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Just like the way the traditional currency is printed or minted, crypto currency is mined on the internet using other users’ PCs. There is a regulation for each of the currency on how it should be printed, distributed and used. The same case goes for the digital currency. An ICO lawyer will help you to make sure that you adhere to the regulations on how an initial coin offering should be conducted. From the time of drafting the white paper to when you get funds from the many investors who will come to buy your blockchain tokens. In short, you will need a legal ICO expert to help make sure that you are following the right legal requirements for your ICO and secure your funding.
The legal aspect of ICO is still not that clear even to most of the lawyers. However, there are those who have dealt with token sales for most startups and have a better understanding of the laws and regulations in the market. Some of the benefits you can accrue from an ICO lawyer include:
To stay abreast with all the ICO regulations
The law in accordance to the sale of tokens is always being reviewed in most parts of the world where cryptocurrency has taken off. For example, in the USA, China, UK and Singapore. In order to make sure that you comply with such regulations as they come, you will need to hire the best bitcoin lawyer. A lawyer who understands the technicalities of selling tokens to investors will help you to stay on track when it comes to launching your ICOs.
To convince investors that you know what you are doing
A blockchain ICO legal attorney will help you to adhere to ICO regulations which will send a message to the investors that you know what you are doing. Remember that, you have to convince investors that your startup is viable and thus it will increase the value of the token with time. Hiring a great ICO lawyer will be the first step towards achieving that objective.
Drafting smart contracts
ICO involves transferring ownership from one person to the next. In this case, the person who buys the tokens is the investor in exchange for the money, which is the capital for your startup. You will need a crypto lawyer, with expertise in drafting smart contracts for startups to facilitate the success of an ICO. This will not only help to protect your funds but also make the entire campaign to run smooth and successful.