Peculiarities of blockchain lawyer activity

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Taras Miroshnychenko

Head of International Corporate Law and Fintech Practice

A specialist in the practice of migration and corporate law, he also specializes in legal support for business in EU countries.

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Peculiarities of blockchain lawyer activity

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Choice of jurisdiction and regulatory compliance

Depending on the needs and capabilities of business owners, fintech lawyers will offer an optimal individual plan, providing advice on the regulatory and tax policy of a certain jurisdiction and other issues related to the creation and operation of foreign cryptocurrency and blockchain companies.

Lawyers ensure business compliance working in the field of blockchain and cryptocurrencies, the regulatory policy of a certain jurisdiction, help businesses navigate the complex legal framework, and avoid negative legal consequences.

Licensing or authorization of virtual currency service providers

More and more countries are implementing local legislation on business regulation, associated with distributed ledger technology and virtual assets to legalize and tax such activities, of course, not forgetting the protection of consumer rights.

To license cryptocurrency business, fintech specialists will conduct analysis of new financial services before their introduction to the market, will collect a package of documents necessary for submission to the state regulator, prepare policies and internal procedures related to the control of money laundering and terrorist financing, identification of customers ("KYC"), internal security and protection of user funds and other documents depending on the requirements of the regulator and jurisdiction.

Initial Token Offering (ICO/STO/IDO/IEO)

Initial coin offerings (ICOs) and token issuance have become popular methods of fundraising among crypto startups.

Lawyers in the field of blockchain help businesses understand the legal intricacies of the fundraising mechanism, develop a project white paper and business plan for 3-5 years, investment agreements (SAFE) and contracts regarding future tokens (SAFT), conduct a financial and legal audit of the project's token economics while complying with the requirements of investment and securities legislation, identification of business owners and investors, compliance with licensing requirements depending on the type of token and placement platform (centralized or decentralized exchanges/trading platforms).

Smart contracts

A smart contract is a contract whose terms are directly written in code and exist in a distributed decentralized blockchain network.

Smart - contracts make it possible to automate complex financial, logistical, and managerial operations, including registration, transfer, control of assets, and forced execution of contracts without the help of intermediaries, in the form of notaries, banks, state registrars, etc.

More and more countries (individual states of America, Italy, Malta, and other jurisdictions) include the definitions of "blockchain", "distributed ledger" and "smart contract" in their legislation, however, the relationship between such contracts and traditional contract law remains a subject of heated debate.

Lawyers will help build the logic and structure of a smart contract, the algorithm of its actions, which will meet legal and technical requirements, conduct a technical audit of the contract for the possibility of third-party interference, and provide legal support in case of disputes regarding the implementation of smart contracts.

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