法律区块链是什么,法律区块链问题

A. How to achieve legal compliance for blockchain projects

Domestic blockchain projects are still relatively conservative, and blockchain projects always involve a derivative industry That is digital currency trading. If you want to do a project but it is not allowed in China, what should you do? You can register a non-profit foundation in Singapore, and add relevant legal opinions to prove that the project you do does not violate Singapore's current laws and regulations. Examples of Bytom, Litecoin, etc. are such operations.

After registering the foundation body, you still need to complete legal compliance in the later stage. The main purpose is to draw a clear line between illegal and criminal activities, but you have no say in it. Because those who do blockchain must have digital tokens. To put it bluntly, digital currency drives the popularity of blockchain in China, but what are the facts? Digital currency is just a small application of blockchain technology.

Due to the particularity of the industry, there are currently no formal laws and regulations to restrict its development. It involves a wide range of violations:
pyramid selling
illegal fund-raising
money laundering
Absorbing public deposits
Illegal operations
Transnational foreign exchange crime
Provides more convenience for terrorist financing

So various countries in the world treat blockchain Attitudes are also different. China has banned it, so everyone is developing projects overseas, such as Singapore and Thailand. The first thing that needs to be complied with is local laws and regulations. Who has the final say on whether the project is legal? Two ways: apply for a formal digital transaction license or rely on a legal opinion issued by a lawyer. At present, most of them are the latter, which are easy to operate and cost little.

B. Blockchain ICO Legal Opinion

What does the poster want to ask? How to make a legal opinion? Take Singapore as an example: To make a legal opinion, you only need four documents: registration certificate, registration papers, articles of association, and the English version of the white paper.

C. What are the legal compliance methods for blockchain projects

With the development of blockchain, there are more and more ICO projects and exchanges in the blockchain industry. How should so many projects be developed in compliance with regulations?
The current compliance of blockchain projects is divided into two sections:
First, compliance of blockchain currency issuance projects: foundation + legal compliance opinion letter
Often referred to as ICO, IEO, etc. First of all, we first establish an overseas entity. Generally, Singapore foundations are the most common currency issuance entities. It is a non-profit company in the form of XX FOUNDATION LTD. Finally, a Singaporean lawyer issued a legal compliance opinion. The content of the legal opinion included a modification of the white paper and proof of TOKEN non-securitization, mainly to make the project comply with Singapore law. This legal opinion will also be used when the project is docked with the exchange for currency listing in the later stages of the project.
2. Blockchain exchange project compliance: main company + digital currency trading license:
License is an important compliance for the platformOne of the files. It is equivalent to a business license, especially after Huobi successively obtained Japanese licenses, American licenses, and applied for a Canadian license, the license has been pushed to a new level. Obtaining the US MSB license means that Huobi can reasonably conduct business in most states in the United States. This is why major platforms are currently applying for licenses. If you want to carry out business formally and legally, you must apply for a license.
For example: MSB digital currency exchange license in the United States, MTR digital currency + wallet dual license in Estonia, AUSTRAC digital currency license in Australia, etc.
The functions of the US MSB license:
1. The US MSB license is well-known, a packaging platform, and easy to promote.
2. Platform compliance to avoid transactions.
3. It can increase the trust of customers, enhance its popularity, and also allow the platform to develop better and faster in compliance with regulations.
Advantages of MSB license
1. Investor recognition--The corporate laws and financial industry supervision in the United States are very complete. Having a US license will make your digital currency trading platform more recognized by global investors.
2. Obtain authoritative approval--obtaining authoritative approval from the U.S. Treasury Department, you can carry out related business in the United States and around the world, which represents compliance supervision of digital currency platforms.
3. Become a first-line platform--MSB license is also a standard license for global digital currency trading institutions. Coinbase, Bitfinex, Poloiex, Huobi, OK, Binance Exchange and other platforms all hold this license to operate.
4. Diversified services--MSB license allows currency exchange and delivery services, allowing you to better meet customer needs and provide more diversified services.
Why licenses are so important for trading platforms? First of all, people in the traditional foreign exchange circle know the importance of regulatory licenses for foreign exchange platforms. This traditional model will also create future trading platforms. Therefore, licenses will definitely become a development trend

D. Is blockchain digital currency legal?

Blockchain can now be said to have entered the track, and investing in digital currency seems to have become a A trend that cannot be ignored in the investment market. Although there are high risks hidden in it, there are also huge benefits. Now many people are investing in digital currencies. So is digital currency legal?

