Blockchain Regulatory Compliance Lawyers

Companies that utilize blockchain technology need expert attorneys in blockchain regulatory compliance. Blockchain entities must meet many compliance requirements, among them being the establishment of a compliance program.

We are blockchain regulatory compliance experts.

Challenges of Businesses in the Blockchain Space

Starting a company dependent on blockchain or transitioning your existing company to blockchain technology presents challenges to a business and its executives.

First and foremost, the blockchain space is plagued by an uncertain regulatory landscape that makes it harder for entities to reach their full potential.

There's also over-reliance on old regulations written for traditional businesses. Old laws weren't written with blockchain technology, virtual currencies, and smart contracts in mind.

Increased scrutiny of blockchain companies is another problem. Regulators have keen interest in businesses using blockchain technology, with such businesses being targets for federal investigations.

These challenges should be left to experts. Let the regulatory compliance team at Blockchain Lawyer do a comprehensive review of your business. We have attorneys and consultants experienced in all regulatory matters involving blockchain-powered entities.

Get the assurances you require to conduct business comfortably into the future by putting our team by your side.

What Blockchain Regulatory Compliance Areas Should Blockchain Companies be Concerned About?

Regulatory compliance issues cover many areas. The notable include:

Jurisdiction Issues

Blockchain technology has allowed cross-border collaborations to happen. Entities that have physical barriers can effectively collaborate globally without changing physical locations. Blockchain enables file sharing and virtual transactions on a global scale.

While this comes with notable benefits, it introduces complex jurisdictional issues. Business dealings such as contracts complicate matters in regard to interpretation and laws regarding breach of contracts or differences in contractual formation across borders.

Every country has its local laws on taxation, data protection, security, etc. And such laws come with challenges when applied differently. Most importantly, which laws apply in case of jurisdictional law differences? In many cases, courts are left to decide which jurisdiction takes precedence over another in different circumstances. These issues must be identified and tackled by experts like us.

Corporate Governance & Management Issues

Blockchain companies need a corporate governance and management model as part of regulatory compliance. However, there are challenges in the type of model, who establishes the code, as well as who enforces the rules. These governance issues, among others like voting powers, must be addressed.

Securities Regulatory Compliance

Blockchain companies may deal with digital assets that qualify as securities. If that's the case, such assets may be subject to securities regulations. Blockchain companies may be required to register assets via the SEC unless an exemption is applicable. They may also be required to comply with other federal securities laws on recordkeeping and reporting.

As a result, blockchain companies that deal with ICOs, digital assets, and other related matters need experienced blockchain regulatory compliance attorneys to establish whether they are subject to securities regulations.

KYC/AML Compliance

Blockchain companies may also be subjected to anti-money laundering and identity verification legislation. This applies mostly to deposit-receiving companies. If your blockchain company receives customer money, deals in virtual currency investments, issues new tokens/coins in ICOs, etc., such activities attract KYC/AML compliance issues.

Provided a company is deemed to be a financial institution or one offering a money service or financial services, such companies are subject to KYC/AML regulatory compliance requirements.

Privacy and Data Compliance

While blockchains store data and information securely, that information is publicly viewable, introducing privacy and security concerns. Blockchain companies face clear privacy issues on how much information can be viewed by others. There are also concerns on the security and privacy of personal information on blockchains.

US data protection laws require certain user controls. Entities responsible for protecting data must comply with certain regulations. We advise on data and privacy-related regulatory compliance for blockchain companies.

Smart Contract Compliance

Blockchain companies are bound to utilize smart contracts that execute automatically after certain pre-defined conditions are met. There is a question about whether smart contracts are indeed contracts due to the automatic enforcement.

However, there is general consensus that they ought to be treated like typical contracts subject to certain requirements. This matter is constantly debated, with guidance varying on a case-by-case basis. We can offer the required assurances on smart contract matters.

Intellectual Property

Blockchains are shared networks of users which can compromise a blockchain company's and participant's IP. Participants must consider unique details on the blockchain app/technology in question, with analysis highly dependent on agreements in question.

IP issues faced by blockchain companies match traditional IP issues in many ways. You need a seasoned regulatory compliance lawyer to handle IP compliance and other regulatory issues like licensing.

Get Blockchain Regulatory Compliance Advice

The benefits of blockchain technology explain the willingness for companies to venture into the space in many ways, including developing blockchain applications.

However, companies require comprehensive regulatory compliance on how business operations affect US federal provisions and if there is a need for added obligations as per the law. But federal agencies are just catching up on new technologies like blockchain. What's more, they have increased scrutiny on blockchain companies, their corporate governance structures, and operations.

For this reason, blockchain regulatory compliance needs to be a proactive issue. Don't wait for federal agencies to start investigating you. Ensure you are compliant with every applicable law.

Luckily, our regulatory compliance team of consultants and blockchain attorneys can do comprehensive compliance checks and offer you the assurances you require to run a thriving blockchain business. Contact us and claim your free and confidential blockchain regulatory compliance consultation.