Eternity Law International News Legal opinion for ICO / TGE

Legal opinion for ICO / TGE

August 20, 2020

Legal opinion for ICO / TGE is a detailed consultation, made in writing, regarding aspects of the client’s business or other issues. With the help of this document, you can evaluate the project, considering it from the point of view of the legal system.

ICO: preparation of a legal opinion and its purpose

What do you need to conduct an ICO?

  1. Select the legal structure to which the token will be linked.
  2. Determine the jurisdiction.
  3. Settle taxation issues.
  4. Prepare the necessary papers: rules for using the token, purchase and sale agreement, etc.

The period for the provision of a legal opinion depends on the degree to which a lawyer works with a particular project.

In the event that several jurisdictions are processed at once or it is necessary to attract foreign partners, the selected specialist must be sufficiently competent and experienced.

The preparation of the document is carried out in several stages:

  • The lawyer studies information about the project, the structure of its activities and the client himself/herself wants.
  • Further, all documents provided by the client are carefully studied, if necessary, additional data is collected.
  • The specialist gives the client a complete answer to questions about whether there are any risks associated with the implementation of the project and what kind of nature they are.In addition, the customer receives information regarding changes to the project documents in such a way that they meet all the requirements and provisions as much as possible.

Types of legal opinions for token projects

So, let’s move on to the types of this document, prepared for the token environment:

  • “Legal essence of tokens”. Such a conclusion involves the study of the future structure of the token, the features of its functioning. This is done in order to anticipate any risks associated with bringing the token into operation.
  • “On Jurisdictions”. Here we are talking about the jurisdiction that you choose to carry out the token registration procedure: States, Hong Kong, Estonia and others.
  • “Implementation”. This opinion contains the strategy for the implementation of the conceived and the method of transferring financial assets, as well as any conversions.
  • “Taxation”. It consists in optimizing tax rates and the procedure for paying tax payments in general.

It is better to contact only qualified specialists for a legal statement, because the field of cryptocurrencies is very subtle and has many nuances.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

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