William S. Wenzel serves as “the lawyer’s lawyer” with proficiency in advising law firms and legal teams on an array of topics including:
I’m sure you have heard in the news or have a firsthand account about Bitcoin, Ethereum, and Ripple? Well, they are only a few of the Blockchain-based cryptocurrencies that have taken the world by storm.
Digital currency or cryptocurrency serves as a code-based medium of exchange designed to substitute or replace government-issued currency. Some industries, such as real estate and services business, have started using and accepting cryptocurrency as a medium of exchange for purchase and sale of goods and services. Moreover, markets that can be accessed by people across the globe have already been established for mining, trading, and speculating in cryptocurrencies.
Due to the popularity of Bitcoin, Ethereum, and Ripple, a lot of people believe that digital currency or cryptocurrency is a profitable investment. Now, there are calls for the need to create a global administrative framework on digital currency or cryptocurrency. This possible global regulation will ensure consumer and investor protection from fraud and theft.
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According to the International Organization of Securities Commissions’ report, investment in Initial Coin Offering or ICOs involves risks. With this warning, regulatory institutions in different countries are poised to protect people who want to put their capital in ICO or cryptocurrency investments. The only catch is that different administrative approaches across the world may prove tricky for the crafting of global regulation on crypto-assets.
Another issue is that government revenue institutions around the world have started and are considering tax cryptocurrency. The IRS, for instance, defines virtual currencies as property, which means that if you earned income or capital gains using a digital currency, the IRS would start taxing it.
Indeed, there are a lot of legal complexities concerning cryptocurrency. If you are a business owner, an individual investor, or a consumer who wants to invest in ICO or use digital currency as a medium of exchange, you must be aware of the existing securities and commodities, money transfer, anti-money laundering, corporate, and taxation laws in every country.
At Red Road Legal, we have first-class lawyers who can assist ICO organizers, cryptocurrency dealers, and individual investors involved in cryptocurrency ventures to navigate the complex legal issues presented by Blockchain technology and digital currencies.
We provide legal counsel to clients who are deploying Blockchain-based solutions, creating or utilizing digital currencies, integrating digital ledger technologies into existing operations or restructuring their business practices. Securing, managing, and enforcing intellectual property privileges is one of the areas where blockchain can really stand out, supported by the proper widespread adoption framework.
As a pioneering blockchain law consultancy in California with expertise in Blockchain and related distributed ledger technologies, Red Road Legal is geared in helping its client understand how existing laws and regulations apply to these new technological innovations. We help our clientele navigate and excel in the blockchain industry. With ample understanding of the regulatory landscape, we can share valuable insight to entrepreneurs and companies on the critical integration of these technologies into their present and potential product and service offering, protect their business investment and plan and call for the necessary changes in current blockchain law and regulations.