Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.

A DAO creates an ‘organisation’ by establishing relationships between people software that operates on the blockchain. A DAO uses the capabilities of smart contracts and decentralised technology to streamline and enhance its decision-making processes.

What is an NFT?

A Non-Fungible Token (NFT) is a type of digital asset or token of a small piece of data linked to an object, such as a unique image, cartoon or animation.

Smart contracts are programs stored on a blockchain that self-execute when predetermined conditions are met.

The Australian Tax Office (ATO) has released a statement outlining their priorities ahead of the end of financial year 2021/22, with crypto-assets being one of these priorities due to its rising popularity.

The Australian Cyber Security Centre (ACSC) defines a cyber incident as an unwanted or unexpected cyber security event, or a series of such events, that have a significant probability of compromising business operations.

The Online Safety Act 2021 (Cth) (Act) came into effect on 23 January 2022. The Act aims to develop the existing regulatory framework and vest the eSafety Commissioner with greater investigative and enforcement powers.

The Australian Information Commissioner and Privacy Commissioner, Angelene Falk, has recently determined that the Australian Federal Police (AFP) has failed to comply with its privacy obligations in using the Clearview AI facial recognition tool (FRT).

On 8 December 2021, Treasurer Josh Frydenberg announced a digital economy roadmap (Roadmap), which applies to payments and crypto assets.

Australia’s much-admired winemaker, Penfolds, has recently announced its endeavours to partner with BlockBar, a leading non-fungible token (NFT) marketplace for luxury wine and spirit products. An NFT is a unique online token that exists on a blockchain and cannot be replicated.

Facial recognition technology (FRT) is now utilised across many industries and businesses. While FRT is becoming increasingly easier to implement, it is crucial that business’s adhere to privacy laws when using this technology.

The impacts of COVID-19 have sped up Australia’s transition to a digital economy and accelerated virtual means of conducting business.

For some time, the Australian Competition and Consumer Commission (ACCC) has been carefully examining the impact of the dominant digital platforms on competition and Australian consumers. This culminated in the start of 5-year ‘digital platform services enquiry’.