Blockchain and the Law: a Roadmap of the Most Important Issues
Blockchain and the Law: a Roadmap of the Most Important Issues

Summary/Abstract: This paper presents an analysis of legal issues related to the use of a blockchain inbusiness. Considering the legal aspects at as early a stage as possible is one of thekey areas which are crucial for the success and timely realisation of a project. Thescope of legal issues depends on the type of the decentralised solution chosen bythe organisation. The authors explain the differences between an open blockchainand a closed one, noting the degree of control and the advantages of both solutions.When it comes to the following paragraphs of the paper, the meaning of jurisdictionselection and the manner of managing personal data in projects related to the useof blockchain are discussed. The authors explain what smart contracts are to the reader.They point out sector regulations which may have an influence on the carryingout of blockchain projects in individual sectors that are regulated. They analysethe issues of the cryptocurrency market and explain to the readers why the taxationof cryptocurrencies is controversial. In the final part, they signal that organisationsplanning to implement a blockchain-based solution should take the Anti-MoneyLaundering (AML) regulations and related issues concerning Know Your Customer(KYC) into consideration. The paper makes it possible to understand why the legalregulations discussed may turn out to be an essential project risk if they are not recognisedin time, and how addressing legal issues smoothly helps in the transformationof a project at the Proof of Concept stage, into a solution that works productively

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