Key Legal Issues for Crypto/Web3 Projects

Date: 03/08/2023

Host: David Ding, Business Innovation Advisor at Callaghan Innovation

Guests: Andrew Comer & James Cochrane, both Partners at law firm Lane Neave with a focus on Web3 projects.

Video Length: 1:14:49

Transcript

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00:00 Introductions

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04:25 Overview of typcal approach to Web3-related projects

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07:33 Compliance legislation - FMCA 2013

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19:15 Jurisdictional Considerations

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23:50 Anti-money Laundering (AML) & Counter Financing of Terrorism (CFT)

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26:37 Privacy & Personal Information

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29:23 IP / Ownership / Licensing

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32:04 Entity structures

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37:04 Tax Issues

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38:00 Staff / Developers

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40:55 Terms of Use

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45:00 Q1: How often are entities being fined for breaches?

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47:40 Q2: If using a 3rd party for KYC/AML, do they need a compliance officer?

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48:24 Q3: If you are a founder, can you nominate yourself as the risk/compliance officer?

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48:47 Comments and further insight into the SEC vs. Ripple case

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52:27 Q4: How can individuals ensure they do not inadvertently make a retail offer?

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55:33 Q5: Do you assist people through the regulator engagement process?

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56:04 Q6: Any thoughts on the burden of AML/KYC due to compliance costs and multiple jurisdictions?

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58:30 Q7: How long would regulators take to respond with an answer?

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59:18 Snapshot of where things currently sit in terms of banking services challenge and emergence of alternative intermediaries

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01:04:31 Q8: What would it take to converge to a common set of market-accepted practices with co-regulation for compliance burden simplification?

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01:07:17 Q9: How do you envisage the regulatory sandbox concept might work in NZ?

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01:10:42 Q10: What are your thoughts on how we can engage legislators or access them in addition to regulators?