Legal Status of Cryptocurrencies

Today, a legal opinion is one of the key tools that allows organizers, investors and clients of the project to obtain a qualified expert opinion on the main legal, organizational and commercial issues arising in the platform.

Professionally drawn up legal opinion provides the project organizers with the opportunity to:

1. Assess the likely risks in advance;
2. Determine the procedure for setting the currency on the company's balance sheet;
3. Collect a package of necessary documents.

Determining the status of virtual cryptocurrency is the main purpose of a legal opinion in ICO / STO / IEO projects.

The status of virtual currency is directly dependent on the jurisdiction in which the project (platform) exists. In this regard, special attention in organizing the work of the platform should be paid to the study of the legislation of the country in which the project is planned to launch / launch.

For example, countries with “favorable” for ICO / STO / IEO legislation:

• Luxembourg;
• New Zealand;
• Singapore;
• Japan.

Therefore, depending on specifics of the project and its jurisdiction the virtual currency can be considered is considered in three different aspects:

1. Analog of money;
2. Property analog;
3. Analog of exchange goods.

Based on requirements of the legislation and specifics of the project, experts of Legal Kornet will prepare the legal conclusion about legal status of cryptocurrency in various jurisdictions and also investigate the project regarding its legality and possible risks.

On the basis of the conclusion received, our specialists will provide detailed recommendations and explanations on the specifics of the taxation of mining operations, conducting ICO / STO / IEO.

As a result of working with the Legal Kornet team, the client receives the most complete and comprehensive analysis of the project structure, as well as the specifics and properties of the token.