Blockchain technology promises to have far-reaching economic and social implications. By leveraging a global peer network to assure directly and transparently the integrity of value exchanged between parties, blockchain appears likely to transform a number of important industries that supply or rely upon third-party assurance. It could prove to be a broader force for transparency and integrity in society and could also lead to extensive changes in supply chains and governmental functions, such as land registration, relief aid distribution, and even central banking. This general purpose foundational technology could enhance financial inclusion, usher the revival of artistic rights, effectively enforce data privacy, track the provenance and ensure consumption of fair trade and slave-free products, automate the enforcement of legal agreements, and the list goes on and on.
An innovative legal and regulatory framework is necessary to promote blockchain adoption in various financial and non-financial industries, create opportunities that will contribute to economic development while providing safeguards for consumers. What are the legal areas that blockchain related companies should consider? Are there specific regulations, standards or guidance notes that need to be complied with?
At FARCOVE we have a dedicated team that focuses on the legal implications of digital currencies and blockchain technology. We are able to assist the legal, regulatory and compliance requirements of cryptocurrency-based businesses and blockchain projects. Having in mind the quickly developing blockchain space, we are in the position not only to guide and update you on legal developments relevant to your business, but also to advocate and represent you during consultations for the formulation of new regulatory frameworks.