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Insist on quality legal counsel. ICO's do not have to violate the law (though many probably do). Competent counsel will be able to talk them through how to do
by josaka 9y ago
Insist on quality legal counsel. ICO's do not have to violate the law (though many probably do). Competent counsel will be able to talk them through how to do this safely and explain the risks (which can include returning funds and criminal sanctions) if they try to take shortcuts. If you're not sure which firm to use, look at who sophisticated buyers are using (e.g., check SEC filings in their Edgar system and cross-ref with who's putting out literature on ICO's).
- walshemj 9y agothe OP is in the middle east - looking American SEC filings are not going to help much here.
- anononpurpose 9y agoThanks for noting. I can still read the sources and look for the local counterparts.
- zer00eyz 9y ago> We pivoted and decided to go global with our proven to be fun features So yes the OP should be looking at the SEC filings of other companies. They should also be looking at china and korea -- and every country moving to shut down the sale of crypto. Not only does OP need a lawyer the apparently need an international one.
- dragandj 9y ago"go global" probably means that they are after customers outside Middle East, not that they have formal presence in those countries.
- anononpurpose 9y agoExactly.
- zer00eyz 9y agoSee my other comment here, but you would still be subject to local laws and regulations and that may limit or prohibit the sale of your app depending on your features and how they are integrated.
- zer00eyz 9y agoDepending on the location, if their app collects revenue or is sold in a local then it has a formal presence, and is subject to the laws of that jurisdiction. I can NOT release an app that violates EU privacy laws in the EU and expect that it will be allowed to be sold after the issue is discovered. In the case of crypto (what were talking about here) local laws would apply. If china holds tightly on to that ban, if south korea follows suit, and this feature is integrated, then they are defacto violating local laws and may be subject to local laws and sanction actions.
- Sangermaine 9y agoThey absolutely will. If their company is going to be offering tokens in the US, or anywhere, they open themselves up to prosecution in those jurisdictions.