The Unrealised Benefits of the Crypto Sector

Abstract

The Financial Action Task Force (FATF) defines virtual assets ‘as a digital representation of value that can be digitally traded or transferred and can be used for payment.’ In the face of any jurisdictional legislative or regulatory uncertainty in the global crypto industry, crypto stakeholders are already being offered protection by the common law. As demonstrated in cases emanating from the Commonwealth, and other parts of the world, crypto assets are capable of attracting property rights, they can be considered to be a form of property that can be subject to injunctive relief, and claims for various crimes or torts involving crypto assets have been successfully sustained to date. Despite the risks associated with the crypto assets sector, in developing nations where there are presently no special crypto assets law and regulations, like Trinidad and Tobago, there are benefits which may be gained locally once the sector is adequately assessed and regulated.