Bitcoin now accepted

Cosgrove Gaynard Solicitors

Cosgrove Gaynard Solicitors are delighted to announce that we are the first Irish Law Firm to accept Bitcoin payment .

Cosgrove Gaynard Solicitors are delighted to announce that we are the first Irish Law Firm to confirm we will accept Bitcoin payments from clients.

We have decided to accept Bitcoin after receiving requests from a number of clients. Furthermore we are very aware that Fintech clients working with cryptocurrencies or blockchain technology use Bitcoin and other cryptocurrencies in everyday life and so it is far more efficient for them to use this payment method than fiat currency.

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Are Ethereum tokens a security?

It is really not for the SEC to determine whether tokens are security; this is to be determined by legislation or for the courts to determine. To date no court has determined whether or not tokens are deemed to be securities. That said it is clear that the SEC has interpreted the matter and are finding tokens to be securities. There is a case currently ongoing in New York which may however become the first court in the world to rule on whether or not tokens are deemed to be securities.

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Why ICO & Why ICO in Ireland?

Initial Coin Offerings (ICO's) are not just for technology companies . They are often the beginning of a digital revolution for existing Companies which are already established In their field whether it be healthcare, insurance, property or another industry. Despite some bad press, the tightening of regulation in jurisdictions such as in the US, and indeed Facebook and Twitter banning advertisements , money has been pouring into the ICO market with $3 billion raised through ICOs in the first two months of this year. This is half the value of all funds raised throughout 2017, according to Coindesk data.

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Crypto assets on divorce

The division of assets on a divorce is one of the most contentious issues facing both couples and family lawyers. With the advent of digital assets such as cryptocurrencies lawyers are having to consider digital assets and their division in the dissolution of a marriage more and more frequently.

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Cryptocurrencies from an insolvency perspective

In the context of insolvency, insolvency practitioners now have to deal with a new class of “digital asset” which I expect will cause some difficulty in terms of tracing and identification of assets, particularly taking into mind that there are a number of privacy coins designed to specifically avoid tracking and, indeed, there are crypto exchanges registered outside of EU jurisdictions and therefore avoiding stringent privacy policies which you would expect in this jurisdiction.

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Israeli Court supports crypto company

In a recent case in the Supreme Court of Israel, the Court held it was unlawful for Leumi Bank (the “Bank”) to restrict the banking activity of a company engaged in cryptocurrency activities. This precedent should signal a warning to other banks thinking of stifling the growth in cryptocurrencies through anticompetitive actions

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What is an ICO

As cryptocurrencies and their use become more widespread companies are continually developing innovative ways in which to use the underlying blockchain technology. In order to provide funding for these projects companies are offering their own specific crypto tokens and coins to the general public through initial coin offerings or “ICOs”. Due to the popularity the cryptocurrencies generally ICOs are quickly becoming a very lucrative fundraising mechanism. The major advantage to the company running the ICO is they do not have to give up equity in the company in return for capital. At Cosgrove Gaynard we are seeing more and more international clients enquire about ICOs and we are proud to be the preferred legal partner to some every exciting ICOs originating in Ireland in 2018.

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