As Ireland re-images itself in the post modern world of tax transparency, it will hopefully be at the forefront in proviing a business friendly regulatory environment for ICO's and cryptocurrencies.
With the prospect of IPO level funding for start-ups ICO (Initial Coin Offerings) are becoming increasingly popular are a means to generate capital for technology businesses.
As with IPOs pressure will mount on the authorities to regulate ICO's to avoid scams and protect investors. As Ireland re-images itself in the post-modern world of tax transparency, it will hopefully be at the forefront in providing a business friendly regulatory environment for ICOs and cryptocurrencies which would in this author’s opinion serve Ireland interest’s well in much the same way as our tax laws have in the past.
The recent senate hearing in the United States provide useful guidelines on how law makers view the whole cryptocurrency landscape. Some of the important takeaways are:
1. The preservation of innovation is a foremost concern.
2. Whether a token/coin is considered a security is still unresolved.
3. There is no real need to halt the practice of ICOs and cryptocurrencies from a consumer protection perspective yet.
4. Due to the decentralised nature of the technology strict regulation may result in a lost opportunity to any one country.
5. Exiting regulation may already provide a solid framework from which to regulate this burgeoning industry.
6. The industry does not yet pose a significant threat to traditional practices.
Cosgrove Gaynard Solicitors remain at the forefront of this new and exciting technology and how it interacts with business. As the first law firm in Ireland to confirm we accept payment in Bitcoin and other cryptocurrencies we endeavour to keep our clients informed of new developments in this area.
See more on the recent Senate hearing from the US here: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39
A Norwich Pharmacal Order is a legal order that is used to compel an innocent third party to disclose information about another party who is involved in some form of malfeasance. Norwich Pharmacal Orders are becoming a common legal tactic to stifle online trolls on social media, as well as trace anonymous individuals onlineText Link
If you are a VASP in Ireland, you will need to register with the Central Bank for AML/CFT purposes. If you are a firm that is not established in Ireland, or you are not conducting business as a VASP before the 2021 Act was brought in, then you must be registered with the Central Bank before any services commence. As part of the regulation of VASPs with the Central Bank of Ireland, individuals holding pre-approval controlled functions within a VASP must be approved under the latest fitness and probity regime of the Central Bank.Text Link
Digital inheritance is a new term that is becoming more widespread across the globe in relation to the transfer of digital assets in a broad sense. There is a completely new "digital asset" that has been created in terms of cryptocurrencies and therefore with that, inheritance queries follow.Text Link
Ireland has slowly but surely established itself as an alluring destination for businesses in the Fintech sector. From a solid regulatory framework to an advanced financial services ecosystem, Ireland’s financial technology sector is booming right now and is home to a surprising number of reputable domestic and international payment institutions. Let's take a closer look at the reasons behind this below.Text Link