How to plan a blockchain project
Congratulations on your decision to implement a blockchain project! You have an exciting journey ahead of you, but also a few hurdles to overcome.
A first stumbling block lies in the company foundation. Before you start your Initial Coin Offering (ICO), you must meet the legal and regulatory requirements. Here it is important to carefully clarify the possibilities to implement your project legally sound.
At digitalCounsels we want to help you to implement your project in blockchain technology as efficiently as possible. We have a large network of experienced, independent lawyers to help you with any legal issues surrounding your TGE (Token Generating Event).
Clarification of regulatory requirements
Financial market attorneys can help you choose the right legal structure for your planned ICO. Once the legal form of the company has been determined, your lawyer will help determine the purpose of the company and verify that the proposed business activity requires regulatory approvals from the Swiss Financial Market Supervisory Authority FINMA as a securities dealer, bank or fund. Furthermore, the lawyer will be able to review your white paper and help to adapt the structure to meet the regulatory requirements.
The right ICO lawyer
There are only a handful of lawyers who have the necessary experience in financial market law, securities law, corporate law and tax law to successfully advise you. We recommend that you consider the following questions when opting for a lawyer:
What are my risks?
A good lawyer takes proactively into account any legal risks related to the planned business activities. Reviewing your business plan and white paper will help you to create the documents and contracts you need. Ideally, aspects such as insurance or future business activities should be taken into account. With a risk analysis of your business, you can minimize future legal costs.
Has the lawyer already legally accompanied ICOs?
With this question you can clarify two important points. On the one hand, you can find out if the lawyer is familiar with the crypto-legal aspects. On the other hand, this question helps you identify potential conflicts of interest. If a lawyer represents a competitor in your industry, he may not be the best choice for the job. There is an ethical code in this regard.
Experience in financial market law?
Lawyers with specialization in banking, financial market and capital markets law ensure that their clients comply with all legal and regulatory requirements in the area of financial market regulation. If you want to be active in the financial market, you must first clarify whether an activity subject to a license is to be carried out.
Experience in tax law?
Although you do not need a tax lawyer, a business lawyer with tax experience is a clear advantage. He can give you tips on how to limit your tax liability. Even if the lawyer is not directly involved with taxes, it is beneficial to have a legal opinion alongside the one of the accountant.