The government of the southern African republic of Zimbabwe is closely examining the possibility of adopting cryptocurrency and blockchain technology after an ICT Summit last weekend.
According to a local news outlet, the Computer Society of Zimbabwe (CSZ) held an information communication technologies (ICT)-centred summit in Victoria Falls. At the summit, Cabinet Brigadier General Charles Wekwete, permanent secretary and head of Zimbabwe’s e-government technology unit, revealed that talks with the private sector were under way to discuss the possibility of using bitcoin (BTC) as a legal payment method.
Wekwete stated that Zimbabwe is in the process of weighing its options of possibly adopting cryptocurrency as a legal payment service in the country, which has been plagued by a financial crisis for more than a decade.
Government has put in place mechanism(s) to try and gather views from various sectors of society in order to eventually formulate policies. There have been pronouncements by the Minister of Finance and the Reserve Bank of Zimbabwe, and it’s such a complex area. Sooner or later government will make statements, but we have not gotten there yet, [though] the consultative process is already under way.
Brigadier General Charles Wekwete, head of Zimbabwe’s e-government technology unit
Wow, massive news!
Another massive country is looking to adopt #Bitcoin as legal payment option.
During the summit, CSZ members asked what the government was doing to adopt cryptocurrency in light of new global trends where transactions are done online, on the blockchain, with low fees. Now Wekwete has invited private sector players who have ideas on how best to facilitate the technology, and how it can be structured to make presentations to government for further consideration.
With Zimbabwe possibly following in the footsteps of El Salvador, Wekwete stated: “Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially we were trying to understand the implication [of cryptocurrencies] because they are a fundamental departure from previously known financial instruments.”
I think you’re to concerned with crypto. You should try to focus on what matters and understand how Bitcoin can empower the people of Zimbabwe.
It is only a matter of time before Zimbabwe allows its citizens to use bitcoin as legal tender and begins to publicly buy and hold the asset in reserve.
Zimbabwe Should Look to Local Solutions
The Zimbabwe Blockchain Technology Think Tank has published a comprehensive study about the adoption of crypto in the country, titled Towards Virtual Assets Regulation and Adoption of Blockchain Technologies in Zimbabwe’s Context. The initial research has been done to start testing out cryptos, but for something so transformative the government is still in its “consulting phase”.
Golix, Africa’s cryptocurrency exchange, could have proven a test case in the Zimbabwean context, but at that stage crypto was banned in the country, leaving the project high and dry.
Another instance was Minister of Finance Mthuli Ncube stating that he had found a remittance solution in Dubai that could be used for Zimbabwe, while there is a local start-up called Uhuru that does exactly that. By empowering entrepreneurs in the country, the government can create a win-win scenario that can put Zimbabwe back on the economic rails.
Interim orders and injunctions have been filed by ASIC against the company and its directors, Aryn Hala and Heidi Walters, to protect investors.
Self-Managed Super Funds Misappropriated
It’s alleged that Hala misled investors by convincing them to loan their superannuation funds to A One Multi and receive annual returns of over 20 percent.
Between January 1, 2019, and June 30, 2021, more than 60 self-managed super fund investors deposited approximately A$25 million into A One Multi’s accounts. ASIC alleges Hala used more than A$5.7 million of those funds for his and partner Walters’ personal benefit, including acquiring real estate and luxury vehicles in their names, and that a further A$2.4 million was transferred from A One Multi to buy crypto-assets.
On October 21, the Federal Court in Queensland made the following orders to protect investors:
that A One Multi be placed in receivership;
that asset preservation orders be issued against Hala, Walters and A One Multi;
that Hala transfer crypto-assets in his name to the receivers;
that orders be issued requiring the disclosure of information to ASIC against Hala, Walters and A One Multi, including in relation to the crypto-asset holdings; and
that travel restraint orders be issued against Hala and Walters.
The first tranche of crypto-assets held in Hala’s name was transferred to the receivers on October 25, and the court has since ordered the defendants to attend an ASIC office to facilitate the transfer of remaining crypto-assets.
In what was clearly a busy week for crypto-related financial activities in Queensland, an A$100 million class-action lawsuit was filed against the Gold Coast-based issuers of controversial token Qoin.
Queensland-based Australian crypto dispute specialist law firm Salerno is preparing a A$100 million class-action suit against the issuers of Qoin, a controversial token promoted by the backers of Bartercard, a 30-year-old trading exchange based on the Gold Coast.
