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Legal advice re: cryptocurrencies

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  • 05-01-2021 9:27am
    #1
    social.lite
    Registered Users Posts: 26 ✭


    I have a business idea relating to cryptocurrencies and I need legal advice to figure out if it's all above board or if there are potential issues that I'm not aware of.

    Are there any solicitors/firms that have experience or a good reputation in this field? Or should any solicitor be able for it ?

    Cheers


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    #2
    Valhallapt
    Registered Users Posts: 1,226 ✭✭✭Valhallapt


    social.lite wrote: »
    I have a business idea relating to cryptocurrencies and I need legal advice to figure out if it's all above board or if there are potential issues that I'm not aware of.

    Are there any solicitors/firms that have experience or a good reputation in this field? Or should any solicitor be able for it ?

    Cheers

    The benefit of crypto is that it’s beyond the reach of the law


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    #3
    social.lite
    Registered Users Posts: 26 ✭social.lite


    Valhallapt wrote: »
    The benefit of crypto is that it’s beyond the reach of the law

    Wishful thinking :D

    If that were the case, Coinbase and all the other exchanges wouldn't bother with KYC


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    #4
    Valhallapt
    Registered Users Posts: 1,226 ✭✭✭Valhallapt


    social.lite wrote: »
    Wishful thinking :D

    If that were the case, Coinbase and all the other exchanges wouldn't bother with KYC

    But that’s for the exchanges not for Bitcoin. You don’t need to use an exchange for Bitcoin.


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    #5
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    Valhallapt wrote: »
    The benefit of crypto is that it’s beyond the reach of the law
    That's Monero maybe, until it gets cracked down on, if it does. Crypto as a whole, no. The benefit is finality, fraud prevention, pseudonymous obfuscation but still permanent traceability.
    Valhallapt wrote: »
    But that’s for the exchanges not for Bitcoin. You don’t need to use an exchange for Bitcoin.

    You'll have to be getting in and out of BTC using only localbitcoins to sell & buy, if you have a known banking entry or exit point into or out of Bitcoin every move is traceable. It's designed to be the most traceable and Chainalysis make a mint from identifying people who're confident that using Bitcoin means they can't be found or tracked.


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    #6
    Valhallapt
    Registered Users Posts: 1,226 ✭✭✭Valhallapt


    Thanks for the informative reply, I've started to re-educate myself, its very interesting.


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    #7
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Valhallapt wrote: »
    The benefit of crypto is that it’s beyond the reach of the law

    The OP said they wanted to start a business, not a criminal organisation ;-)

    Cash is arguably a better way to get around law enforcement than crypto, but it doesn’t mean businesses which are handling cash don’t follow legal and regulatory requirements. Same goes with crypto.


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