Web3 Legal Advisory
Having been a part of the Web3 scene for years, LimeChain has established a deep understanding of the pain points and the challenges the industry faces. Our consultants, experts, and engineers are perfectly capable of helping our clients deal with the challenges encountered on the technical side of the Web3 world. But we also know that regulatory and legal compliance accounts for many of the challenges that Web3 startups and even more established businesses are struggling with. Oftentimes, certain regulatory requirements can cause technical challenges and those potential pitfalls need to be identified ahead of time.
The desire to be more effective in helping our clients with the legal side of the Web3 world led to the creation of LimeLegal, a joint venture with Progressive Lawyers that specializes in legal consulting and advisory services. The unique combination of LimeChain’s technical prowess and LimeLegal’s legal expertise allows us to arrive at the right approach for each client.
Another big advantage of LimeLegal is that the company has established a network of partners providing legal services in a number of EU member states.
What is the Process
The process of defining the legal needs goes through several stages to ensure that client requirements and needs have been understood and met. These stages include:
Assessment of the legal case
The first thing our legal experts do is to assess the business model of the client and see how it will be treated by regulators across different jurisdictions. For example, if the model involves a proprietary token, we want to see whether that token is treated as a utility token or a security token and whether that classification varies from one jurisdiction to another. We can also prepare a detailed analysis of a given jurisdiction or make a comparison of different jurisdictions to determine which is the best fit for a particular client.
Each aspect of the business model receives a similar treatment and, based on our analysis and research, we form our legal opinion, which we use as a foundation for the rest of the consultation process.
Defining the scope
During the next stage, we examine the case in further detail in order to define the scope of the project and the various tasks that need to be completed. Depending on the client’s specific business case and requirements, those may include preparing and submitting an application for registration with the relevant regulator, acquiring the necessary licenses, securing an office lease, assisting with hiring a compliance officer, drafting a legal opinion that can be part of the whitepaper and other documentation related to an initial coin offering, ITO, IEO or an STO (security token offering).
LimeLegal’s advisory services also include helping with AML & KYC compliance, preparing general Terms & Conditions and advising on marketing campaigns to ensure that they are in line with the relevant regulatory regime in a given jurisdiction.
Learn more about LimeLegal
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