Salerno Law began collecting expressions of interest just a week ago, seeing more than 100 merchants, agents, consumers and other clients declare their intention to join the class action.
The firm says it is investigating potential breaches of the Corporations Act, the Australian Securities and Investments Commission (ASIC) Act, and Australian consumer law, including (as quoted):
misleading and deceptive conduct;
making false or misleading representations;
pyramid selling of financial products;
failure to comply with financial services obligations and consumer guarantees; and
fraud.
Bartercard Australia Directors Linked to Lawsuit
The lawsuit targets Southport-based BPS Financial Limited, controlled by co-directors Tony Wiese and Raj Pathak who also oversee Bartercard, a firm that allows businesses to exchange goods and services without direct cash payments.
BPS launched Qoin in late 2019 and claims to have more than 35,000 merchants signed up, along with 50,000-plus “wallet holders’’ who have acquired the digital product. It’s estimated that in excess of A$20 million worth of Qoin has been transacted since.
Qoin tokens can be swapped as a digital currency only via Block Trade Exchange Limited, aka the BTX Exchange, which is linked to BPS and has the same two directors, Wiese and Pathak. Critics allege this is a closed system that creates a potential conflict of interest.
According to Salerno’s website, “Qoin has entered into an exclusive trading arrangement with BTX Exchange which, according to its terms, limits users to one daily transaction with a $125 sell limit per day per person, subject to buyer demand.
It has been alleged by holders and merchants that they are either unable to accept Qoin payments or exchange the token for fiat currency due to the terms of BTX Exchange, leaving them with a token of no utility. For merchants, this is alleged to have caused a significant loss in revenue.
salernolaw.com.au
BPS Executive Denies Wrongdoing
Senior BPS executive Andrew Barker denies the company has done anything wrong and blames the impending lawsuit on a single disgruntled merchant. “We have reviewed the alleged potential grievances and consider them baseless,” the company stated on its own website. “We have received no direct communication and therefore have no further comment to make at this time.”
The threatened lawsuit follows Qoin’s expulsion earlier this year by Blockchain Australia (BCA), who in a statement in February asked for its name and logo to be removed from Qoin marketing material but did not provide details as to why.
Qoin’s issuers responded angrily that the timing of BCA’s statement “aligns with the emergence of false and misleading comments … made by certain antagonists on social media platforms, including a previous board member”. This was in reference to a former BCA director who had previously alleged in a tweet that Qoin was the nation’s “biggest crypto scam’’.
Qoin Clients Voice Concerns on TrustPilot
Consumer review website Trustpilot lists several more recent Qoin critics, among them former clients and representatives:
QOIN are basically worthless. Don’t believe me? Try selling some through BTX exchange as directed to by Qoin. BTX don’t want them either. Not many retailers accepting them in NSW. They wiped my wallet clear and kept my money after I complained. RUN a mile … and keep running.
Peter, Trustpilot.com reviews
Can’t cash out and the local “recruiter” was rude and forceful. His sales pitch was basically telling you to avoid paying tax by trading a dodgy QOIN you can’t sell.
Jackson, Trustpilot.com reviews
Absolutely a Ponzi scheme. Can’t sell. If you are lucky enough to it’s at half the value … Disgraceful they are allowed to continue operating in this country.
Jih, Trustpilot.com reviews
Crypto News urges Australian and New Zealand retailers and local businesses to stay vigilant and do your research before getting involved in any new ventures offering “free” cryptocurrency.
Allan Flynn, crypto trader and owner of Australian local exchange BitcoinCanberra, has settled his first complaint with the ANZ bank after being debanked because of his occupation as a digital currency exchange (DCE).
The bitcoiner announced the settlement in a Tweet late last week:
“ANZ further acknowledges that this could, subject to the defence in section 57N, have amounted to unlawful discrimination contrary to sections 7(1)(p) and 20 of the Discrimination Act 1991 (ACT).” pic.twitter.com/MSC2IvRHqy
Flynn had lodged a claim against two of Australia’s biggest banks 20 months earlier after both had debanked him. The claim with ANZ has been settled but another continues with Westpac, to be heard later this week.
