Ilsinger v Dreschers [2009] ECR I-3961 5 29
Case C-533/07, Falco Privatstiftung v Weller-Lindhors [2009] ECR I-3327 5 10, 5 52
Case C-381/08, Car Trim GmbH v Key Safety Systems Srl [2010] ECLI:EU:C:2010:90 5 10
Case C-585/08, Pammer v Reederei Karl Schlüter GmbH [2010] ECR I-12527 5 70
Case C-509/09, eDate Advertising GmbH v X [2011] ECR I-10269 5 11
Case C-523/10, Wintersteiger AG v Products 4U Sondermaschinenbau GmbH [2012] ECLI:EU:C:2012:220 5 11, 5 12, 5 60
Table of Cases
Case C-64/12, Schlecker v Boedeker [2013] ECLI:EU:C:2013:551 . .
Case C-218/12, Emrek v Sabranovic [2013] ECLI:EU:C:2013: 666 . .
. 5 .63
.70
Case C-548/12, Brogsitter v Fabrication de Montres Normandes EURL [2014] ECLI:EU:C:2014:148 5 30
Case C-305/13, Haeger & Schmidt GmbH v Mutuelles du Mans Assurances IARD [2014] ECLI:EU:C:2014:2320 5 62, 5 63
Case C-352/13, Cartel Damage Claims Hydrogen Peroxide SA v Evonik Degussa GmbH [2015] ECLI:EU:C:2015:335 5 11
Case C-366/13, Profit Investment Sim SpA [2016] ECLI:EU:C:2016:282 5 31
Case C-373/13 Kolassa v Barclays Bank plc [2015] ECLI:EU:C:2015:37 5 28
Case C-441, Hejduk v Energie Agentur NRW GmbH [2015] ECLI:EU:C:2015:28 5 12
Case C-264/14 Skatteverket v Hedquist [2015] ECLI:EU:C:2015:208 3 11, 3 15, 3 36, 5 10, 5 51, 5 52, 9 05, 10 66, 10 68, 10 74, 10 79, 10 97
Case C-359/14, Ergo Insurance SE v If P & C Insurance AS [2016] ECLI:EU:C:2016:4 . . . . . . . 5 .28
Case C-12/15, Universal Music International Holding BV v Schilling [2016]
ECLI:EU:C:2016:449
5 .11
Case C-135/15, Republik Griechenland v Nikiforidis [2016] ECLI:EU:C:774 . . . 5 .47, 5 .75, 5 .82
Case C-196/15, Granarola SpA v Ambrosi Emmi France SA [2016]
ECLI:EU:C:2016:559
Case C-618/15, Concurrence SARL v Samsung Electronics France SAS [2016]
ECLI:EU:C:2016:976 . .
Case C-194/16, Bolagsupplysningen OÜ v Svensk Handel AB [2107] ECLI:EU:C:2017
5 .12
ECLI:EU:C:2017 5 11
Case C-249/16, Kareda v Benko [2016] ECLI:EU:C:2017:472
Case C-274/16, Flightright GmbH v Air Nostrum [2018] ECLI:EU:C:2018:160 5 30
Case C-64/17, Saey Home & Garden NV/SA v Lusavouga-Máquinas e Acessórios Industriais SA [2017] ECLI:EU:C:2018:173 5 10, 5 53, 5 56
INTERNATIONAL
Corfu Channel case (UK v Albania) (Merits) [1949] ICJ Rep 4 . .
3 .19
Decision of the European Central Bank of 5 June 2014 on the remuneration of deposits, balances, and holdings of excess reserves ECB/2014/23 4 24
Dolneanu v Moldova, App No 17211/03 (ECtHR, 13 November 2007) 3 21
Lesina v Ukraine, App No 9510/03 (ECtHR, 19 June 2008) 3 21
Opinion of the European Central Bank of 12 October 2016 on a proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2015/849 5 01
Parillo v Italy (2015) 62 EHRR 300 (Grand Chamber) 7 14
Rudzinska v Poland, App No 45223/99 (ECtHR, 7 September 1999) 3 22
INTERNATIONAL TRIBUNALS
Serbian Loans case (France v Kingdom of the Serbs, Croats and Slovenes [1929] PCIJ Rep Series A No 20
OTHER JURISDICTIONS
Australia
Australian Securities and Investments Commission v Citigroup Global Markets Australia Pty Ltd (No 4) (2007) 241 ALR 705
Commissioners of the State Savings Bank of Victoria v Permewan, Wright & Co Ltd (1914) 19 CLR 457
Daewoo Australia Pty Ltd v Suncorp-Metway Ltd (2000) 33 ACSR 48
French Caledonia Travel, Re (2004) 22 ACLC 498
Table of Cases
Gammasonics Institute for Medical Research Pty Ltd v Comrad Medical Systems Pty Ltd [2010] NSWSC 267 .
