As reported in the July 26, 2019 Hunton Andrews Kurth LLP client alert, first France and now the United Kingdom have joined the growing number of European countries that have, in recent months, announced they are considering a new form of tax specifically directed at “digital” businesses. The new form of digital services tax is based on the premise that traditional methods of profit allocation between different countries are no longer fit for their purpose and that, in the context of “digital businesses”, a fresh approach needs to be adopted that takes into account the value added by the business’s user base.
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CIPL Issues White Paper on GDPR One Year In: Practitioners Take Stock of the Benefits and Challenges
As reported in the Hunton Andrews Kurth LLP Privacy & Information Security Law Blog posted on June 6, 2019, Hunton’s Centre for Information Policy Leadership (“CIPL”) on May 31 issued a white paper on GDPR One Year In: Practitioners Take Stock of the Benefits and Challenges.
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OFAC Strongly Encourages Companies to Develop and Implement an Effective Sanctions Compliance Program
On May 2, 2019 US Department of Treasury’s Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (the Framework), which provides a specific outline of what OFAC considers to be essential elements of an effective sanctions compliance program. Crypto businesses should consider the applicability of the Framework to their products.
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Podcast: How Blockchain Could Change Everything
Hunton Andrews Kurth attorney, Mayme Beth Donohue, member of the firm’s blockchain working group, was recently interviewed as part of the University of Virginia’s new podcast series, Common Law, exploring cutting-edge issues about the future of law. Mayme discussed various practical applications of blockchain, including supply chain management, product authenticity and blockchain-based mortgages, and how in-house lawyers should think about issue spotting blockchain implementations.
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Ten Years Strong: A Decade of Privacy and Cybersecurity Insights
As reported on the Privacy & Information Security Law Blog on January 31, 2019, Hunton Andrews Kurth celebrates the 10-year anniversary of our award-winning Privacy and Information Security Law Blog. Download a copy of “Ten Years Strong: A Decade of Privacy and Cybersecurity Insights.”
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Lloyd’s Jumps Into the Cryptocurrency Market, Insuring Part of Kingdom Trust’s $12 Billion Assets
On August 28, 2018, Lloyd’s of London underwriters have agreed to insure digital currency storage company, Kingdom Trust Co., against theft and destruction of cryptocurrency assets.
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India’s Draft Data Privacy Law Issued
On July 27, 2018, the Justice BN Srikrishna committee, formed by the Indian government in August 2017 with the goal of introducing a comprehensive data protection law in India, issued a report and draft data protection bill. The Bill has been submitted for consideration to the Ministry of Electronics and Information Technology and is expected to be introduced in Parliament at a later date.
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China Publishes the Draft Regulations on the Classified Protection of Cybersecurity
Recently, the Ministry of Public Security of the People’s Republic of China published the Draft Regulations on the Classified Protection of Cybersecurity and is seeking comments from the public by July 27, 2018.
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California Consumer Privacy Act Signed, Introduces Key Privacy Requirements for Businesses
On June 28, 2018, the Governor of California signed the California Consumer Privacy Act of 2018. The Act introduces key privacy requirements for businesses, and was passed quickly by California lawmakers in an effort to remove a ballot initiative of the same name from the November 6, 2018, statewide ballot. The Act will take effect January 1, 2020.
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