Hello, I'm Karla Mitchell. Going through a legal case can be very expensive and challenging. I won't go into details, but I recently underwent my own legal battle that lasted several years. It is finally over and I successfully received a settlement, but I had to spend so much time studying law in order to play my role in my own court case. While I found a great attorney at one point, I felt completely lost initially and I don't want anyone else to experience the same thing. So I decided to create this blog for those who would like to know more about law.
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If your company is looking to incorporate blockchain commerce into your business plan or investment strategy, having an experienced legal team that staffs equally skilled computer scientists on your side, can help ensure that your blockchain transactions are safe and legal.
From KYC compliance software to token issuance, here are some of the ways that a blockchain lawyer can help your company.
Token Issuance
Cryptocurrency is predicated on the exchange of unique digital code. This digital code is private and only exchanged by the buyer and/or seller of the cryptocurrency. Financial institutions consider these units of blockchain as "tokens". Your legal team can help you diversify and appropriately categorize any blockchain your company utilizes.
Open Market Tokens
If your business wants to start accrediting established blockchain in exchange for goods and services, you'll need your legal team to vet and help you monitor the blockchain commerce that flows through your business. For instance, if you want to start using Bitcoin or Ethereum tokens, you'll need to make sure your tax liability is accounted for and the tokens you receive are legitimate. Many attorneys offer software installation and tech support to give you real-time blockchain analysis to help your cryptocurrency transactions flow smoothly.
Investment Tokens
Many startup companies are ditching traditional capital investors for blockchain investors. For a legal standpoint, your blockchain lawyer can help you draft and review contracts related to the exchange of blockchain for interest in your company. Because the blockchain market can be volatile, they'll help you draft contingencies within these contracts to account for precipitous changes in blockchain currency your company is willing to accept. In some cases, a blockchain lawyer can help you create a cryptocurrency tied to the valuation and profitability of your business.
Know Your Customer (KYC) Compliance
One of the biggest fears associated with blockchain commerce is that it can be used as a vehicle for laundering money or facilitating other nefarious transactions. To prevent your business from becoming embroiled in a legal vortex of accusations or tainted by anonymous customer transactions, your blockchain lawyer can help you utilize and document KYC compliance software.
Audits and Reports
When April rolls around and you need to file your taxes, how will you account for the types of blockchain commerce your business conducted during the year? To validate the nature of your blockchain transactions, while maintaining your customer privacy, your blockchain lawyer can create audits that trace every cryptocurrency transaction involved with your business.
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