For blockchain-related industries, hiring a crypto lawyer is a must. There are many other lawyers or firms out there advertise themselves as a crypto lawyer, so you should find the right fit for your blockchain project. There are many other specialties and different areas of experienced lawyers.
There are legal works out there that are serious and you need to be aware of any legal loopholes to stop lawsuits. So, choosing the right attorney for you isn’t an easy process, and you need to be careful about that.
What’s a Crypto Lawyer?
A crypto lawyer generally knows how to handle cryptocurrency-related legal matters. That means a lawyer has general knowledge about the major problems in the blockchain industry and has the intelligence to maintain those matters, such as:
- The legitimacy of stable coins, security tokens, and ICOs.
- If your blockchain industry has the best shape for a profitable corporation or nonprofitable corporation.
- Increase in Crypto tax due to buying and selling cryptocurrency.
- Intellectual property rights are important as well as the use of source copyright.
- KYC AML issues come up for not just exchanges also for money services, business, and mainly cryptocurrency businesses.
- Different governments have their own existing legal systems like the US, Switzerland, etc.
There are hundreds of other issues that come up in the process of blockchain business.
All these matters are important for a crypto lawyer to have the knowledge to go through in the legal issues. Some lawyers will not be experts in these because they have come from different fields, but a crypto lawyer should have the knowledge to help a client and make intelligent decisions for them.
A Kelman crypto lawyer will help with crypto laws and regulations. They have knowledge about this kind of tech and have operated for clients in over 20 other countries’ clients.
Choose the Right Lawyer For Your Cryptocurrency Project
As an entrepreneur and blockchain investor, you should know what a crypto lawyer is. There are many lawyers out there who have dealt with these projects, but you should pick the right lawyer that matches the needs of your business.
Your lawyer needs to have a good background in representing software developers. Approximately all crypto-related companies are mainly software development companies, so lawyers should have a solid knowledge of technology and law surrounding it.
However, there are changes that can be made when your crypto business platform specializes in non-traditional ways. For example, if you are in a crypto lending business, hire a lawyer that specializes in lending cases. Or if you are thinking about opening crypto exchange permanently in the United States, you need a lawyer that has experience with the SEC. Both of these lawyers have a different experience but both are crypto lawyers.
But be careful with SEC experienced lawyers because they might have very little knowledge about software development, intellectual property laws, and the issues that come up with software development. However, they do have experience in the security laws of cryptocurrency and also know how to manage regulatory compliance with the SEC.
Here are some reasons why crypto lawyers are important for your blockchain projects:
Corporate Governance
There are no corporate laws for blockchain projects. It’s important to know for you that whenever you create a corporate entity, you are not personally responsible in that case when things go wrong. You need to follow corporate rules ordered by law. It doesn’t matter whether you are a for-profit or a non-profit organization.
Regulated Operation
You can look forward to the higher regulations or laws if you are in a non-profit organization. You need to fill out the paperwork and consult with a legal expert. Although the non-profitable company follows a charitable purpose, there is no opposition that blockchain can achieve this operation. Be careful in these operations because the IRS is sharper about these organizations.
Open Source
There is no need for a copyright lawyer if your project is an open-source project. There are lots of rules and regulations in regard to open source matters which can have severe consequences on the success of your blockchain project. Every single document will be important in this project. You need to make sure that all your licenses are compatible. Also, legal frameworks have no overlap in this operation.
Trademark
When your project is going to launch, make sure you have consulted your trademark lawyer because you need to check if your trademark is registered appropriately. There is some cryptocurrency operation that doesn’t need a trademark. If you are not sure about the process of trademarking, then you should consult with legal experts.
Taxes
Taxes are the most important challenge that a blockchain industry can’t overlook. There is no other law to specify clearly what should arise in this situation. The IRS is not so kind enough to overlook the companies that beat the rules of the system, either.
Contracts
If you are thinking about cryptocurrency listed in a new exchange then you should have to consult with lawyers or firms from abroad. Every agreement will have a legal contract, so you don’t need to download a contract template from the internet.
Outsourcing
You don’t need to rely on outsourcing with external law firms. You need to find yourself a trustworthy dedicated lawyer for your blockchain project. The lawyer should be active and give time to your business. Just make sure about the crypto lawyer you are hiring is the right fit for your industry.
A perfect lawyer should have all the knowledge of crypto-related issues and know how to solve them without getting into any problems. You should check out if they have done any cases similar to our project. They should have a background with software developers and also knowledge about blockchain technology. You should be cautious when choosing a lawyer because there are some lawyers out there who refer themselves as crypto lawyer but they are only interested in money, not caring about getting you the best work. Make sure you choose the right crypto lawyer for your blockchain project.