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
If you need advice on any of the issues discussed above, contact Solicitors in Dublin city center or the best solicitors in Dublin.
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