Hills Industries Ltd v Australian Financial Services and Leasing Pty Ltd [NSWCA] 380 .
Matthews v The Queen [2014] VSCA 291
Matter Technology Ltd v Mrakas [2018] NSWSC 507
O’Dea v Merchants Trade-Expansion Group Ltd (1938) 37 AR (NSW) 410 2 36, 2 37
Watson v Lee [1979] HCA 53 3 18
White v Shortall (2006) 206 Federal Law Reports 254 (SCNSW) 6 47
Canada
Bank of Canada v Bank of Montreal [1978] 1 SCR 1148
Dearborn v Saskatchewan (Financial and Consumer Affairs Authority) [2017] SKCA 63
Ontario Securities Commission and Greymac Credit Corp (1985) 55 OR (2d) 673 6 94
Reference Re Alberta Statutes (1938) [1938] SCR 100 11 13, 11 23, 11 41, 11 51, 11 53
China
Shenzhen Court of International Arbitration Decision, Bitcoin Arbitration, 25 October 2018
India CUB Pty Ltd v UOI (71 taxmann com 315)
Ireland
Japan
v Davis [2018] IESC 27
Japan Supreme Court Judgment, 18 Sep . 1940 Minshu 19-1611
Japan Supreme Court Judgment, April 13, Saibansho Jihou 1505-12
Tokyo District Court Judgment, Heisei 26 (wa) no 33320, Heisei 27 .8 .5
Netherlands
Case No C/13/642655/FTRK 18196, Rechtbank Amsterdam (20 March 2018)
Case No C/08/140456/HAZA 13 .255, Rechtbank Overijssel (14 May 2014)
New Zealand
Dixon v The Queen [2015] NZSC 147
Group v Macintosh [1998] 3 NZLR 171
Singapore
B2C2 Ltd v Quoine Pte Ltd [2018] SGHC 4
South Korea
Korean Supreme Court Judgment, 19 Jan . 2017 No 2013 DA 17292
Korean Supreme Court Judgment, 30 May 2018 No 2018 DO 3619
Suwon District Court Judgment, 30 Jan . 2017 No 2017 NO 7120
Suwon District Court Judgment, 7 Sep . 2018 No 2017 GODAN 2884
Decision of 1917 of the Swiss Federal Court 47 II 267
Swiss Federal Tribunal decision 4C .149/2005 of 3 July 2006
Swiss Federal Tribunal decision 6B .994/2010 of 7 July 2011
Tax Council Decision SKM 2018 .104-SR .
United States
Coffey v Ripple Labs Inc, US Dist Lexis 135585 (2018)
Coinflip Inc, Re, Commodity and Futures Trading Commission, CFTC Docket No 15-29 of 2015 (17 September 2015) 9 01
Commodity Futures Trading Commission v McDonnell, 287 F Supp 3d 213 (EDNY; 2018)
Greene v Mizuh Bank Ltd, US Dist Lexis 95536 (DC Ill, 2018)
Hashfast Technologies LLC v Lowe, In re, Case No 15-03011 (ND CAL 2016)
Johnson v State, 52 So 652, 167, Ala 82 (Ala, 1 January 1910)
Leidel v Sallah, US App Lexis 10464 (2018) .
Microsoft Corporation v United States, 855 F.3d 53 (2017), 62
Rensel v Centra Tech Inc, US Dist Lexis 106642 (DC Fla ., 2018)
Rhodes v Lindly, 3 Ohio 51 (1827)
Securities and Exchange Commission v Shavers and Bitcoin Savings and Trust, Case No 4:13-CV-00416 (ED TEX 2014) (6 August 2013) 3
.04
State v Finnegan, Peter 103 NW 155, 127 Iowa 286 (Iowa, 1905) 11 09, 11 16, 11 42, 11 52
State of Florida v Espinoza, Case No Fl 14-2923 (FLA CIR 2016) 3 43, 11 54
United States v Arjona (1887) 120 US 479 3
United States v Brown, 857 F 3d 334 (6th Cir, 2017)
United States v Coinbase Inc, US Dist 196306 (ND Ca, 2017) 9 17
United States v Robert M Faiella (Case 1:14-cr-000243-JSR, SDNY, 8 August 2014), 39 F Supp 3d 544 (2014) 9 04, 11 54
United States v Grosh 342 F2d 141 (1965) 3 18
United States v Murgio, 15-CR-769 (AJN) (SDNY, 12 January 2017) .
