How Lawyers Are Helping People In The World Of Cryptocurrency

How Lawyers Are Helping People In The World Of Cryptocurrency

The world of investing is transforming, with one of the biggest developments over the last decade being cryptocurrency. With such a big change and power within the financial world, the legal world has also needed to evolve to provide legal advice and support to people trading cryptocurrency. We’re here to look at some of the ways that this is happening, from investment fraud lawyers helping to recover money lost in scams through to purchasing property with cryptocurrency.

Fraud Recovery

First up, there are now expert investment fraud lawyers who specialise in helping people to recover money lost through cryptocurrency scams. The scams within the industry are getting more advanced by the day, and people often fall for them unfortunately. People will approach investors with tips or advice to help them make more money, build a relationship and then end up convincing them to transfer money to an account in order to make a return.

Often they will receive the initial return to build trust, then they will send more money that they won’t see again. There are many different types of crypto scams out there, with lawyers now being able to help with crypto recovery. This is such an important service and it can be transformative for people who believe their money is gone.

If you think you’ve been a victim of cryptocurrency fraud, make sure to get in touch to increase your chances of your money being recovered, as well as contacting your bank and reporting the fraud to the relevant organisation in your country.

Purchasing Property with Crypto

Real estate solicitors are also needing to learn and evolve to help process property payments that are being made with cryptocurrency. The idea of purchasing property with cryptocurrency is very new, so lawyers are now specialising in this area to help people utilise their modern form of currency to make a purchase.

Usually, the process will need to include the cryptocurrency being exchanged for cash, whilst some sellers will be in a unique position where they will accept cryptocurrency as a payment, although this is still quite uncommon unless the other person is willing to accept this. The thought of someone being able to purchase a property with cryptocurrency would have seemed alien even 5 years ago, but now it’s becoming more common and as a result, the legal world is also needing to evolve.

STO’s and ICO’s

Lastly, solicitors are now helping to provide stability in the world of security token offerings (STO’s) and initial coin offerings (ICO’s), which are both methods of raising capital in the blockchain and crypto industry. This includes creating the terms of contribution agreements to issue the coins and tokens, reviewing the terms and conditions and also helping to conduct thorough analysis to identify whether or not the token is secure legally. Again, these are all very new concepts yet more progressive law firms are ensuring that they are staying with the times and providing a service to their customers investing in STO’s and ICO’s.

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