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Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws

December 16, 2018 |

Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws

In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.

Also read: CEO of Romanian Exchange Coinflux Arrested on US Warrant

Legal Commission to Solve Problems Stemming From the Lack of Proper Rules

Lawyers to Help the Russian Crypto Industry Deal With Inadequate LawsDuring a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.

The commission’s main task will be to provide answers to outstanding questions and solve problems arising from the lack of proper crypto regulations, the Russian outlet Bitcrypto News reported. The participants in the round table expressed confidence that the new body will be able to give legal definitions to many new economic and technological phenomena in the digital space.

The members of the commission will help projects and organizations in the industry to overcome specific challenges. Some of them are related to accounting and taxation, for example. The Russian government currently treats cryptocurrencies as “other property.” In the case of ICO tokens, however, the digital coins can also represent property rights. The problem is that the Russian tax code applies different rates to these two categories.

Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws

According to Mikhail Uspenskiy, partner at the law firm Taxology, keeping accounting records competently will be extremely difficult until Russian lawmakers finally adopt new laws to clearly define the legal nature of cryptocurrencies and tokens. However, the lower house of Russia’s parliament, the State Duma, has postponed the adoption of the legislation that was filed this past spring.

Russian Authorities Favor Conservative Approach to Crypto Regulation

Lawyers to Help the Russian Crypto Industry Deal With Inadequate LawsAfter introducing a number of changes to the original texts, Russian deputies eventually dropped several key terms such as “cryptocurrency” and “mining” from the main bill, the law “On Digital Financial Assets.” Representatives of the crypto industry protested against its latest version and even proposed their own, alternative bill that grants cryptocurrencies a “special status.”

In a recent statement, Russia’s deputy prime minister Maxim Akimov defended the conservative regulatory approach. Commenting on the recent market slump that decreased the capitalization of most decentralized cryptocurrencies, he also said that authorities in Moscow do not plan to introduce any more significant amendments to the draft legal framework.

During the round table, the legal experts discussed a number of other related topics such as the need to regulate law enforcement in the crypto industry and provide protection for the rights of cryptocurrency holders. The new commission is expected to deal with these issues as well. The body will operate within the Moscow regional branch of the Russian Lawyers Association.

What do you think of the idea to create a legal commission to support the growing Russian crypto industry? Share your thoughts on the subject in the comments section below.


Images courtesy of Shutterstock, Diar.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws appeared first on Bitcoin News.

Bitcoin News

Lawyers: Flynn Made ‘Uncharacteristic Error in Judgment’

December 12, 2018 |

Lawyers Michael Flynn asked a judge Tuesday to spare him prison time, saying he had devoted his career to his country and taken responsibility for an “uncharacteristic error in judgment.” The arguments to the judge echoed those of special counsel Robert Mueller’s office, which last week said that Flynn’s cooperation—…
Newser

Michael Cohen’s Lawyers Ask for No Prison Time After Plea

December 2, 2018 |

Lawyers for Michael Cohen, President Donald Trump’s former personal lawyer, asked a federal judge in a memorandum filed late Friday night to impose no prison time for Mr. Cohen at his scheduled sentencing later this month, citing Mr. Cohen’s contrition and his cooperation with law enforcement.
WSJ.com: What’s News Asia

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

November 8, 2018 |

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws

The Korean Bar Association, whose membership is mandatory for all lawyers in the country, has campaigned publicly for the government to pass a number of cryptocurrency-related laws. The group specifically proposes regulation for crypto exchanges, initial coin offerings, domestic and foreign crypto transactions, and cryptocurrency funds.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Lawyers Press Government for Crypto Laws

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe Korean Bar Association on Thursday lobbied the government “to quickly establish a legal framework to help develop the blockchain-based virtual currency industry and protect investors,” Reuters reported.

“It is rare for the Korean Bar Association, membership of which is mandatory for all local lawyers, to campaign publicly for specific technological or business interest groups,” the news outlet noted.

At a press conference held at the National Assembly on Thursday, the president of the association, Kim Hyun, was quoted as saying:

We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws
Representatives of the Korean Bar Association at the press conference on Thursday.

Crypto-Related Proposals

The Korean government is currently working on the legal framework for initial coin offerings (ICOs) which it banned in September last year “without disclosing legal grounds,” News1 wrote, elaborating:

The Korean Bar Association specifically proposed the direction of regulating cryptocurrency trading sites, ICOs, domestic and foreign cryptocurrency transactions, and cryptocurrency fund products.

The group urges the government to adopt clear legal legislation related to crypto exchanges to prevent activities such as wash trading, insider trading, and money laundering, Chosun explained.

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsThe association also presses for regulations in accordance with the Foreign Exchange Transactions Act for domestic and foreign crypto transactions.

