Fintech

Fintech

We offer practical advice supporting corporate client's in all aspects of technology law and data privacy from managing data privacy and security to responding to data breaches, the threat of litigation and regulatory investigation. 

With the advent of Cryptocurrencies and Blockchain Technology there is a growing need for businesses to adapt and evolve with the changing landscape. We are positioned to advise on how Fintech may affect your business.Cryptocurrencies are changing the medium of exchange and organisations must rapidly transform their value chains and established technologies to keep up. 

Our Fintech Team is the embodiment of this shift and we are at the forefront of law in this area being the first law firm to confirm we will accept cryptocurrencies in Ireland and furthermore the first law firm to be instructed to act in an ICO in Ireland.  

One further area of particular importance is the upcoming General Data Protection Regulation which places new and onerous obligations on organisations to demonstrate compliance. We can provide practical and cost effective advice on the review of existing practices and implementation.

Some of our services include:

  • Advising Fintech start up companies on all aspects of company law, employment law, regulation, finance and lending
  • Advising on mergers & acquisitions
  • Advising on joint ventures
  • Advising ICOs on structuring, token sales and regulation.
  • Advising on data protection compliance and policies
  • Advising on the impact and management of data protection breaches
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Fintech
recent publications:
FAQ'S on the recently enacted VASP registration process with the Central Bank

FAQ'S on the recently enacted VASP registration process with the Central Bank‍. Further to our recent article on the registration process, we have set out a number of replies to frequently asked questions that are arising from both current and new virtual asset service providers in Ireland.‍

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‍E-money licence application Ireland

The Central Bank of Ireland is the authority responsible for the regulation and supervision across all financial sectors in Ireland. The relevant legislation is the European Communities (Electronic Money) Regulations 2011 which transposed the E-Money Directive into Irish law. At Cosgrove Gaynard, our expert team assist and guide our clients through this complex application process to obtain an e-money licence in Ireland. If you are considering Ireland as a destination to establish an e-money institution, please contact us for further information and to discuss further.

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Virtual Asset Service Providers ( VASP ) - the Central Bank registration process

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 was enacted on the 23rd April 2021. This piece of legislation transposed the EUs Fifth Anti-Money Laundering Directive (5AMLD) into Irish law. In terms of virtual asset service providers, more commonly referred to as VASP's, this means that they are now required to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)obligations and must register with the Central Bank.

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NFT's and the law

Non-fungible tokens (NFTs) are really taking off in mainstream markets. An NFT is, essentially, a digital collectible. They can represent things, like real-world assets, or they can be things in themselves, like music or art. Their value comes from the fact that they are digitally unique. They exist on a blockchain and, whilst music as an example can be downloaded by anyone, an NFT is explicitly recorded as having a single owner.

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Understanding the new proposed EU framework for cryptocurrency regulation

As part of the Digital Finance Package released regarding cryptocurrencies in Europe ,it is proposed to regulate crypto assets and markets in crypto assets (MiCA) and to provide definitions of crypto assets and token subcategories. It will also set out rules for digital asset custody and capital requirements.

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Fintech law - a review of smart contracts in Ireland

A smart contract is a legally binding contract that automatically executes some or all of its obligations via a computer program. In this blog, we look at smart contracts and consider how they fit into Irish law.

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The Wall Street short - GameStop

The recent rise in GameStop’s value had nothing to do with the company itself. Instead, it came about as a result of a small group of dedicated speculators in a Reddit subforum called “WallStreetBets”. These people consciously planned to buy up GameStop stocks in order to boost the value because hedge funds like Melvin Capital, which had invested a significant amount of capital in financial instruments which only rise in value when GameStop’s value declines

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ePrivacy Regulation

A further regulation called the ePrivacy Regulation is being proposed to come into effect next year to further protect privacy in regard to electronic communications.

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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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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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ICO's (Initial Coin Offerings) in Ireland

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.

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Bitcoin now accepted

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

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For further information about or Fintech program please contact Cosgrove Gaynard Solicitors by calling 01 6139191, by emailing us at info@cgsolicitors.ie or by filling out our online contact form. Your enquiry will be forwarded to a solicitor who specialises in the area.

Other topics of interest:
Employment Law

Cosgrove Gaynard Solicitors have extensive experience in dealing with all aspects of employment law acting for both the employer and the employee providing comprehensive practical and legal advice on a wide range of employment law.

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Personal Injuries*

We advise clients in all areas of personal injury claims* from accidents at work*, road traffic accidents*, falls*, trips and slips*, public liability, medical negligence, medical malpractice, Garda compensation claims, Product Liability Claims to Compensation for Victims of Crime.

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Insolvency & Restructuring

Cosgrove Gaynard Solicitors combine extensive knowledge of the Law together with practical experience to provide advice on all aspects of corporate restructuring and corporate recovery to practitioners, creditors, shareholders and financial institutions.

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