United States v Ulbricht (Case 1:14-cr-00068-KBF, SDNY, 9 July 2014), aff’d 858 F 3d 71 (2nd Cir, 2018) .
Vick v Howard (1923) 136 Va 101
Wisconsin Central Ltd et al v United States, Docket No 17-530, 138 S C 2067 (2018) .
TABLE OF LEGISLATION
UNITED KINGDOM STATUTES
Administration of Estates Act 1925
ss 25, 52 9 15
Bank of England Act 1998
s 2A 3 52
s 9B 3 52
s 9C 3 52
s 9H 3 52
s 9I 3 52
s 9L . . . . .
s 11 . .
Banking Act 2009
Pt 6 .
Bankruptcy Act 1883 . .
Bills of Exchange Act 1882 . .
s 29 . .
3 .52
. 3 .57
. 3 .52
11 .46
6 .33
. . . . . . 4 .15, 4 .18, 11 .08
. . . . 6 .59, 11 .08
s 30 11 08
s 38 11 08
s 75(1) 9 22 s 75(2) 9 15
s 83 4 16
Coinage Act 1971
s 2 11 09
s 3 9 04
ss 9–10 9 04
Consumer Credit Act 1974
s 75(1)
Consumer Rights Act 2015
s 2(9) .
s 33(1) . .
s 34(1)
s 35(1) .
ss 9–11
Fraud Act 2006
1–4
3(b)
4(1)(b)
5(2)
Human Rights Act 1998 3 21, 3 54
Income Tax Act 2007 s 771 9 17
Insolvency Act 1986
s 234(2)
s 236
s 283(1)
s 365
s 436
Larceny Act 1861
s 100
Mental Capacity Act 2005
s 2(1)
s 16(2)
18(1)
Police and Criminal Evidence Act 1984
. 9 .22
. 9 .08
. 9 .08
9 .08
9 .08
9 .16
s 33 9 11
s 49(1) 9 18
Copyright, Designs and Patents Act 1988
Corporation Tax Act 2009
. 6 .65
9 .15
s 9 9 17
Proceeds of Crime Act 2002 3 33, 9 15
Pt 7 3 33
s 326(1) 3 33
s 326(4) 3 33
s 326(9) 3 33
s 327 3 32
s 327(1) 9 14
s 328 . .
s 328(1) . . . . . . . . . . . . . . . .
s 329
s 329(1) .
s 329(2)(a) . . . . . . . . . . . . .
s 330 .
s 330(5)
s 337
Finance Act 2006
.32
. 9 .14
. 3 .32
9 .14
. . . . . . . . . 9 .14
9 .14
9 .14
9 .17
ss 338–339 9 23
s 338(2)–(3) 9 14
s 340(3) .
s 340(9)
Sch 9, para 1(1)(a) .
Sale of Goods Act
s 2(1)
s 27
s 55(1)
61(1)
Supply of Goods and Services Act 1982
s 13
Taxation of Capital Gains Act 1992
s 275A
Taxes Management Act 1970
s 13
17
s 24
Terrorism
Table of Legislation
Treaties
EC Treaty
Art 30 seq
EU LEGISLATION
Art 36 4 39
Treaty on the Functioning of the European Union (TFEU)
Art 128(1) 4 24
Directives
Directive 98/26/EC on Settlement Finality in Payment and Securities Settlement Systems .
Art 2 (a)
Directive 2004/39/EC (Markets in Financial Instruments Directive/MiFiD)
9 .06
9 .17
UNITED KINGDOM STATUTORY INSTRUMENTS
Bank of England (Macro-prudential Measures) Order 2015 (SI 2015/909)
Bank of England Act 1998 (Macroprudential Measures) Order 2015 (SI 2015/905)
Bank of England Act 1998 (Macroprudential Measures) Order 2016 (SI 2016/1240)
Electronic Money Regulations 2011 (SI 2011/99) reg 2(1)
Financial Collateral Arrangements (No 2) Regulations (SI 2003/3226) reg 3(1)
Payment Services Regulations 2017 (SI 2017/752) reg 67(3) .
3 .52
Art 4(1) 5 50, 5 51
Annex I, Section C 5 51
Directive 2006/112 (VAT Directive) 3 11, 3 15, 10 72
Art 24 10 70
Art 135 10 75, 10 76, 10 78
Art 135(1)(e)
. . . 10 .71, 10 .76
Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 .
Art 2(2) .