1. Digital currencies are definitely illegal in China. Although there is no explicit prohibition on buying and selling digital currencies, all domestic exchanges have been shut down or have withdrawn from China.

2. In China, it is mainly aimed at digital currency ICO and institutions and individuals that use the concepts of blockchain and digital currency to raise funds and pyramid schemes.

3. In other words, before the world reaches a consensus on digital currencies, the main domestic crackdowns are on ICOs and some illegal and illegal activities that use blockchain and digital currencies.A person or group that trades illegally.

Blockchain currency is not illegal if it generates value within a limited range, but it is illegal if it is circulated within a limited scope. That’s all for the content about “Is blockchain digital currency legal?” I hope to shed some light on it. You guys helped.

E. Legal Opinion on Registering a Singapore Foundation to Operate Blockchain ICO Raising

Singapore is known for its stable and sound legal and financial environment. It is safe and convenient to register a fund here. The only choice. As a result, more and more companies are choosing to set up non-profit companies (Non-Profit Entity) in Singapore. The currently popular blockchain business in China is very suitable to operate on the platform of a foundation-type non-profit organization.
In April 2017, the Litecoin Foundation stated on its official website that the organization officially became a non-profit company under the guarantee of the Accounting and Corporate Regulatory Authority of Singapore. According to local laws in Singapore, a "company limited by guarantee" that is not established for the main purpose of profit, its members are obliged to contribute their assets to the company. According to the complete announcement on the official website, the main mission of the foundation is to financially support the members of the Litecoin core development team.

Currently, the registration status of 30 blockchain-related companies that have received much attention in the Singapore market include Huobi, Bitmain, Vechain, Quantum Chain (QTUM), AELF (formerly Grid), Genaro Network, Kyber Network, Scry, Robin8, and OKcoin, etc., covering Singapore’s major blockchain companies and China’s major ICO/blockchain projects overseas in Singapore.

With the surge in BTC, many people are focusing on the blockchain industry. We have mentioned before that if you want to start a blockchain project, you must first register a foundation. Many people will choose to register in Singapore.

Today, let’s talk about what else needs to be done after registering a foundation. Registering a foundation is only the first step. The next most important thing is compliance. Compliance includes more emphasis on white papers and token filing. The white paper is equivalent to our ordinary business plan. After it is written, it needs to be revised by a professional Singaporean lawyer to make it comply with Singaporean laws and regulations. We write white papers for three main purposes.
First: Report to Singapore MAS, so you don’t have to worry about being investigated in the future.
Second: Convince investors and reassure them.
Third: Needed to be listed on the exchange.

For these three purposes, we will write the white paper and modify it for the benefit. There is also TOKEN filing, which completely requires a Singaporean lawyer. After doing this, Singapore MAS will not come to check you. The project can then be carried out with peace of mind.

F. What is ICO and why does the country ban it?Stop

Question 1: ICO is a blockchain industry term and a common way to raise funds for cryptocurrency/blockchain projects, from which early participants can obtain the initially generated encrypted numbers. currency in return.

Question 2: Because ICO is an illegal public financing without approval, it is banned by the country.

Banning ICOs according to the announcement: At 3 pm on September 4, 2017, the People's Bank of China, led by the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, issued the "On Preventing Agents Announcement on Financing Risks of Coin Issuance”.

The "Announcement" points out that token issuance financing is essentially an illegal public financing without approval. It requires that all types of token issuance and financing activities should be stopped immediately from the date of the announcement. At the same time, it has Organizations and individuals that have completed token issuance financing will make arrangements for liquidation and other arrangements.

