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Rusmaini Lenggogeni, Fahrul Yusuf and Harry Kuswara of SSEK look at Indonesia’s clamp down on virtual currencies and the future potential of blockchain

In the latest edition of IFLR's Q&A's series, John Crabb talks to former SEC chair Mary Schapiro about her time in the government, its future and her experience of the private sector

Bitcoin and other cryptocurrencies have been in the public spotlight in the last 18 months due to the drastic fluctuations in their values. Although still limited, the number of places where cryptocurrencies can be used as payment has been growing in recent times. However, most countries lack specific regulations on the issuance or use of cryptocurrencies, and there exists no clear definition of their legal nature in terms of whether they could be defined as actual currency or other assets of value, or whether they are just pieces of computing data without any intrinsic value. Due to the growing importance of regulatory aspects and legal identity in civil and criminal law, particularly in relation to confiscation, there is an urgent need to establish an appropriate definition and specify the legal nature of cryptocurrency as soon as possible.

Spain remains one of the largest European markets for non-performing assets – both for its non-performing loan (NPL) and real estate-owned (REO) portfolios – and is a preferred jurisdiction for international investors. The provisioning requirements of credit institutions for real estate exposures and the creation of the Spanish bad bank, Sareb, were the real catalysts for the change in mindset regarding the transfer of NPLs. All Spanish financial institutions, even the most solvent ones, accumulated large amounts of NPLs – around €300 billion ($347 billion) in total – during the real estate crisis and financial turmoil. All international credit funds and distressed investors landed in Spain several years ago and many of them set up their own asset management platforms. During those years, there was no other jurisdiction in continental Europe that could offer the opportunities and returns available in Spain (until recently, Italy).

The eastern seaboard of Thailand has attracted substantial investment during the past 30 years, including into the petrochemicals, auto assembly and high-tech business sectors. The area is served by three airports and two deep-water ports. Both Thai and foreign companies have obtained investment incentives from the board of investment (BOI) under the Investment Promotion Act (1977).

Lenders need to adopt some protection methods as the market operates in frothy conditions

Nancy Mitchell Tony Carbone Regional central American firm Expertis has merged with Spanish firm ECIJA.

In December 2016, the government approved the principles for the establishment of the first three special administrative-economic units (SAEUs) in Vietnam, including Van Don (Quang Ninh), Bac Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang). According to the final draft of the law on SAEUs which is scheduled to be voted upon by the National Assembly in June 2018, each SAEU will focus on different specialised industries:

Ashurst is set to launch a new office in Luxembourg, in October. Partner Isabelle Lentz, the head of the firm’s Luxembourg desk, founded in 2011, will be managing partner of the office.

Forty-eight hours after Britain finally devised some sort of framework for its negotiation with the European Union, Brexit secretary David Davies resigned and was replaced by housing minister Dominic Raab, foreign secretary Boris Johnson resigned.