Faced with the growing adoption of Bitcoin and cryptocurrencies, government authorities have begun to put in place a series of laws to regulate related activities. The consequence of these measures is that start-ups in the field should increasingly resort to legal experts for the development of their activities. This analysis is made by Bloomberg Law which suggests that the Bitcoin and cryptocurrency market may soon see a significant increase in the recruitment of legal professionals. This is the appointment of Paul Grewal – Former Vice President and Deputy General Counsel of Facebook – at the head of the Coinbase legal team which has sparked media interest in the matter.
Participate in the development of Law in the crypto-industry
The appointment of Paul Grewal as Legal Director of Coinbase is just a continuation of the wave of recruiting in this industry at the industry level.
For the specialist Marco santori, this mass recruitment sends two strong signals to the rulers. The first is the seriousness shown by the companies in the field to meet the challenge of compliance. Indeed, the cryptocurrency market aspires to achieve the reputation of the traditional financial system on the global regulatory stage. The second signal is nothing other than the willingness of these companies to participate in the international discourse on the development of the law of the cryptocurrency industry.
Mr. Santori was recently recruited in the legal field at Kraken after serving on the side of Blockchain.com. After spending some time with his new employer, he is already planning to double the size of the legal team under its charge. It is important to point out that cryptocurrency exchanges face many challenges in this area. These include compliance with standards set by global regulators and issues related to decentralization of blockchain technologies.
Building a regulatory framework that will benefit lawyers
Stuart alderoty – Legal adviser to Ripple – said to Bloomberg Law that the industry needed a “Smart regulation that recognizes and encourages the potential of this technology”. To this end, Mr. Santori indicated that the current lack of specific laws in the sector is expected to increase the interest of lawyers who like intellectual challenges. He declares : “There are very few areas of law where not only are precedents lacking, but where the risks are different, the technology is different, the people involved are different… everything is new in crypto law “.
” It is the most interesting environment to practice law for any lawyer in any legal discipline “, he continued. A call that was also heard if we are to believe the words of Stacey Hoisak – responsible for the protection of privacy at Coinsquare Ltd – on the subject. Indeed, the latter claims to have observed “A dramatic increase in the number of legal professionals focusing on the digital asset space and blockchain technologies.”
Let’s hope that all of these movements in the legal sector will speed up the establishment of a final legal framework around cryptocurrencies.
From Joe PINASI: Source link