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STEP Journal: Issue 6, 2021

30 November 2021

Welcome to Issue 6 of the STEP Journal. This issue shines a spotlight on the Asia Pacific region, with updates from China, India, New Zealand and more. We also delve into the world of digital assets and cryptocurrencies in a special technology focus. In addition, read about STEP’s latest thought leadership reports, Digital Assets: A Call to Action and Meeting the Needs of Modern Families.

The devil is in the details

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STEP news

Your must-read digest for developments at STEP

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Policy column

FATF beneficial ownership discussions

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Digital donations and the Chinese tech revolution

Oliver Tang discusses the recent development of charitable donations through social media platforms and digital payment apps in China

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How do you rate STEP?

Helen Swire, News Editor at STEP, reports on the results of the 2021 Your Opinion Matters survey

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Meeting the Needs of Modern Families

A recent STEP report calls for advisors and legislators to adapt and modernise in order to keep up with the needs of today’s families

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Digital Assets: A Call to Action

A report by STEP and the Cloud Legal Project at Queen Mary University of London highlights the urgent need for reform in the digital asset management sphere

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Book review: Digital Executor: Unraveling the New Path for Estate Planning

Emily Deane TEP reviews Digital Executor: Unraveling the New Path for Estate Planning

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STEP’s fresh faces

Kaitlyn Gutzke, Managing Editor of the STEP Journal, has a chat with one of STEP’s newest members from STEP China, Chaofeng Kang TEP

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Consensus and consolidation

The OECD Inclusive Framework has finally reached a consensus on global corporate taxation; Helen Swire looks at what the agreement is and what the next steps are

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Cross-border cooperation

Philanthropic giving is at the forefront of client discussions now more than ever. A recent STEP Journal roundtable, sponsored by CAF America, examined the challenges of advising clients in international philanthropy

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A second bite at the cherry

Joanne Verbiesen looks at a decision of the Hong Kong Court of First Instance that considered res judicata in a breach of trust claim

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Timing trust transfers

Ashvini Chopra and Sanjay Rego discuss asset protection trusts in the regime of India’s Insolvency and Bankruptcy Code, 2016

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‘A crucial changing point’

Elvin Ho proposes a risk management framework to assist the growing number of single-family offices in Asia

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The great (fire)wall of China?

Richard Grasby introduces China’s Personal Information Protection Law and explains its implications for foreign trustees

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(Un)privileged position

Polina Kozlova discusses the extent of disclosure to beneficiaries following a recent New Zealand Supreme Court decision

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Crossing with care

Nam Nguyen explains how Vietnam taxes foreigners on Vietnam-sourced income

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Impossible to ignore

Cryptocurrencies and digital assets are here to stay, and trustees must engage with the new virtual reality, write Robert Dobbyn and Tom Fothergill

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A foundation for fintech

Robert Lindley and Wesley O’Brien discuss the use of Cayman Islands foundation companies in the financial technology sector

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Tales from the crypt

Roderik J P Strobl describes the importance of an agile risk assessment framework for digital assets and developments in crypto tax regulation

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Brave new world

Sarah Lazarides and Caitlin McGivern explore the legal considerations behind investment in non‑fungible tokens

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A house built on sand

Paul Beckett stresses the need for beneficial ownership regulations to combat structures and technologies that may allow for avoidance

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Digital justice

Dawn Goodman considers the possibility of a digital justice system to promote alternative dispute resolution in the UK

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The shape of things to come

A STEP Insight Panel predicting the future of digital assets in the trusts and estates world

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FICkle fortunes

Helen McGhee discusses the use of corporate vehicles in family wealth and succession planning in the UK

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Switching structures

Shelly Meerovitch and John McLaughlin discuss how US beneficiaries of foreign non‑grantor trusts can efficiently access greater wealth offshore

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The decumulation opportunity

John Williams discusses the importance of a successful decumulation strategy to support the needs of retirees in the UK

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Around the world

Helen Swire examines 2021 developments in legislation, regulation and taxation in Cyprus, Gibraltar and Malta

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The feeling is mutual

Eleni Drakou explains how mutual wills are implemented under Cyprus law, taking into consideration recent developments in Cyprus case law

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Intellectual debate

Cécile Vuillier sets out the merits of using an intellectual property holding company, especially when domiciled in Switzerland

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Member Q&A - Jade Gani

During a year in which many were challenged, Jade Gani TEP rose above and selflessly offered her services to those in need; most notably, providing free wills for NHS staff. It comes as no surprise that Jade, Solicitor and Head of Private Client at Aston Bond, was awarded Young Practitioner of the Year at STEP’s 2021/22 Private Client Awards.

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