On February 28, 2022, the Emirate of Dubai enacted Law No. 4 of 2022 on the Regulation of Virtual Assets and established the Dubai Virtual Assets Regulatory Authority. By establishing a legal framework for businesses related to virtual assets, including crypto assets and non-fungible tokens, this landmark law reflects Dubai’s vision to become one of the leading jurisdictions for entrepreneurs and investors of blockchain technology.
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NFT (non-fungible token)
DOJ Brings Criminal Charges Against Two Defendants in NFT Fraud
On March 24, 2022, the US Attorney for the Southern District of New York announced charges against two defendants and alleged an ongoing fraud involving the sale of nonfungible tokens. The federal criminal case is among the first involving NFTs and foreshadows further regulatory scrutiny of the popular digital asset class.
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Rising Trend in NFT Litigation Over Popular Brands
Two leading international brands have filed lawsuits in 2022 to prevent the sale of digital NFTs depicting their physical products, and both cases will test existing trademark law and impact online retailers of NFTs.
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Treasury Targets Nonfungible Tokens
The red-hot market for nonfungible tokens, or NFTs, continues to draw regulatory scrutiny. A Department of the Treasury report issued on February 4, 2022, is the latest to focus on potential regulatory issues associated with this digital asset class.
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How Retailers Can Make the Blockchain Work for Them in the IP Space
The intersection of retail sales and blockchain technology is a current “hot” topic. But what does this actually mean for retailers? Is the time and money needed to invest in new technology worth the cost? What intellectual property protection is available?
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