Furthermore, instead of prohibiting investments in cryptocurrencies, the group proposes permitting certain types of organizations with expertise and qualifications to trade them.

The association asserted:

Even in the United States, where regulations on securities are strict, the law permits fund operations using cryptocurrencies as an underlying asset and futures trading.

Security ICOs

Korean Lawyers Lobby Government to Pass Several Cryptocurrency LawsFor ICOs specifically, the association proposes applying the existing securities laws such as the Capital Markets Act or Financial Investment Business Act to security tokens, covering both domestic and foreign ICOs entering the Korean market, News1 detailed.

In addition, the group says the country’s Financial Services Commission (FSC) should “specify in advance the obligation to submit related documents such as a whitepaper” for ICOs of foreign companies entering the domestic market.

Meanwhile, FSC Vice Chairman Kim Yong-beom said on Wednesday that “The financial authorities will release the results of the actual initial coin offering situation this month.” The government is evaluating the outcome of its ICO survey conducted in September.

What do you think of the Korean Bar Association urging the government to pass these cryptocurrency-related laws? Let us know in the comments section below.


Images courtesy of Shutterstock, the Korean Bar Association, and Chosun.


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The post Korean Lawyers Lobby Government to Pass Several Cryptocurrency Laws appeared first on Bitcoin News.

Bitcoin News

Citing Text From Accuser, Weinstein Lawyers Want Case Dismissed

November 5, 2018 |

Harvey Weinstein’s lawyers want the New York sexual assault case against him dismissed, the AP reports. In a court filing Monday, the former Hollywood producer’s attorneys said his indictment was “irreparably tainted by police misconduct ,” among other problems. Per Page Six and TMZ , those other problems involve one of Weinstein’s…
Newser

Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry

November 3, 2018 |

Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry

Russian companies have organized an enhancement course to prepare legal experts for the challenges of working in the cryptocurrency space. The oldest university of economics in the country, two law firms providing services to digital businesses, and both houses of parliament are behind the project to help lawyers understand the specifics of the industry.  

Also read: Arbitrators to Resolve Disputes in the Russian Cryptocurrency Industry

Lawyers to Study Cryptocurrencies, ICOs and Smart Contracts

The one-month educational program titled “Legal basis and practice of working with cryptocurrency and blockchain projects” is hosted by the Plekhanov University of Economics, the oldest and one of the largest business schools in the Russian Federation. It’s focused on matters related to the legislative regulation of the nascent industry as well as law enforcement practices in Russia and other jurisdictions.

According to Alexander Zhuravlev, managing partner at the Efficient Business Resources law firm and co-founder of the program, the successful completion of the course will allow jurists to work with blockchain products. Quoted by Politika Segodnya, he noted that the sixth edition of the course, starting Nov. 23, will cover cryptocurrencies, initial coin offerings (ICOs), digital asset exchanges, smart contracts, mining, and address the implementation of distributed ledger technologies in the private and public sector. Anti-money laundering (AML) practices and know your customer (KYC) procedures will be part of the curriculum as well.

Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry

IT Technologia, a company providing legal advice to IT businesses, and the Russian parliament are also among the organizers of the program. They have invited a number of lecturers from different fields, including legal experts, academics and representatives of the business community like Gerbert Shopnik, CEO of the Russian branch of mining company Bitfury and Alexander Mikhailov, cofounder and director of Lavka Lavka, an organic food farmers’ cooperative and restaurant chain that has its own token.

As part of the “Blockchain Lawyers” course, participants will visit the State Duma and the Federation Council, the upper and lower house of Russia’s legislature, and introduce lawmakers to their own ideas about the regulation of the digital economy, including the cryptocurrency industry. The students will also have the opportunity to meet representatives of the Russian internet giant Mail.ru Group. The lawyers will join a community of experts working to improve the legal framework for the fintech sector which is still under development.

Russian Cryptocurrency Industry Remains Unregulated

Professional Course Prepares Russian Lawyers for the Cryptocurrency IndustryThe cryptocurrency space in Russia is still unregulated after the adoption of a package of three bills, approved on first reading in May, was postponed for the parliamentary session this fall.

Public discussions on the drafts are currently underway, with representatives of the crypto community criticizing the state-sponsored legal framework for not covering important aspects of the industry. Russian lawmakers removed key terms like cryptocurrency, mining and smart contracts from the texts of the main bill, the law “On Digital Financial Assets.”

The Russian Association of Cryptoindustry and Blockchain (RACIB) and the Russian Union of Industrialists and Entrepreneurs (RSPP) have put forward their own regulatory proposals. An alternative draft law prepared by the RSPP grants cryptocurrencies “special status.” The lawyers taking the enhancement course have been encouraged to share their professional opinions on the matter during the upcoming meetings with legislators in the State Duma and the Federation Council.

