There has been a significant increase in interest in, and the use of, cryptocurrencies in recent times. Cryptocurrencies are essentially de-centralised virtual currencies, which are not linked to any particular country, nor regulated by any central bank or monetary authority.
In late December 2017, the Singapore International Commercial Court (SICC) decided that the nation’s first dispute involving cryptocurrency merits a full trial. While this case does not involve questions of the legality of cryptocurrency itself, it involves issues relating to the manner in which such cryptocurrencies are traded. Continue reading
On 9 January 2018, amendments were passed to the Supreme Court of Judicature (Amendment) Act (“SCJA “) which clarify that the Singapore International Commercial Court (“SICC“) has jurisdiction to hear proceedings relating to international commercial arbitration. The amendments also abolish the pre-action certificate procedure for applications to the SICC.
Established in 2015 as the ‘international’ division of the Singapore High Court, the SICC has gone from strength to strength in a short span of time, gaining a reputation for the quality and speed of judgments rendered. Since its establishment the SICC has heard 17 cases on matters ranging from construction, investment, banking and finance, and shipbuilding, all of which are high value cases involving international parties and counsel.
These latest amendments, along with the addition of four new esteemed international jurists to the SICC bench, are intended to further increase the popularity and usage of the SICC, and Singapore as a preferred seat of international arbitration. Continue reading
As we previously reported, the recently established SICC is up and running (see here). It issued its first judgment in May 2016 (see here) and has since continued to be active in resolving ongoing disputes in a speedy manner, with two more decisions issued in June 2016. In this post, we look at one of these judgments which deals with what constitutes an 'offshore case' for the purposes of the SICC in Teras Offshore Pte Ltd v Teras Cargo Transport (America) LLC. (Click here for the full judgment.) This is important as this is a key feature of the SICC which allows users to have greater freedom as to the conduct of the case (including the appointment of international counsel).