Understanding Debanking
‘Debanking’ is a recently coined term that refers to the process in which financial institutions, such as retail banks, cease delivering services to customers for whatever reason. Flynn was debanked by ANZ and Westpac based on his occupation as a crypto trader and for offering trading services to clients. Flynn alleged his human rights had been discriminated against because he ran a crypto operation.
ANZ released a statement in which it said:
ANZ acknowledges that it closed Mr Flynn’s accounts because it detected he was operating a DCE (digital currency exchange), and without seeking information from Mr Flynn about the particular circumstances of his DCE business, including the ML/TF (money laundering/terrorism financing) risks and policies of that business.
ANZ statement
At the moment, ANZ and other major financial institutions in Australia refuse to bank with operators of DCEs due to concerns of non-compliance with money laundering and terrorism financing risks.
As one respected law/market authority wrote about ANZ’s statement on my de-banking today: “the acknowledgement that the de-banking of a DCE on the basis of general ML/FT risk concerns and assumptions without having, or seeking, business-specific risk..1/2
Flynn’s case is no longer unique, and people are starting to wonder about the motives behind debanking. Last month, Fintech Australia CEO Rebecca Schot-Guppy and 150 members of her organisation had been debanked with no apparent cause or means to appeal.
Michaela Juric, founder of Bitcoin Babe, has said that her banking services had been terminated 91 times since establishing her crypto brokerage firm seven years ago. Juric stated that some of her family members had also been affected, making it difficult for them to access utilities such as electricity, internet, water and insurance.
Local Australian brokerage Aus Merchant has been debanked four times in the past year. Managing director Mitchell Travers has concluded that anti-competitive practices might have been the true motive behind these decisions.
Republican Senator Richard Shelby has a new billboard dedicated to him in his home state of Alabama, though it’s not the kind he might have wanted. Shelby upset the US crypto community regarding his proposed revision to an important infrastructure bill in the House of Representatives earlier this month and has been publicly pilloried as a result.
Senator Richard Shelby. Source: NY Post
Non-profit organisation Fight for the Future, which champions digital rights and ethics, is behind the billboard “crediting” Shelby for his lone vote against revising damaging crypto regulation contained within the new US$1.2 billion infrastructure bill.
The section in the potentially harmful bill required a unanimous vote to be revised, but Shelby’s objection prevented the amendment to the cryptocurrency tax provision.
In a House voting session, Shelby opposed two amendments to the bill, requesting an additional US$50 billion in defence spending before he would endorse it.
Shelby later tweeted that he supported the amendment in principle but chose to prioritise the country’s security over innovation.
I supported @SenToomey cryptocurrency amdt. I know of its importance to innovation & job creation, but I believe it pales in comparison to the security of our nation–which is why I called for a vote on my defense infrastructure amdt. It's unfortunate that Dems blocked both amdts.
As a result, the infrastructure bill passed the Senate with its original language, which captures the wider industry with its broad definition of the term “broker”. A last effort was made to amend the language, but Democrats in the House delivered another blow to the cryptocurrency community’s lobbying efforts last week by voting not to include any amendments to the legislation.
However, according to a Bloomberg report, the US Treasury is not going to target miners, stakers, software developers and hardware manufacturers.
Bragg is advocating for a crypto-friendly country by implementing better regulation in order to provide incentives for new investors and create more job opportunities for Australians.
It might surprise you that the loudest voices calling for appropriate regulation are market participants. I have never heard so many people cry out for regulation.
Andrew Bragg, NSW Senator
Bragg is chair of the Senate committee on Australia as a technology and finance centre. “The Senate is developing policy options as we speak,” he says. “I cannot pre-empt what an appropriate framework will look like – that will be outlined in our final report, due to be released in October.”
The report will address important topics on Blockchain and how cryptocurrencies can promote investment in Australia and improve economic growth.
Crypto is Here to Stay and Needs Custom Regulation
ASIC regulates digital assets to the extent that they are financial products which by definition causes confusion among investors. The ATO is attempting to apply existing tax standards to cryptocurrency, which simply don’t fit. According to Senator Bragg, “All dimensions of this system have to be worked out: market arrangements, custodial rules, anti-money laundering laws, tax settings, and what to do with tokens, if anything.”
The problem is this: we cannot have an unregulated financial sector competing with a regulated one. Consumers are exposed to scams and fraud. Market participants run their operations flying blind. Australia misses out on investment due to the uncertainty. Unnecessary risk threatens the stability of the financial system.