Directive 2014/65/EU (Markets in Financial Instruments Directive/ MiFID II)
. 3 .35
4 .24
Art 4(1) 5 50, 5 51
Annex I, Section C 5 51
Directive 2015/2366/EU of the European Parliament and the Council on payment services in the internal market 3 38
Acts
Budget 1982 Act No 81-1160 of 30 December 1981 (OJ 31 December 1981)
Art 94 4 72
Regulations
Regulation (EC) 974/1998 . . . . . . . . . . . . 4 .24
Regulation (EC) 44/2001
Art 5(1)(b) .
. 5 .10
Regulation (EC) No 864/2007 (Rome II Regulation) 5 06, 5 09, 5 33, 5 75, 5 77, 5 89, 5 92
Art 1(3) .
Art 4(1) .
Art 8(1) .
Table of Legislation
. 5 .92
. 5 .11
. 5 .12
Art 15(c)–(d) 5 77, 5 89
Regulation (EC) No 593/2008
(Rome I Regulation) 5 06, 5 09, 5 17, 5 42, 5 43, 5 46, 5 47, 5 48, 5 65, 5 68, 5 72, 5 75, 5 77, 5 89, 5 92, 5 102, 5 104, 5 119
Recital 5 37, 5 62, 5 66, 5 70, 5 103, 5 109, 5 119
Art 1 5 28
Art 1(3) .
. 5 .92
Art 3 . . . . 5 .10, 5 .35, 5 .36, 5 .37, 5 .38, 5 .39
Art 3(1) .
5 .36, 5 .40
Art 4 . . . . . . . . . . . . . . . . . . . . . . 5 .10, 5 .35, 5 .38, 5 .44, 5 .45, 5 .57, 5 .63, 5 .64, 5 .66, 5 .67
Art 4(1) . . . . . . . 5 .49, 5 .50, 5 .54, 5 .62, 5 .66
Art 4(1)(a) .
5 .10
Art 4(1)(b) 5 52, 5 57, 5 58, 5 60, 5 61
Art 4(1)(h) 5 50, 5 51
Art 4(2) 5 54, 5 60, 5 62, 5 66
Art 4(4) 5 62, 5 66
Art 6 5 10, 5 35, 5 69, 5 70
Art 6(1) 5 69, 5 70
Art 6(2) 5 69
Art 6(4) 5 70
Art 6(4)(e) 5 70
Art 6(4)(d) . . . . . . . . . . . . . . . . . 5 .51, 5 .70
Art 6(4)(e) . . . .
Art 9 .
Art 9(1)–(2)
5 .51
5 .41
5 .81
Art 9(3) . . . . . . . . . . . . . . . . 5 .75, 5 .77, 5 .82
Art 10 .
Art 10(1) . . . . .
Art 10(2)
5 .31
. . . . . 5 .35, 5 .64, 5 .71
. 5 .64, 5 .71
Art 12 5 31
Art 12(1)(a)–(b) 5 77
Art 12(1)(c) 5 89
Art 12(2) 5 75, 5 77
Art 14 5 101
Art 14(1) 5 103, 5 109, 5 119
Art 14(2) 5 103
Art 14(3) 5 101
Art 15 5 101
Art 19(1) .
Art 19(2)
Art 19(3) .
Art 21
Art 27(2) .
Art 28
Electronic Money Regulations 2011
Art 5
. . . 3 .36
Regulation (EU) 1215/2012 (Brussels I Regulation) . . . . . . . 5 .06, 5 .09, 5 28, 5 29, 5 53
Art 4 5 10
Art 7(1) 5 10, 5 31, 5 32
Art 7(1)(a) 5 10
Art 7(1)(b) 5 10
Art 7(2) 5 11
Arts 17–19 5 10
Regulation (EU) 848/2015 on insolvency proceedings
Art 2(9) 5 110
Art 3(1) . . . . . . . . . . . . . . . . . . . . . . . . 5 .105
Art 3(2) . . . . . . . . . . . . .
Art 7
5 .110
5 .105
Art 8(2) . . . . . . . . . . . . . . . . . . . . . . . . 5 .110
Regulation (EU) 679/2016 of the European Parliament and of the Council of 27 April 2016 . . . . . . . . . 9 .16
Payment Services Regulations 2017 . . . . . . 3 .38
Art 2 3
Proposals
European Commission’s Proposal for a Regulation of the European Parliament and of the Council on the law applicable to the third-party effects of assignments of claims (COM (2018) 96 final) 5 104, 5 105, 5 119
Art 2 5 101, 5 110
INTERNATIONAL INSTRUMENTS
Articles of Agreement of the International Monetary Fund (IMF) . . . . . .
Art IV(1)(iii) .
Bretton Woods Agreement establishing the International Monetary Fund (IMF)
Art VIII(2)(b) . . .
