Maintaining accurate records has been known since time immemorial, but how would anyone agree that those records are faithful? Traditionally, the responsibility would lie entirely with the record-keeper, and unless there is a second source that is independently verifiable for accuracy, no one would be the wiser to any surreptitious alterations made to such records. Blockchain technology promises a revolutionary solution by proposing a way to create records that are secure, immutable and decentralized. With everyone on the blockchain owning a copy of the record , having to place trust on a centralized record-keeper would no longer be required. The meteoric rise of cryptocurrency has led to a veritable explosion of innovative uses of blockchain technology, including startups looking to raise funds without diving into the world of venture capitalists or banks by offering to backers cryptocurrency tokens, which may be traded and gain in value as the startup’s services launch, as well as the memorialization of contracts as “smart contracts” on the blockchain without any overseeing authority by taking advantage of its authentication nature.
We here at Lee, Tsai and Partners, therefore, believe blockchain technology may represent one of the most significant breakthroughs in information technology since the advent of the Internet, but it is a path that is currently fraught with legal challenges. Led by co-founder Jaclyn Tsai and in conjunction with our Innovation Law Lab, our team is comprised of recognized trailblazers in this burgeoning field in Taiwan, and we aim to provide the legal support and risk management needed by businesses seeking to get involved in this area. Among some of the blockchain-related matters we have participated include advising a startup looking to provide blockchain-based tools for use by its clients, and working with an ICO fund for legal compliance and preparing investment trust agreements for its investor clients. We are also currently assisting efforts to establish a secure cryptocurrency exchange, as well as anti-money laundering measures. In advising our blockchain clients, we have also been able to successfully leverage our team’s rich experiences in other fields, such as tax, intellectual property and data protection.
We are also highly active in the policy front advocating for greater legitimacy of blockchain innovations. As one of the founding members of the Global ICO Transparency Alliance, an alliance dedicated to creating an autonomous information system for ICOs in order to provide much-needed transparency to investors, our team has regularly given talks proposing how the necessary regulations may be applied in Taiwan to protect investors while not strangling innovation.
Come speak to us today to explore how this exciting technology can work for you.