Andrew Bragg, NSW Senator
Australia is Falling Behind Compared to Other Countries
The Australian government says it wants to establish Australia as a crypto-friendly economy, though compared to other countries it is fast falling behind and missing out on golden opportunities. Australia is simply not acting quickly enough to keep up the pace. If the country doesn’t get regulation right, it will be at a big disadvantage compared to the rest of the world and will miss out on a piece of the pie.
Other countries have adopted blockchain and established crypto regulations which have boosted their economies. The US, EU, Canada, the UK and Singapore are all in the process of implementing a comprehensive framework for regulation of digital assets and the crypto market.
Cryptocurrency is a Technology Revolution
Cryptocurrency adoption is still just getting started but it is growing faster than the revolution that was the internet. Prior to crypto, it was the fastest adoption of network technology in human history. Crypto has the same number of users as the internet had in 1997, and is growing at a rate of 113 percent each year. Crypto has around 140 million users, double the fastest adoption of any technology in history. Even if you lower an estimated rate of growth to around 80 percent, crypto will reach around 1 billion people by 2024.
According to Metcalf’s Law, the value of a network is proportional to the square of the number of its users. At this rate, crypto is the biggest thing we have ever seen. It is changing the world as we know it.
Bragg says “crypto-assets have been allowed to flourish in an unregulated market. Now they are an indelible element of the financial system.” He adds that “by circumventing the gatekeepers of modern finance, cryptocurrency became a brand-new system and asset. Its development has given rise to more consumer choice and new jobs.”
A hotly debated US$1 trillion infrastructure bill has been passed by the Senate, which may have some problematic repercussions for the American and wider crypto community.
Cryptocurrency took centre-stage in US Congress on August 10 when the massive infrastructure bill was discussed. One section of the bill aims to generate tax revenue and customer information from cryptocurrency brokers, which in its current definition looks at taxing everyone who plays a part in a crypto transaction.
Advocates for the crypto industry pushed back on the provision, leading to lawmakers introducing amendments in an attempt to modify the language. Republican Senators Pat Toomey and colleagues proposed explicitly defining which types of entities are brokers, while a competing amendment introduced by Senators Rob Portman (Republican) and Democrats Mark Warner and Kyrsten Sinema proposed a more narrow modification that only exempted Proof-of-Work (PoW) miners.
A Problematic Definition
The bill drew controversy due to its plan to collect US$28 billion in tax revenue from the crypto sector. One of the main problems crypto advocates have with the bill is its definition of “broker”, currently defined as anyone who facilitates a transaction.
According to legal experts, this term may be broadened to encompass PoW miners, Proof-of-Stake (PoS) validators, and even protocol creators, affecting nearly everyone in the crypto ecosystem.
Additionally, brokers will be required to go through Know Your Customer (KYC) processes and follow rigorous tax reporting standards under the new laws.
The overly broad definition will hurt blockchain innovation, may possibly cost jobs, and most importantly will endanger the privacy of many American users. Senators have been urged to take a step back and implement incremental regulations, as many of them don’t yet understand what they are trying to regulate.
Banks Don’t Like Crypto
In a failed last effort to get the amendment passed, Republican Senator Richard Shelby objected to the provision after his effort to add a military funding amendment was blocked by Democrat Senator Bernie Sanders. The vote fell short by one.
Attention crypto world: @SenShelby just told us he’s actually for the amendment he blocked yesterday, but blocked it simply because he didn’t want them to get an amendment unless he got his defense amendment.
Following the rejection of the amendment, Charles Hoskinson, founder of Cardano (ADA), stated that “it was a really tense moment, listening to senators speaking [about] how badly this bill can damage the crypto industry. I have no intention of living in a dying empire.”
This is what you call a grade A piece of bullshit. On behalf of everyone with a functioning brain, we see through your lies. Retire or resign. https://t.co/1mcXsuHzV9
The infrastructure bill represents the first time that crypto has entered the highest echelons of political discourse in the US. Instead of pushing quiet legislation through, this crypto provision gave the industry an unprecedented platform and relevance in the eyes of lawmakers.
The bill now moves to the House for further deliberation, though it is unclear how much room there will be for modifications once it gets there.