What do you think of the plan to educate legal experts on the specifics of the cryptocurrency industry? Share your thoughts on the subject in the comments section below. 


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Professional Course Prepares Russian Lawyers for the Cryptocurrency Industry appeared first on Bitcoin News.

Bitcoin News

CNN

Ronaldo on rape claim: My lawyers are confident

October 23, 2018 |

Cristiano Ronaldo said he was a “happy man” and that the truth will come out about the rape allegation against him, while answering questions Monday at a news conference in Manchester, England.
CNN.com – RSS Channel – World

Disgruntled ICO Investors Threaten to Bring in the Crypto Lawyers

September 30, 2018 |

The great ICO rush of 2017 and early 2018 is over. The euphoria, the unironic cries of “When Binance?”, and the 10x returns are now a thing of the past. Epic gains and moon missions have been replaced by acrimony, recriminations and, increasingly lawsuits, both real and threatened.

Also read: BTC: 36% in Circulation Lost, 23% Held by Speculators, US Tax Authority Monitoring

Crypto Lawyer Season Is in Full Swing

Disgruntled ICO Investors Threaten to Bring in the Crypto Lawyers
Crypto lawyers have been the big winners from this year’s failed ICOs

One of the big selling points with initial coin offerings (ICOs) has been their inclusiveness. Almost anyone can participate. This has made for a more egalitarian process, in contrast with traditional IPOs which welcome accredited investors only. Lowering the barriers to entry has come at a cost however. Among this new wave of investors are many who lack the sense to distinguish a solid project from a dubious one, and who believe that if things go awry, they can call on their lawyer or even the SEC to ride to the rescue.

Crypto doesn’t work that way.

While ICO teams are still subject to the law, and evidence of clear criminality can and will be prosecuted, the majority of failed projects do not constitute exit scams or blatant deception; more often, a team simply fails to deliver after blowing too much of its budget on “expenses”. In such cases, the chances of successfully filing a suit are remote. The same people who ticked the Ts & Cs without reading and skimmed over the legal disclaimers in their haste to contribute ether to the next sure thing are the same ones now re-examining them in search of clauses that will entitle them to get their money back.

Bluster, Lawsuits, and Threats of Lawsuits

Security lawsuits concerning cryptocurrencies have tripled this year. To date, around a dozen ICO-related class action lawsuits have been filed including Paragon Coin, Cloud With Me, Tezos, and Latium Network. Ripple is also facing one over claims that its eponymous cryptocurrency is an unregistered security. Some naive investors seem to believe the SEC will operate as their personal army, filing on their behalf and bearing the legal costs. As co-director of the SEC’s Enforcement Division Stephanie Avakian recently explained, however, ICO cases that do not involve fraud are unlikely to feel the full force of the law.

Disgruntled ICO Investors Threaten to Bring in the Crypto Lawyers
A Shopin investor threatens legal action

The Telegram groups of many failed ICOs are seething with threats of legal action from enraged investors desperately seeking their tokens or ether back. Their anguish is piqued by trolls who show up to fuel the flames and savor the salt. Shopin’s ICO raised $ 46 million this year. Its CEO Eran Eyal has since been charged with grand larceny and fraud over a previous project, and is out on bond after being incarcerated on Rikers Island. Shopin tokens have yet to be unlocked, meaning bag-holders don’t even have their bags.

Other ICOs that have underperformed, from Polymath to Constellation DAG, are subject to the same threats from angry investors. While a handful of investors have the determination and the means to make good on their promise, the majority are too rekt to file suit, even if they knew how. Due to the multi-jurisdictional nature of cryptocurrency projects, determining where and how a case should be prosecuted is complex. Legal threats in Telegram groups come easy. Following through on them in a court of law is almost impossible.

Do you think investors should be able to sue ICOs that fail? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


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The post Disgruntled ICO Investors Threaten to Bring in the Crypto Lawyers appeared first on Bitcoin News.

Bitcoin News

Ford ‘accepts’ request to tell her side of alleged Kavanaugh assault; lawyers request Thursday hearing

September 23, 2018 |

Christine Blasey Ford on Saturday said she accepts the Senate Judiciary Committee’s request to discuss an alleged sexual assault by Supreme Court nominee Brett Kavanaugh, although the details about the time and format were not clear.
FOX News

Ford ‘accepts’ request to testify about alleged Kavanaugh assault; lawyers request Thursday hearing

September 22, 2018 |

Christine Blasey Ford on Saturday said she accepts the Senate Judiciary Committee’s request to testify about an alleged sexual assault by Supreme Court nominee Brett Kavanaugh, although the details about the time and format were not clear.
FOX News