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Blockchain Law – Legal Aspects of Cryptocurrency and ICO – Initial Coin Offering

April 25th, 2019Blockchain Law - Legal Aspects of Cryptocurrency and ICO - Initial Coin Offering

Considering an Initial Coin Offering (ICO) requires expert legal strategy due to the dynamic nature of applicable laws, including, securities, taxation, corporate structure and agreements. An ICO is also considered as a Token Generation Event (TGE), which refers to a novel way to raise capital by issuing crypto tokens. Companies issuing tokens or coins via ICO generally structure the offering in a manner such that the tokens or coins are linked to a smart contract on the Ethereum blockchain or similar platform.

Subscribe to Our Exclusive List Resources: Free eBook: ICO LAWS AND COMPLIANCE – ICO Regulations and Legal Framework – Legal Aspects of Cryptocurrency and ICO ICO Blockchain Attorney Lawyer Law Firm Consultant In essence, the tokens or the coins are issued as a right to use the technology that is being funded by the ICO. It would be apt to compare an ICO with an Initial Public Offering (IPO), wherein shares of a company are issued to the investors. It is a common belief that tokens or coins issued by way of ICO are equivalent of securities, whereas mostly they are different from securities, and hence, it is important for companies to highlight such difference to their investors and token buyers. Since the tokens or coins do not represent equity shares of the company, issuing these during ICO shall not affect or dilute the equity of the founders. ICO Structuring – Blockchain Law A crucial strategy to structure ICO involves having separate legal entities to issue the tokens or coins and to operate the business. This can ensure minimum legal liabilities and further allow the founders to have flexibility to opt for desired legal structures for both the entities. For example, ICO can be executed using a trust or a foundation, whereas operating entity can be a private limited company capable of issuing equity shares to the founders and investors. In addition, it may be more advantageous to incorporate both the entities in different jurisdictions to avail the advantages of local laws and regulations. For example, ICO operating entity can be incorporated in any of the jurisdiction selected from, Switzerland, Singapore, Hong Kong, British Virgin Islands, Cayman Islands, Isle of Man etc. Blockchain and ICO – Role of Lawyers Legal aspects of Blockchain and ICO are crucial for business consideration due the dynamically changing nature of this field. Beginning from ICO legal opinions to ICO structuring, to legal entity incorporation, and further including international legal compliance, ICO lawyers and Blockchain attorneys always work on the edge to assist their clients. Technology lawyers and law firms that are required to review legal aspects of Blockchain and ICO focus primarily on laws applicable to a business that is on the verge of implementing a Blockchain technology for business operations. This legal analysis also includes determining the best jurisdiction to incorporate legal entity, obtain the required licenses and permits, ensure local and international legal compliance (KYC and AML compliance) etc. For issuance of coins or tokens during the ICO, lawyers assist clients by reviewing and auditing the ICO legal structure, application of the Howey Test, Family Resemblance Test, Risk Capital Test etc. Additional services include review and audit of the ICO White Paper to ensure compliance with domestic and international laws. REPORT THIS AD Global Blockchain Lawyers are also required to draft legal documents (agreements and contracts) for the sale of ICO tokens and coins, including website terms, privacy policy, terms of use, ICO Private Placement Offering Document, pre-Crowd Token Offer (Pre ICO), Crowd Token Offer Agreement (ICO), in addition to writing ICO legal opinion letters. Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings). Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations. Technology Business Corporate Lawyers International Corporate Lawyers and Patent Attorneys Patent Attorney and Corporate Lawyer in Asia Contact at rd (at) patentbusinesslawyer (dot) com Strong expertise in resolving business and personal disputes via mediation, negotiation and out of court settlements Managing full practice law firm in Delhi and Gurgaon with team of legal experts – Civil and Criminal, Cyber Law Issues, Digital Business Disputes, Social Media Defamation, Personal, Property and Matrimonial Problems, Contracts and Agreements Technology Savvy Advocates, Patent Attorneys & Corporate Lawyers with 11+ years of experience in Asia Pacific, US & Europe Experts in Litigation, Patent Protection, Licensing & Enforcement, Cross-border Mergers & Acquisitions, Joint Ventures, Foreign Direct Investment & Tech Transactions in South East Asia covering consulting for global patent Attorneys in executing: Patent drafting & filing for B2C & B2B digital products Protection of Mobile App’s Intellectual Property via Patents, Copyrights, Website Terms & Vendor Contracts Wearable device’s patent portfolio protecting hardware, dashboard, app & data analytics software Medical device patentability analysis, prior art search, provisional & complete patent drafting, patent claims & patent drawings, patent filing in India, PCT, USPTO & EPO, responding to USPTO, UKIPO, MyIPO (Malaysia) & SIPO (Singapore) office actions Patent Landscape & Patentability Studies for innovations in Artificial Intelligence (AI & Chat bots), Internet of Things (IoT), Wearables, Driverless Cars, Virtual & Augmented Reality, 3D Printing, Drones, Mobile Payments (Digital Wallet) & FinTech Assisting Clients with Complex Patent Issues: Patent Searches, Patent Drafting, Patent Filing, Patent Office Examinations, Patent Prosecution, Patent Due Diligence & Patent Litigation Strategy Patent Strategy for International Patents, USPTO Filings, Drafting Office Action Response, Patent Reexaminations & Reissue Proceedings, Appeals to PTAB, Patent Office Trials, Inter Partes Review, Post-grant Review, Covered Business Method Patents, Interferences, Derivations & Appeals of PTAB Trial Decisions European Patent Practice, Patent Oppositions, Appeals, EPO Third Party Observations, Central Limitation and Revocation, Supplementary Protection Certificates (SPC) & United Kingdom (UK) Patent Practice Advisory Specialties: Litigation, Patent Litigation, Patent Infringement, Corporate & IP Strategy, Startups: Incorporation, Funding, Brand Management, Contracts & Agreements, Legal Research, SWOT, Corporate Governance, Due-diligence, Mergers & Acquisitions, Antitrust & Competition Laws, Regulatory Affairs, Freedom-to-Operate, Patent Drafting, Claim Drafting, Patent Searches, Office Actions Response, USPTO Patent appeal briefs, Patent Invalidation Analysis, Patent Opposition, Product-Claim Mapping, Patent Enforcement Software Patent FAQs: How are software patents granted in India? Does Indian patent law allow software patents? How to apply for software patent in India? How to patent a software in India? How to patent a mobile application in India? What are the examples of software patents in India? How to Patent an Idea General Patent FAQs: What is a Provisional Patent Application? What are advantages of Filing a Provisional Patent Application? How can Patent Search help in determining Patentability of Invention? What is the meaning of Patent Pending Status? Journey of my blog from LinkedIn to 30+ news portals Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter Flagship Speaking Engagements Patent Forum (Munich, Germany) | News Channels | Ministry of Corporate Affairs | ASSOCHAM | FICCI | Brand Licensing India | BioEnergy International Featured Publications Economic Times | The Hindu | BioSpectrum | International Bar Association | LawAsia | SwissInfo | Global Legal Post | HT Live Mint | Outlook Money

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