Benedict Teo, Tham Feei Sy and Yvette Fong of Drew & Napier draw on case law from Singapore and the UK in analysing the main legal difficulties for cryptocurrency stakeholders
‘Flipping’ refers to process of transferring entire ownership of Indian entity to entity incorporated abroad along with transfer of key assets such as intellectual property. Resultant structure is Indian company becoming wholly owned subsidiary of foreign company.
The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC) a form of cryptocurrency.