Articles Tagged with cryptocurrency

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The blockchain-based game Axie Infinity has seen rapid growth since its creation, but a recent hack might stall its progress. On top of its existing in-game economic problems (which were largely characterized by runaway inflation), this recent hack will likely make for a turbulent course as its developer—Sky Mavis—does its best to move forward.

What does the current scenario look like? Is there any chance of a legal battle? And will Axie Infinity be able to survive the aftermath? Let’s find out.

The Current Scenario

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The SEC’s lawsuit against Ripple has attracted a lot of attention over the past year, largely because it could have massive ramifications for blockchain’s development in the U.S. If the SEC wins, they’ll have regulatory authority over various digital assets, not just XRP, and that could create more barriers to development as stringent reporting and registration requirements are imposed on a wide range of blockchain-based products.

On the other hand, a victory for Ripple could mean there’s less regulatory oversight for blockchain businesses to worry about. The end result would be accelerated development in the U.S., solidifying cryptocurrencies as a viable option for investors throughout the nation.

Recent developments may help move this case toward its conclusion, but is the end really in sight? Or is it just the beginning? To find out, let’s look at where everyone currently stands.

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Many transactions conducted on the blockchain utilize smart contracts. Many of these agreements are based in code only, while others—called ancillary smart contracts—are paired with written text contracts.

There are, of course, many issues to take into account when it comes to negotiating, designing, coding, and enacting smart contracts. Legal issues in particular can be especially challenging to manage, with more complex agreements creating difficulties for the parties involved.

Is a Smart Contract Enforceable?

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DAOs have proven to be an effective way to build organizations without leaning on rigid hierarchical systems. However, the fact that they are somewhat uncharted territory means they may not receive the legal recognition that more traditional entities might enjoy. The result is increased scrutiny from governing bodies such as the SEC.

For this reason, sound governance practices are necessary when creating a DAO. Drawing on traditional models and adapting them to a decentralized entity can add legitimacy and stability to your organization while potentially decreasing liability.

1. Determine Your Purpose

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As the next step from our current iteration of the world wide web, Web 3.0 promises to be a decentralized alternative to the corporate giants that currently control most of the world’s data. The possibilities it offers to users reach far beyond simple financial matters, though those certainly exist—and they’re getting the attention of both investors and lawmakers.

Investing in Web 3.0 is possible through various avenues, but it’s important to know the implications of this technology, including in terms of its legal landscape.

Web 3.0 Investing Prospects

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A surge in copyright-related issues has shaken the NFT world. Because of this, it’s more important than ever to seriously consider IP matters when minting non-fungible tokens with underlying artistic assets. In this article, we’ll take a look at how IP law relates to NFTs and what creators can do to protect themselves.

IP Laws and NFTs

One current issue is the fiasco surrounding Spice DAO, which sought to create an animated series based on the original manuscript of the movie Dune, claiming that their purchase of that manuscript at an auction gave them rights to reproduce the content. However, that was not the case, and they now face a great deal of public mockery due to their three million dollar mistake.

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Artists have been appropriating content from outside sources for centuries, but when it comes to NFTs, it may be a bit problematic. Appropriation art has garnered the attention of large companies such as Hermès of Paris, Inc., which is currently pursuing legal action against artist Mason Rothschild for appropriating their BIRKIN brand in his work. Other companies such as Nike are following suit with their own legal complaints.

But what is appropriation art, and when is it considered legal? Furthermore, how might the legal landscape surrounding this type of art look when it comes to NFTs? We’ll explore these questions in this article.

What Is Appropriation Art?

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If you have invested in cryptocurrency—or if you’re considering it—one of the matters that is worth taking into account is how it could impact your estate plan. Virtual currencies such as Bitcoin, Ethereum, and others can create some unique challenges that must be accounted for.

In this post, we’ll look at four strategies to consider using when planning for cryptocurrency in your estate.

1. Create an Access Guide for Your Keys

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Cryptocurrency and blockchain technology are transforming the way many people do business, and that has provoked a response from governments around the globe. In some cases, this response has been negative, with national governments either placing restrictions designed to limit crypto trading or else banning it outright.

However, other countries have embraced it by passing legislation that’s designed to foster its continued development. In this article, we’ll discuss the most crypto-friendly countries in the world as well as the advantages of investing in these nations.

Some of the Most Pro-Crypto Countries

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Crypto investors are taking their operations overseas, and it’s easy to see why—many foreign countries have far more favorable laws when it comes to taxes, reporting, and cryptocurrency in general. These structures should be set up in a way that is consistent with both foreign and domestic laws, and that takes planning.

In this article, we’ll look at some of the advantages and requirements of offshore crypto-asset protection structures along with some general tips for success.

Offshore Entities – Some Basics

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