5 .59
5 .59
. 5 .59
. 5 .82
5 .104
. 5 .46
. 3 .35, 3 .37
. . . 3 .19
3 .17
. 5 .84, 5 .85, 5 86, 5 87, 5 88
European Central Bank (ECB) Guidelines
Art 5 3 4 24
European Convention on Human Rights (EHCR) 3 59
Protocol 1, Article 1 1 15, 3 21, 3 22, 3 54
Geneva Securities Convention (adopted 9 October 2009) 4 72
Hague Principles on choice of law
Art 3 . .
4
Table of Legislation
5 .42, 5 .43
Hague Securities Convention (adopted 17 January 2002) 4 72
International Convention for the Suppression of Counterfeiting Currency (adopted 1929, entered into force 22 February 1931) 112 LNTS 371 3 18
Rome Convention [1980] on the law applicable to contractual obligations
Art 3(1)
Art 4 .
Art 4(2)
Art 4(5) .
Art 5
Art 8(1) .
5 .36
5 .44, 5 .45, 5 .57
5 .54, 5 .58
5 .62
5 .35
Art 8(2) 5 71
Statute of the European Central Bank (ECB)
Art 14(4)
Art 24
Uniform Law for Bills of Exchange and Promissory Notes (League of Nations, Convention of 7 June 1930)
Art 75
United Nations Convention on the Assignment of Receivables in International Trade Art 22 5
UNMIK Regulation No 1999/4 on the currency permitted to be used in Kosovo (UNMIK/REG/4 of 2 September 1999)
s 1 11 17
OTHER JURISDICTIONS
of Goods Act (Tas)
of Goods Act (Vic)
6(1)
Act to amend the Bank of Canada Act (1966–67)
Bank of Canada Act (1934)
Bank of Canada Act (1985) s 18(b)
(1985)
Art 5
Currency Act (1985)
s 3(1)
Table of Legislation
. 4 .23
. . . . . . 11 .11
s 8(1) 4 23, 11 09
s 8(2) 4 23
s 13 11 11
Personal Property Security Act (Ontario)
s 1(1) 11 11
Securities Transfer Act (2006) (Ontario)
s 97 4 72
Prosperity Certificates Act (1936)
s 2 11 30
s 3 11 30
s 5 .
s 6 .
s 8 .
s 10 . . .
s 10a .
Prosperity Certificates Amendment Act (1937)
Ch 83 . .
Royal Canadian Mint Act (1985)
11 .30
11 .30
11 .30
11 .30
. . 11 .30
11 .30
s 6 4 23
China
Bankruptcy Act
Art 38
Art 49
General Provisions of the Civil Law of China
Art 114
8 .28
8 .28
8 15
Art 115 8 15
Art 127 8 17, 8 25, 8 27, 8 35
Law of Real Rights 8 07, 8 08
Art 5 8 25
Art 34
Art 35
Art 39
Art 223
Law of the People’s Bank of China
Art 15
Art 17
Tort Law
Art 2 .
Art 6
Art 15(2)
France
Act of 24 Germinal Year XI (14 April 1803)
Act of 12 August 1870
Act of 5 August 1914
Art 3
8 .02
8 .32
Act of 25 June 1928
Art 2
Civil Code
.12
Art 1196 4 63
Art 1198 4 63
Art 1322 4 64
Art 1583 4
Art 2258
Art 2276
Art 2279
Monetary Act of 1 October 1936 4
Germany
Act on Copyright and Related Rates (UrhG)
Arts 15–22 7 21
Art 31ff 7 21
Act on the Protection of Trademarks and Other Symbols (MarkenG)
Art 27ff 7 21
Fiscal Code (EStG)
Art 23(1) 10 95
Civil Code (BGB) 7 12, 8 07, 8 08
Arts 12–14
Art 90
Art 413
Art 929
937
Art 1005
Art 1006
Patent Act (PatentG)
7 .27
Art 15 7 21
Italy
Civil Code
Art 1161
Art 1163
Japan
Bank of Japan Act
.63
Art 46 8 02
Bankruptcy Act
Art 62
Art 98
. 8 .18
8 .28
Civil Code . . . . . . . . . . . . . . . . 8 .07, 8 .08, 8 .22
Art 85
Art 175
Art 206
4 .06
4 .12
8 .13, 8 .18, 8 .19
8 .25
8 .12, 8 .18
Art 243 . . . . . . . . . . . . . . . . . . . . . . . . . 8 .18
Art 244 8 18, 8 29
Art 245 8 18, 8 29
Art 362 8 19, 8 24
Art 417 8 32
Art 709 8 31, 8 32