The Potential Impact on Australia
Landmark regulatory standards and legislation are very important in the expanding crypto industry. New legislation created by frontrunner countries has the potential to set a precedent that could be followed by other countries also developing their own legislation.
The passing of this bill has various knock-on effects, not only in the legislative environment but for new crypto start-ups and innovators in the US, stifling growth of one of the sector’s major players. If the industry takes a hit like this, it could spell danger for ongoing innovation in the crypto space.
The decision may also hurt the market value of some projects based in the US, in turn having an effect on overseas investors.
Republican Senator Richard Shelby has opposed a revised bipartisan amendment that would provide clarity for the mooted US$1 trillion infrastructure bill and exclude node validators, miners, protocol developers and more from the term “broker”.
On August 10, the Alabama lawyer filed an objection to a negotiated amendment between three Republicans – Pat Toomey, Cynthia Lummis and Rob Portman – and Democrats Mark Warner and Kyrsten Sinema after he tried to include his own amendment to the bill, an unrelated proposal that sought to increase military spending by adding US$50 billion in defence funding.
Senators Called For a Unanimous Vote
The senators called for a unanimous vote to revise the crypto tax provisions to the infrastructure bill and thus protect certain key players in the crypto industry from being labelled as “brokers”. But the proposal failed after Shelby rejected the proposal.
The Senator’s only words were “I object”, after which Democratic Senator Bernie Sanders objected to the Shelby motion, which resulted in Shelby objecting to the overall compromise.
“We’ll Be Back on This”
The objection didn’t go unnoticed by the amendment’s proponents, who shared their thoughts about the consequences of leaving the language of the bill as it is. “Who knows how much innovation we’re going to stifle?” said Toomey.
Senators Toomey and Lummis Hold Press Conference on Agreement to Fix Digital Asset Reporting Requirements in the Infrastructure Bill https://t.co/oqJLIIIQw7
We’ll be back on this, because we’ll do a lot of damage. Who knows how much innovation we’re going to stifle? Who knows what kind of new apps never emerge? It’s hard to predict what kind of completely impossible mandate results in, but it’s not good, and it’s going to bring us back here trying to clean up a mess which we could have prevented.
Senator Pat Toomey
The bill has now gone from the Senate to the House, leaving transactions reporting requirements unchanged and – somehow – forcing miners, node operators and anyone who deals with digital assets transactions to report taxes to the IRS.
It’s Not Over – Ted Cruz Calls for Crypto Rule Drop
In a speech, Republican Senator Ted Cruz shared his thoughts about the current state of the crypto space in the US, summarising the consequences and harms of this new legislation for digital assets: “The regulation of cryptocurrency might be the ugliest legislation we have seen,” he said.
If we want to legislate on this, let’s actually do our jobs, be a deliberative body, hold hearings, listen to witnesses, understand the consequences, know what we’re doing. That would be the reasonable, rational thing to do. Don’t just put out a rule of massive taxes and regulations with no understanding of the consequences on jobs and real people that would be hurt.
Senator Ted Cruz
Fear That Innovation Will Be Pushed Offshore … to China
One fear shared by the crypto community and its giants like Brian Armstrong is that this legislation would not only harm crypto in the US and force exchanges to impose Orwellian surveillance mechanisms on customers, but it will also push innovation offshore – something Cruz fears as a consequence of creating a hostile environment for software and hardware developers.
My amendment is very simple. It doesn’t add anything new to this bill. It just strikes these provisions […] let’s not do this until we know what we’re talking about. Let’s be cautious. Let’s be reasonable. Let’s not be the number one economic developer for the Communist Party of China by sending cryptocurrencies overseas to our competitors because we’ve made it impossible for them to succeed here.
A few days ago, the US Senate introduced a US$1.2 trillion bipartisan bill designed to update and regulate the country’s infrastructure. Unexpectedly, within the bill, there were provisions relating to the crypto industry.
These provisions relating to crypto sought to alter the definition of “broker” to include anyone who is “responsible for and regularly providing any service effectuating transfers of digital assets”.
This means that smart contracts, software developers or node validators are considered “brokers” as well – something that makes no sense to the crypto community.
Crypto Amendment Battle Over Legal Language
The bill sparked a battle among Democratic senators trying to narrow down the language in which the bill was written, and subsequently getting White House approval.
