In April, Thailand issued a ban against payments using cryptocurrencies and other digital assets that is set to go into effect this month. While the aim has been to maintain stability in financial markets, lawyers say Thailand’s digital asset industry may grow more slowly due to the restrictions. 

Even as the COVID-19 pandemic shook up the world, the IP landscape in the Asian region remained buoyant thanks to its agility and digital readiness. This was reflected in the best law firms for IP work, which went above and beyond when it came to servicing their clients in difficult times.

A state of unrest remains in Sri Lanka, as mass protests continue following severe inflation, daily blackouts of 10 to 13 hours, and shortages of fuel and many essential items. With immense foreign debts and forex reserves almost depleted, the South Asian island nation is on the verge of bankruptcy. In April, Sri Lankan officials said the country will temporarily default on its foreign debts as it faces its worst economic crisis in more than 70 years, according to the BBC. Businesses have closed, public transport has faced disruptions, and medical professionals have warned of essential-supply shortages.

In April, Singapore extended its oversight of virtual assets with a law that expands its cryptocurrency regulations to companies that have a local presence in the market but offer digital token services outside of Singapore. The Financial Services and Markets Bill 2022, which has gained approval from lawmakers, marks higher regulatory scrutiny on digital assets.

As Japan becomes the latest major Asian economy to digitalise its court systems, critics say the changes aren’t happening quickly enough. While more tech-savvy business hubs Singapore and Hong Kong have adapted to digitalised disputes during the pandemic, Japan is still playing catch up.

Pro bono work sends a message about law firms’ values and priorities, while providing highly skilled lawyers with an avenue to support the causes they care most about. For many law firms, pro bono work also provides an opportunity to engage with their community positively and support those in need.

With Indian lawyers increasingly appreciating the benefits that artificial intelligence can bring to their day-to-day work, the use of this technology is set to grow. Dipankar Bandyopadhyay, founder of legaltech company Riverus, shares with ALB about how AI can take the legal industry to the next level.

India is working on another round of amendments to the IBC after a parliamentary panel said the government must set a benchmark comparable to global standards. But whether the new framework works or not remains to be seen.

The Indian legal sector is undergoing a transformational phase, with an increasing number of smaller law firms now offering quality legal services. Boasting a personalized approach and innovative strategies, these firms are going toe-to-toe with much larger rivals, and winning clients in the process. In its annual list, ALB spotlights 25 such successful firms that are set for even bigger things. The list is in alphabetical order and some firms have been profiled. Managing partner photos appear alongside the profiles.

With international arbitration growing in importance in recent years, the Japanese government has announced an ambitious goal to make the country one of the major arbitration centres of Asia. The Japan Commercial Arbitration Association (JCAA) has been involved in efforts to help the government meet this goal. Masato Dogauchi, chief arbitration and mediation officer at JCAA, talks about what has been accomplished so far, and the road that lies ahead.