Gerald Cotten, Quadriga CX exchange’s chief executive, is infamous
for dying with a digital lock to cryptocurrency assets worth $190 million. The
assets belong to his clients which leaves his firm facing an uncertain future.
There are precautions that every digital currency owner has
to take to ensure the safety of their assets. The same measures can lock your
family and next kin from your investments after death.
Safe Haven has since 2017,
been building services and products that are the answer to this problem. Its 2018 token sale was hugely successful. For
efficiency, the platform has also crossed over from Ethereum and joined the
ranks of VeChain, forming new partnerships and releasing bits of its platform
through a successful ICO.
Read: Italy Announces First Set of
Regulation for Blockchain Technologies
The platform provides a secure and reliable solution to the
problem of succession of personal digital assets. With their shared distribution protocol,
digital assets owners can assign their kin or friends their investments upon
death. Now, with a fruitful collaboration with Trust Alliance Network, they
are set to provide general counsel to crypto asset owners.
Reasons Why Crypto Startups Require General
These legal services are solutions to the real-world legal
problems facing crypto asset owners. Governments and their regulatory arms are
beginning to define the crypto industry. Many decentralized crypto startups are
starting to realize that the long arm of the law still has the upper hand in
Alibaba Group, the e-commerce giant of China, has
successfully barred Alibabacoin
Foundation from using the name Alibabacoin. Now known as the ABBC Foundation,
the crypto startup has lost a yearlong copyright infringement suit brought on
by Alibaba of China. Alibabacoin was the startup’s coin and firm name.
Safe Haven and Trust Alliance Network are going to ensure
that crypto startups do not get embroiled in such legal tussles. They will enforce the incorporation of
corporate governance into the buildup of such entities.
Also Read: Washington State Senate
Introduces Bill Promoting Blockchain Technology
With all formalities of the corporate nature observed,
owners and investors will be protected from personal liability, especially of
the unlimited kind. The in-house legal team can see to all the paperwork that
state and federal governments require.
Legal counsel from Trust Alliance Network will also see to it that a startup’s copyright and trademark laws are observed. Your trade name and mark, for example, should not match pre-existing and trademarked ones as was the case with Alibabacoin foundation.
A Strong Case for Compliance
Europe’s Global Data Protection Regulation is now in effect,
and breaching it could result in minimums of €20 million fine. It is no wonder then that Binance once termed
the least rigorous KYC processes observer in the industry is tightening its
It is boosting its data security compliance by partnering
with IdentityMind. It has also partnered with Chainalysis for
investigation and compliance monitoring of its transactions. With the right
legal representation that is at home with the decentralized network and
real-world legal commitments, a startup will be in compliance with laws and
regulations that safeguard their stakeholder’s investments.
This includes areas to do with taxes, contracts,
communication laws or money transfer and banking laws which may be obscure to
the decentralized world.
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