Blockchain Law Practice: 7 quick occupations for Lawyers.

As lawyers, we need to focus on future-proofing our careers with blockchain technology. In this rapidly evolving industry, there are various roles that lawyers play. Let’s highlight 07 of them.

1. Consulting services:

There is a wide range of clients in the blockchain sector, from large companies to startups, as well as family businesses and individuals looking to profit from the trend. Usually, when they come, they have no legal background, so you need to help them create a legal road map for corporate governance and related issues. A blockchain lawyer advises them on the correct jurisdiction to incorporate in, as well as the type of legal structure that would be most appropriate to their business needs.

2. Drafting Policy:

It is impossible to overstate how important policy formulation is to a legal career. Blockchain is one area where such skills are needed, since emerging technologies have the highest need for policy formulation. Despite the fact that governments are generally the last to adopt innovation, one can offer this service to private and international legal development organizations.

3. Legislative Tracking & legal compliance:

Around the world, there are always new regulations or policies that apply to blockchain every week.?As legal uncertainty thickly envelops the blockchain industry at present, keeping an eye on these regulations is indispensable.

As well, some jurisdictions require licenses before companies can engage in certain types of business, such as blockchain or crypto. Knowing when a client needs a license in a country is crucial for a lawyer and such service is in high demand.

4. Legal Representation/Litigation:?

There are multiple complains that arise quite frequently in cryto business and this is just one type of litigation that can arise from blockchain and crypto. Worldwide statistics show that suits involving cryptocurrencies or blockchain-based technologies are on the increase. Here in Cameroon, they are most likely in the form of fraud and cybercrime cases.

5. Legal Researcher:

Legal researchers come in very handy. Lawyers venturing into the blockchain law practice fast become invaluable when they can provide legal research, that seek to answer the countless legal questions blockchain brings up.

6. Smart Contracts Audit/Review:

Lawyers review smart contracts to fish out legal discrepancies, insert arbitration clauses and check for compliance. An ICO smart contract, for instance, a lawyer would check for vesting, locking and proper custody of funds.

7. Escrow:

Similar to how it works traditionally, lawyers can serve as escrows for certain transactions. Example, a foreign investor looking to invest in the private sale for a Cameroonian blockchain startup.

BONUS: Crypto Forensic Investigator:

As a result of the way crypto came into the limelight, the masses have attached to it .a negative reputation. It is impossible for an inventor to prevent their inventions from being used for purposes other than their intended ones. As with Fiat, crypto is also used for criminal purposes, perhaps even more so thanks to its pseudonymous nature. Cryptocurrency is increasingly used in hacks, theft, fraud, and money laundering. As crypto forensic investigators, lawyers can utilize open source tools to analyze and track cryptographic evidence.

Blockchain law practice is so vast, passionating & having lawyers pay more attention to this hyped technology takes the fun to another dimension.