Crypto & Blockchain
Australia is an underrated but burgeoning hub for blockchain and crypto development and enterprise. These development works cross a multi-dimensional spectrum- from institutional and/or centralised domains across to retail and/or decentralised domains, from layers 0 to layer 3- mixed with a range of different enterprise players- from founders, developers, miners, VCs, fund managers, investors/digital asset holders, crypto trading platforms, DAO administrators, to government bodies. Powerledger, Stepn and so many more international projects were all started here in Australia. Not to mention, there is incredible and steadfast grassroots engagement on the ground across the country that has kept the engine of this industry running through long, bloody bear markets.
The sector has also had to face its own set of legal challenges. Regulatory uncertainty, particularly regarding crypto assets and smart contracts, poses significant and frustrating hurdles. ASIC has led with several landmark prosecutions in the Federal Court, challenging founders for failing to comply with the regulatory frameworks under the Corporations Act 2001 (Cth), while AML adherence has become painfully necessary for most businesses in the sector. Astris Law works with leaders in this space to stay on top of the legal challenges without stifling development. For businesses dealing with crypto assets, Astrons offers assistance in determining whether these assets are classified as financial products under the Corporations Act 2001 (Cth) and helps clients navigate the process of obtaining an AFSL where required, as well as a host of other setup requirements in structuring and compliance. We also have experience in drafting and managing smart contracts (working with developers) in lieu of traditional contacts for the most pioneering leaders in the space, following the works of Nick Szabo. On the compliance front, we also advise on meeting the requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), helping businesses align with regulatory standards set by the Australian Transaction Reports and Analysis Centre (AUSTRAC) (Cth).
In the event of disputes, such as smart contract failures or claims involving financial losses or ASIC prosecutions, Phronesis steps in with targeted litigation and dispute resolution strategies understanding the need to protect the client’s technology, investments and reputation. By combining a knowledge of the legal side of crypto and blockchain with a comprehensive understanding of the sector at the coalface, Astris Law supports businesses in innovating responsibly while addressing the legal challenges of this dynamic and exciting industry.