Canada has experimented and put blockchain technology into the infrastructure of checking the stock market – and it worked. Blockchain technology associates with cryptocurrencies as a means to facilitate the transactions safely. Canada has plenty of laws it implemented in 2018 to regulate the processes. In June 2014, parliament created and approved the first national law on digital currencies as well as regulations for wrongdoing.
Cryptocurrencies still have a wildness to it. All the answers have not been found, all the experiments have not been done, and all the systems with checks and balances are not in place. The issue with it is that if the government misjudges an action in a province, then who helps the business person, or what if the entity is accused falsely or unfairly?
Is help available?
For a long time, just about any individual has helped those unfairly or falsely accused of misusing cryptocurrencies. Many things on the Internet depend on the founder’s values or pressure from the communities using it to regulate it at some point that no longer becomes efficient or effective.
Often a group or individual experimented just like what the Canadian government did with Bank of Canada and a set of universities on the stock market with a distributed ledger system. Just like the Canadian government, until fully implemented and tried, the participants do not know what would happen until it became done. Because of the recent nature of cryptocurrencies which cross the boundaries of countries and has no definitive global agreement, even if the group wanted to rectify the situation caused, other general laws would prevent them in some countries. No standardized way exists to take care of an issue presently or even an office in some countries. Others intentionally perform criminal disruptions so money laundering could happen. Who then, discerns who did what, when, and why?
Huff
Lawyer Addison Cameron-Huff has vast experience with cryptocurrencies. His law firm became the first to specialize in blockchain ethics and law. The Canadian Bar Association reported that Huff has been the president of Decentral Inc. for some time. Decentral does the Ethereum blockchain platform which creates smart contracts. It interfaces with a cryptocurrency wallet called JAXX that allows people to manage digital assets. The founder and CEO of Decentral Anthony Di lorio became an early client of Huff. Specializing in technology law, it became a natural progression to move into cryptocurrency. Di lorio and Decentral have become a well-known, well-respected firm and name in the cryptocurrency sphere.
Lawyer Addison Cameron Huff explained that textbook and case law does not exist in many areas of cryptocurrency. He must view the landscape, look at trends and define what a good job looks like in that industry. Huff impacts regulations and legislation in Canada as well as the USA with his measured decisions on his cases. From a niche industry, cryptocurrency became a national industry in Canada that the government recognizes, so law follows suit.
Crypto Law Firm
First lines in Huff’s website state it all. He counseled: Bitcoin (TSX: BTC) code contributor, Ethereum (USD: ETH) co-founder, exchanges in three countries and cryptocurrency companies. He ran a 30-person cryptocurrency wallet company, provided code for a law search engine used by U.S. Department of Justice and has taught cryptocurrency at the University of Toronto law school.
Huff also launched a crypto law firm. His plans include a global clientele through the law firm and will be in Canada presently. With Canada’s adoption of blockchain and cryptocurrency, Canadian lawyers specializing their firms in it have a unique opportunity to become the global experts as they develop Canadian law of it. Huff has a unique billing system where he charges a monthly fee for his services rather than hourly.
Cryptocurrency market and law
With Canada’s adoption of the blockchain, it will accelerate a maturing of the market. With maturation comes regulation, court cases and divisions of territories. Also, specialization of law for cryptocurrency for each industry niche will happen as it enters, fitting it under the national government infrastructure put in place in 2014. Huff concedes that poor quality projects exist in the market especially if it is copies of Bitcoin and Ethereum. Court cases will begin to shape what becomes an acceptable practice in business terms now.
Cutting edge
As Huff goes to a summit or encounters an intriguing thought, he blogs it. Since law and interpretations of law will frequently happen in the coming years, it might be worth a good read. His thoughts on VC versus ICO shows how Huff thinks. Other blogs involve opinions on cryptocurrencies. For Blockchain companies, he lists the key Canadian laws to be aware of. The Economist reports another indicator of the market happens with Bitcoin. What Bitcoin does in the market appears later in the other currencies. Three points of data would ensure a better ability to predict and influence the cryptocurrency markets. Who or what becomes that third point for investors has yet to be determined.
Implications
As court cases happen, boundaries and constraints occur. Cryptocurrency companies need to be aware of legislative movements and cases in Canada and USA before instituting business practices. A firm may want to check their practices now in light of what Huff has to offer in thought. As mergers, acquisitions, and partnerships along with market volatility happen including Canada’s use of crypto-technologies, it may become the emerging voice of that market. Investors need to determine if they want that path or another.