The practice opening has resulted from a significant increase of the clients' requests related to consulting in this sphere during the current year.
Some experts identify technologies related to blockchain as “new internet”. The majority of them admit that this technology is able to radically change many areas of the economy and especially the financial sector. According to RBC, in 2017 the Russian projects have raised $293 million through the issuance of tokens on the blockchain, which is twice more than total volume of the venture investment in Russia last year.
KIAP launches the new practice in two main areas: analysis of the blockchain projects for compliance with the requirements of the current legislation (due diligence), and full legal support of Token Generation Events (TGE) – starting from the selection of jurisdiction for incorporating SPV to the opening of the bank accounts.
Partner Mikhail Uspenskiy is appointed as Head of the practice. Mikhail is recommended by Legal 500 EMEA, Chambers Global and Chambers Europe ratings in tax and corporate law, beyond that he is a member of the Association of cryptocurrency and blockchain-industry of Singapore (Access), a Member of the ICC Russia Task Force on the use of blockchain in trade finance and speaker and participant of industry events for blockchain technologies.
“Over and above, we plan to provide significant intellectual resource to analyze this sphere, to seek for new forms in civil, corporate and tax areas and also to support the science and the legislator on a pro bono basis in developing effective approaches to new rules and regulation in this sphere”, - KIAP Managing Partner Andrey Korelskiy commented the launch of the new practice and the new appointment.