| (Webinar via Zoom) (RME Elective) Risk Management in Assisting Clients with Blockchain Transactions |
| Date: |
10 December 2024 (Tuesday) |
| Time: |
2:30pm - 5:45pm |
| Level: |
I (Intermediate)
For delegates who have prior knowledge of the subject area |
| Language: |
English |
| Fee: |
HK$ 1,850 |
| Accreditation: |
(3 CPD Points will be applied for)
3 RME pts (Accredited by The Law Society of Hong Kong [RME Elective]) |
| Ref: |
L24OT27 |
| Venue: |
Webinar Course
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Presenter's Biography:
Steven Gallagher was awarded a first class LL.B. He was called to the Bar of England and Wales in 2006. Steven teaches equity and trusts, property law, and art, antiquities, cultural heritage and the law. Steven has presented continuing professional development courses for solicitors in Hong Kong on many topics associated with property law. Steven's research interests include equity and the law of trusts, Chinese custom and law, cultural heritage law, and law and technology. In 2023 Steven published the first treatise dealing formally and systematically with all the major aspects of and entitled, Digital Technology and Law.
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Objective:
This three-hour course will consider the risks for solicitors in assisting clients with blockchain transactions in Hong Kong. Although the popularity of blockchain may be thought to have waned in recent times, the decision of regulatory authorities in Hong Kong to permit licensing of virtual asset trading platforms (VATPs), as part of Hong Kong's positioning itself as a global digital technology hub, raises a number of risks for solicitors in Hong Kong. Solicitors liability for their own actions and inactions is well-documented. It extends to liability that may arise to their clients under their contractual and fiduciary duties. Solicitors may be asked to advise clients on many activities involving cryptoassets. These include delivering advice on the issues and practical solutions: affecting general crypto legal services; to use and incorporate blockchain technology; the use of smart contracts and automation; to initiate and/or invest in initial coin offerings (ICOs), security token offerings (STOs), and initial exchange offerings (IEO), including issuing legal opinions for offerings, drafting offering documents, and reviewing white papers; to use and invest in tokenisation using non-fungible tokens; to set up Hong Kong crypto funds; of the regulatory status of cryptoassets including anti-money laundering & counter-terrorist financing (AML/CTF), and SFO; to licence and regulate virtual asset trading platforms (VATPs) and virtual asset service providers (VASPs); to use their services; to conduct cryptocurrency block trades and escrow; and, to take action in cryptocurrency fraud and recovery matters. Many of these crypto-activities are technically complex and high risk; things may go wrong because of accident, mismanagement and/or crime, and loss to the client may ensue. At this point, the client will look for someone to blame and to compensate them for their loss. As the crypto-world is cloaked in secrecy with pseudonyms the norm and anonymity seen as a great benefit for those operating in the crypto-world, it may be difficult for the client to find those they have dealt with or through, but they can (usually) find their solicitor quite easily. Thus, a solicitor advising clients on many issues involving cryptoassets may face action, both professional and legal, by their clients, and suffer penalty and/or incur liability.
This seminar considers the possible issues that may arise for clients as participants in the blockchain, investors in its products and facilitators in crypto-transactions. The criminal and civil liability of those involved with blockchain including those responsible for establishing the blockchain, promoters of coins and other tokens, auditors, nodes, members of a DAO, and digital asset platform providers including exchanges, are already being tested. The seminar considers the obligations and potential liabilities of solicitors advising on such matters, and how such risks may be mitigated.
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Outline:
Some of the topics which will be covered in this course include:
- What is a blockchain?
- Fungible tokens including cryptocurrencies;
- Non-fungible tokens (NFTs) including the tokenization of art and other receipts;
- Decentralized autonomous organizations (DAOs);
- Civil liability of promoters, auditors, nodes, members of a DAO, and digital asset platform providers including exchanges;
- Criminal liability including crimes and regulatory offences including theft of cryptoassets, frauds, money laundering, tax evasion, securities offences and insider trading;
- The potential obligations and liabilities of solicitors to their clients when advising on cryptoassets and other forms of blockchain activity.
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| Category: |
Others |
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Bookings & Payments
To reserve a seat, please fax the completed booking form to us. We will send out a written Booking Confirmation either by fax or by email to confirm your booking, normally within 48 hours after receiving the booking form. Payment should be made upon we send the Booking Confirmation to you, or together with the booking form if the booking is received within seven (7) days of the course. You are advised to contact us to confirm your place if you have not received the Booking Confirmation prior to the commencement of the course.
Cancellation
In case of cancellation of a booking, you must inform us in writing at least seven (7) days before the date of the course, and a full refund will be issued (less of HK$300 administration fee). Cancellation of unpaid bookings will incur a HK$300 administration fee and the cancellation will not be deemed effective until payment of such fee is received. No refunds will be given and any outstanding amounts remain payable in full if the written notice of cancellation is made less than (7) days before the date of the course.
Transfer
If you cannot attend a booked course, you must inform us in writing at least 24 hours before the commencing time of the course. You may then:
- Transfer the booking to a replacement delegate;( Not available for Individual Discount Packages)
- Transfer your booking to another course, to be held before 31 October 2024; or
- Request a credit voucher, to be used on another LexOmnibus CPD course to be held before 31 October 2024.
No attendance
Once a booking is confirmed and no written notice of cancellation is received by us within the specified time as mentioned above, if a delegate has not settled the payment for a course and fails to attend, for whatever reason, the course fee will remain payable in full. To be awarded CPD points, full attendance of all parts of the conference is required. If you arrive later, or fail to attend a course, your course fee will not be waived, refunded or a credit voucher issued.
Weather
In the event that the No.8 typhoon signal is hoisted or the Black Rain Storm warning is raised within 2.5 hours of the course or is due to be raised during the course, the course will be cancelled. In the event of cancellation due to bad weather, the course will be rescheduled or a credit note issued. No refunds will be given.
Record of Attendance
A certificate of attendance can be provided at a cost of HK$40. Alternatively, a verification of attendance in letter format, along with the original payments receipt is available, at a cost HK$40. Please apply in writing to request either a certificate or verification letter subsequent to the course.
Conference Venue
All the conferences, except webinars, will be taken place in either Central or Admiralty. The address of the conference venue will be notified by email, and via the website.
Other Terms
- We may reschedule, vary the details of a course at any time without liability. If we cancel or reschedule the course, except due to the weather conditions indicated, a credit note will be issued.
- Any bank charges and/or expenses incurred as a result of bounced cheques shall be borne by the delegates.
- LexOmnibus will not issue an invoice for registration of a course except under special circumstances and LexOmnibus reserves the right to charge an administration fee for providing that service.
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