Crypto advocates Senators Cynthia Lummis, Pat Toomey and Ron Wyden proposed an amendment that redefines intermediaries and would exclude node validators, miners, wallet providers and open-source developers from the umbrella term “broker” and prevent them from reporting transaction data to the Internal Revenue Service (IRS).
The Wyden-Lummis-Toomey amendment is simple. It clarifies in law what most of us already believe—that validators of distributed ledger data like miners & stakers, hardware wallet providers & software developers should NOT be required to report transaction data to the IRS. pic.twitter.com/cMtoHMehiU
However, the White House appears to back Senator Mark Warner’s amendment, which imposes tighter crypto rules and decides which technologies are legal and which are not in the crypto space. Warner proposed that Proof of Stake validators comply with US tax laws, excluding Proof of Work miners without explanation.
This means US regulators will decide which cryptocurrencies and technologies are valid and which are not, something many in the industry such as Coinbase CEO Brian Armstrong, Elon Musk, the Winklevoss twins, politicians including Ted Cruz, and even celebrities like Gene Simmons have criticised on Twitter.
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
A Poorly Crafted Bill, Says the Crypto and Fintech Community
The crypto and fintech community has classified this bill as a “poorly written proposal” that would force crypto exchanges to establish surveillance mechanisms on their platforms as they would be required to collect user data, including names and addresses.
Armstrong was one of the first to denounce the bill’s flaws, such as defining those who deal with digital assets as brokers, or establishing Orwellian reporting requirements to surveil customers’ transactions.
4/ This makes no sense. Smart contracts, for instance, are not companies, and cannot be modified to collect KYC info or issue 1099s. They are simply software running on the blockchain that anyone can use.
Right now there’s a fight brewing in the US that could decide the future of innovation and financial freedom in the country. Industry leaders have warned that if the Warner amendment is approved, it will have a profoundly negative impact on the crypto industry, including pushing innovation offshore.
12/ The Wyden-Lummis-Toomey Amendment is win-win for lawmakers and our industry. It will provide tax revenue from crypto and ensure suitability and clarity for crypto innovators who want to build in America.
If you’re investing in crypto or your business uses blockchain, you will no doubt be in need of a lawyer at some stage in the game to help navigate the rules and regulations of this fast moving space.
Here is a list of the 10 best crypto lawyers in Australia offering expert advice providing legal services for all things cryptocurrency, including: initial coin offerings (ICO), smart contracts, digital assests, financial products and cryptocurrencies, blockchain businesses, securities laws and more.
Salerno Law
Salerno Law provides expert legal solutions to clients in Australia and overseas, with offices in Western Australia, Queensland, South Australia, Victoria, New South Wales, Los Angeles and Ayrshire in the UK. The Salerno team has international knowledge of legislation and regulations, while also focusing on clients’ needs at a local level. The team of crypto lawyers includes managing partners Matteo Salerno and Emma Salerno, and expert fintech lawyer Krish Gosai, who co-founded DayTek Capital, a Queensland-based Financial Services/Fintech company, which was granted an AFS licence in approximately six months. The company has developed a range of innovative banking products and services in both the fiat and cryptocurrency space.
GT Law
Gilbert and Tobin Law recognises that developments in the local financial technology (fintech) landscape have elevated Australia as a leader in this sector. GT Law aims to help clients navigate all aspects of cryptocurrency regulation. The firm is headed by co-founder and managing partner Danny Gilbert, with partner lawyer Simon Burns, a specialist in Technology + Digital and fintech.
Lander & Rogers
Lander & Rogers is a multi award-winning law firm providing advice for blockchain businesses. Its excellent stable of lawyers practising Blockchain and Digital Assets law includes Jared Smith, Lisa Fitzgerald, Robert Neely and Simon Davidson. These lawyers specialise in smoothing the path through legal issues that can delay or derail the development of new products and processes. They provide legal and commercial advice to: technology founders and startups; foreign blockchain businesses entering the Australian market; and established Australian companies launching blockchain projects. Lander & Rogers’ blockchain law team combines comprehensive technical knowledge with the expertise and experience of a leading commercial law firm. It is one of few Australian firms with the expertise to help businesses realise the potential of blockchain and distributed ledger technology. Impressively, Lander & Rogers board member Dr Philippa Ryan is a lead author of international standards for smart contracts through her role with Standards Australia’s Blockchain Technical Committee. She has published two books in the field of blockchain and digital trust, and sits on the editorial board of Stanford’s Journal of Blockchain Law and Policy.
