EMERGING TECHNOLOGY ISSUES
A British Columbia court has come out with one of the first
Canadian decisions directly addressing the enforcement of rights to
ownership of cryptocurrency.
Copytrack Pte Ltd. v Wall, 2018 BCSC
1709, per Skolrood, J.
FACTS AND ISSUES:
Copytrack Pte Ltd. (Copytrack) was a Singapore-based company
which launched a blockchain-based copyright registry coupled with a
set of cryptocurrency tokens, to permit the tracking of copyrights
using a blockchain ledger and payments using the blockchain-based
cryptocurrency tokens.
Copytrack sold CPY tokens to members of the public as part of
its new system. A Canadian, Mr. Wall, subscribed for and purchased
approximately 530 CPY tokens from Copytrack, at a price of about
CAD$780. To settle this transaction, Copytrack was obliged to
transfer 530 CPY tokens to Mr. Wall.