(6) Legal Blockchain ICO Extended Reading:

At 3 pm on September 4, 2017, "About Preventing Token Issuance Financing Risks" "Announcement" The relevant matters are announced as follows:

1. Accurately understand the essential attributes of token issuance and financing activities

Token issuance financing refers to the illegal sale and circulation of tokens by financing entities. , raising so-called "virtual currencies" such as Bitcoin and Ethereum from investors is essentially an act of illegal public financing without approval, and is suspected of illegal sales of tokens, illegal issuance of securities, illegal fund-raising, financial fraud, and pyramid schemes. and other illegal and criminal activities.

Relevant departments will closely monitor relevant developments, strengthen work coordination with judicial departments and local governments, strictly enforce the law in accordance with the current working mechanism, and resolutely control market chaos. If suspected criminal issues are discovered, they will be transferred to judicial authorities.

Tokens or "virtual currencies" used in token issuance financing are not issued by monetary authorities, do not have monetary attributes such as legality and compulsory nature, do not have the same legal status as currency, cannot and will not It should be used as currency to circulate in the market.

2. No organization or individual may illegally engage in token issuance and financing activities

From the date of this announcement, all types of token issuance and financing activities shall be stopped immediately. Organizations and individuals that have completed token issuance and financing should make arrangements such as liquidation and withdrawal, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with illegal activities that refuse to stop token issuance and financing activities and completed token issuance and financing projects in accordance with the law.

G. What does ICO mean?

ICO (abbreviation of Initial Coin Offering), initial coin offering, originates from the concept of initial public offering (IPO) in the stock market and is a blockchain The project issues tokens for the first time and raises general digital currencies such as Bitcoin and Ethereum.

ICO is a blockchain industry term and a common way to raise funds for cryptocurrency/blockchain projects. Early participants can start fromReceive the initially generated cryptocurrency in return.

Because the tokens have market value, they can be exchanged for legal tender, thus supporting the development costs of the project. The tokens issued by ICO can be based on different blockchains. Common ones are issued based on the Ethereum (ETH) and BitShares (BTS) blockchains, with the blockchain providing accounting services and value consensus to achieve global issuance and circulation.

(7) Extended reading on legal blockchain ICO:

The connection and difference between ICO and IPO.

IPO (English abbreviation Initial Public Offering) refers to the issuance method of a joint-stock company to the public for the first time. Compared with ICO, they have similarities and differences.

What they have in common

1. All raise funds by selling shares;

2. All potential investors take risks for the potential huge gains.

Differences

1. Most of the supporters of ICO are project enthusiasts or unprofessional investors;

2. ICO does not require a registered operating license ;

3. The ICO platform is a third-party neutral platform, and investors bear their own risks.

The development history of ICO:

July 2013: Mastercoin (now renamed OMNI) is one of the earliest blockchain projects to conduct ICO. It was once discussed on the Bitcointalk forum Crowdfunding successfully raised 5,000 BTC. Mastercoin is a second-generation coin built on top of the Bitcoin protocol and is designed to help users create and trade cryptocurrencies and other types of smart contracts.

December 2013: NXT (Future Coin) is the first complete POS blockchain. It raised 21 BTC (equivalent to US$6,000 at the time). Its market value was once as high as US$100 million. For investors It is undoubtedly one of the most successful ICO projects.

Between 2013 and 2014: Many crazy blockchain projects successfully launched ICOs, and their token prices have skyrocketed. Unfortunately, these ICO projects eventually died due to hype. In the process or directly become a scam. However, during this time, there were also very successful ICO projects, such as Ethereum.

July 2014: Ethereum (Ethereum ETH) has high popularity at home and abroad. It is one of the largest ICOs to date, raising more than 18 million US dollars. It is also the cryptocurrency with the highest market value after Bitcoin. Digital currency.

March 2015: Factom (Factom) used the blockchain technology of Bitcoin to innovate the data management and data recording methods of commercial society and government departments through the Koinify platform ICO.

H. How to issue a legal opinion for a Singapore blockchain project ICOPlease answer in detail and the cost, thank you

First of all, if you need a legal opinion for a blockchain project, you should have a subject in Singapore, right? For example, there are only a few law firms in Singapore that can issue legal opinions on blockchain projects such as foundations. First of all, you need to translate your white paper into English, and then send it to Singapore. After reading it, they will evaluate the risks and then provide detailed information on quotation and time. They will revise the white paper many times until the best legal conditions are met. The opinion letter takes shape.