Podcast
06 October 2025
In this episode, Financial Services Partner Jeremy Muir speaks with Litigation Senior Associate Oliver Sutton about the legal complexities of cryptocurrency enforcement, offering their insights on how legal institutions are responding to the unique challenges posed by decentralised digital assets.
[01:18] Jeremy and Oliver begin by addressing the jurisdictional “million-dollar question” of which laws govern cryptocurrency disputes. They note that traditional principles, such as lex situs, are difficult to apply to de-centralised digital assets, and discuss recent decisions from New Zealand and the United Kingdom that illustrate how case law is beginning to navigate this challenge.
[04:10] Jeremy queries the available remedies and enforceability of freezing orders across borders. Oliver explains that their practical application depends on whether the orders target account holders or exchanges, highlighting the jurisdictional challenges involved in enforcement.
[05:20] They discuss how New Zealand’s existing legal framework safeguards cryptocurrency consumers, noting that crypto assets generally do not fall within the definition of “financial products” under the Financial Markets Conduct Act 2013.
[06:00] Oliver explains that general consumer protection laws, such as the Fair Trading Act 1986 and the Consumer Guarantees Act 1993, will apply, particularly in cases of misrepresentation, highlighting a high-profile Commerce Commission prosecution last year involving a crypto-based pyramid scheme. He cautions, however, that as crypto remains largely unregulated in New Zealand, investors should exercise caution or seek expert advice, as funds lost in scams can be difficult to recover.
[07:24] Jeremy discusses recent developments in crypto tax regulation, noting New Zealand’s commitment to the OECD’s new Crypto Asset Reporting Framework, which will impose reporting requirements for certain crypto transactions from April 2026, marking a step toward greater international alignment.
[08:20] Building on an earlier Tech Suite episode with Nicolas Turnbull, they explore the challenges of enforcing remedies in crypto scams and exchange failures from a legal standpoint. Oliver highlights three key scenarios; scams and pyramid schemes, poorly structured exchanges and hard-to-trace funds, explaining how courts are adapting and using traditional tools like freezing and debt orders in this unique digital context.
[09:38] Oliver lastly highlights an innovative enforcement development, explaining how courts in the United Kingdom, New York, and Ontario have approved service of legal documents directly to crypto wallets via Non-Fungible Tokens (NFTs), offering a transparent and trackable way to notify an unknown defendant.
Information in this episode is accurate as at the date of recording, 23 September 2025.
Please contact Jeremy Muir, Oliver Sutton or our Financial Services team if you need legal advice and guidance on any of the topics discussed in the episode.
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