Nicholson Ryan Lawyers
Melbourne-based firm Nicholson Ryan Lawyers acts for a number of Australia’s largest cryptocurrency providers. The team has considerable experience with: blockchain and cryptocurrency-related transactions; establishment of cryptocurrency exchanges and funds; initial coin offerings (ICO); preparation for possible regulatory changes; and AFS licensing advice and compliance. Director Shannon Ryan leads Nicholson Ryan’s financial services and corporate transactions section, her areas of expertise including ASX listing rules, capital raising (public and private), financial services and managed investment schemes, bitcoin transactions, cryptocurrencies and cryptocurrency exchanges.
LegalVision
LegalVision is a tech-driven, full-service commercial law firm that uses technology to deliver a fast, high-quality and cost-effective client experience. The majority of its clients are LVConnect members. By becoming a member, you can stay ahead of legal issues while also staying on top of costs. From just $119 per week, get all your contracts sorted, trademarks registered and questions answered by LegalVision’s highly experienced business lawyers.
Neo Legal
Neo Legal specialises in blockchain technology. They are first and foremost lawyers who are passionate about tech and business. Its specific interest in the cryptosphere has led Neo Legal to become a blockchain law firm working with all aspects of blockchain technology and cryptocurrency, with a team of lawyers who advise on cryptocurrency projects and crypto exchanges, as well as niche blockchain-related startups. The Neo Legal team includes co-founder and managing partner Kenny Lee and partner Harly Zappino.
Piper Alderman
Piper Alderman has a blockchain team that is passionate about the opportunities provided by distributed ledger technologies and is ideally placed to help clients navigate this complex landscape. With law and regulation struggling to keep up with technology, clients can rely on the team for issues related to blockchain and for its deep general industry knowledge. Piper Alderman can assist with fund structuring and fundraising, DAO and token structuring, licensing advice, taxation, privacy, anti-money laundering, corporate structuring and other regulatory advice. Its knowledge and experience have been gained in advising leading Australian and international blockchain projects since 2017. Piper Alderman lawyers regularly present on blockchain-related legal issues at conferences around Australia and overseas, and PA was the only law firm recognised as a finalist in Blockchain Australia’s Advisor of the Year Awards for 2019. It was the first major Australian law firm to accept bitcoin (and now other major cryptocurrencies) as payment for legal services. It has built strong relationships with trusted developers and other professionals with expertise in assisting clients in the blockchain space.
HG Lawyers
HG Lawyers has broken new ground across the emerging areas of cryptocurrency, initial coin offerings and blockchain. As one of the first Australian firms advising on fintech and digital commerce, it works with ICO and token issuers, cryptocurrency exchanges and blockchain companies. HG Lawyers offers a dedicated fintech digital assets team within the firm, and is presently advising on multiple ICOs relating to platforms across various industries and assisting virtual currency industry clients with ASIC, AUSTRAC, ATO compliance and privacy issues. HG has experience in: token generation and economics, initial coin offerings (ICO), token sale and purchase agreements, terms and conditions of digital offerings, disputes related to distributed ledger technology, cryptocurrency regulatory guidance, privacy and data security, engagement with regulators, advising on the creation of digital assets, the internet of things, smart contracts, supply chain logistics, digital databases, and digital payments systems and services.
Mills Oakley
Mills Oakley is a leading Australian law firm with offices in Melbourne, Sydney, Brisbane, Canberra and Perth. With over 100 partners and more than 670 staff, it offers strong expertise across all key commercial practice areas. With over 30 years’ experience providing Australian and cross-border digital law solutions for clients across a broad range of government and private sectors, MO has market-leading expertise (as recognised in Best Lawyers) in data privacy/cybersecurity, multi-jurisdictional privacy compliance, information (including Big Data analytics, AI, IoT), digital transformations, blockchain, smart contracts and cryptocurrency.
Hall & Wilcox
Hall & Wilcox is a practice specialising in blockchain, cryptocurrency, initial coin offerings (ICO) and security token offerings (STO). The digital landscape is changing quickly. By considering commercial, tax (including the GST treatment of digital currency) and regulatory issues, the Hall & Wilcox team looks at the big picture to advise on blockchain, cryptocurrency, ICO and STO opportunities.
