Crypto & Web3

Like with any other novel cutting-edge industry, it is of paramount importance for your upcoming or existing cryptocurrency business to have trustworthy and technically savvy legal advisors by your side.

Our legal team is specialized to cover all legal and regulatory aspects of blockchain technology, Web3, and cryptocurrencies in a jurisdiction that was one of the first in the world to bring out comprehensive regulation of digital assets. That opened a new space for providing a set of crypto services, as well as a space for a diverse set of businesses to incorporate the use of digital assets into their business model.

 

In addition to our demonstrated experience in practice, our in-house IT consultants play an imperative role in this process, working hand in hand with the legal team. Our goal is to help innovators, investors as well as numerous market participants who are trying to catch up with innovative ways of running their businesses. We advise IT companies and individuals engaged in digital asset development, protocol developers, crypto exchanges, trading platforms and other crypto service providers, Decentralized Autonomous Organizations (DAOs), decentralized finance (Defi) actors, cryptocurrency miners, financial institutions, and all other digital asset holders interested in the legal and tax aspects of digital assets.

 

The services we provide include, among others:

 

Complete Legal Support in the Procedures of Obtaining Licenses for Performing Activities Related to Digital Assets

 

Depending on the type of digital asset to which the service relates, we are ready to support you in the procedures of obtaining licenses before the National Bank of Serbia and the Securities and Exchange Commission, for services that include, among others, trading platforms, crypto exchanges, crypto portfolio management companies, crypto payment processors and other services you can perform in connection with digital assets.

Our service includes, but is not limited to the following:

  • Establishing a company that will provide services related to digital assets,
  • Advising on the fulfillment of personnel, financial, and other legal prerequisites for the performance of such services,
  • Preparation of the necessary documentation to obtain a license from the competent regulatory authority,
  • The procedure of outsourcing certain parts of the service provider’s business concerning digital assets,
  • Ongoing support in the business of service providers upon obtaining the necessary permits (compliance &commercial) etc.
 

Providing Legal Support with the ICOs

 

Our support for an ICO implies legal advice on the manner and conditions of issuing an ICO, as well as the terms and conditions for its public advertising. We can also provide a legal opinion on compliance with cryptocurrencies and ICOs and represent before the competent authorities regarding the initial coin offer advertising procedures.

Our expertise can also help you choose the appropriate properties and rights that are incorporated into the virtual currency or token itself to fall under a more favorable regulatory regime and the competence of the regulatory authority.

 

Providing Legal Advice on Entering the Serbian Market and Supporting Further Business

 

Whether you are planning to establish a company in Serbia or plan to move your business to Serbia, our team can support you in all aspects of the company formation, as well as all other regulatory issues for your business. If your business involves a certain model of using crypto and blockchain, we provide all legal services related to establishing and supporting the further business of such businesses. If you are already in business and plan to tokenize your business, our expertise in this area can help you implement your plans.

After you have started your business, we provide you with the services of all necessary legal compliance, support in concluding commercial agreements, IT agreements, drafting general terms and conditions, and other legal documents that are specially tailored to the needs of modern business.

 

Advising on Domestic and Cross-Border Transactions Concerning Digital Assets

 

The provision of services or the sale of goods within the Republic of Serbia and abroad is also the subject of our expertise. If your business plan involves payment or exchange of digital assets for goods or services that you provide, our team can support you in assessing the planned business model from various legal aspects.

Our service includes consulting on many aspects of the crypto business, among which are:

  • Anti-money laundering regulations (AML),
  • KYC regulations and procedures in the context of the banking sector,
  • Regulations on foreign exchange operations and regulations of the NBS on cross-border transactions with a background in crypto,
  • Commercial and contractual aspects of cross-border transactions,
  • Regulations in the field of regular and occasional notification of regulatory, authorities about facts of importance, etc.
 

Tax Advisory on Tax Optimization

 

Our law firm provides tax advisory services for digital assets that you own, plan to acquire, or intend to invest in for other purposes. We also provide advice on tax breaks related to digital assets and their practical use. Our work is focused on all tax aspects of digital assets, for legal and natural persons.

For example, some of the daily transactions that are the subject of our analysis are:

  • Converting digital assets into fiat currency,
  • Trading digital assets on trading platforms,
  • The exchange of one digital asset for another,
  • Investing digital assets in the business or buying real estate,
  • Tax on mining digital assets, etc.
 
 

Use of NFTs in Day-To-Day Business and Copyright

 

We work with companies and individuals who use or intend to introduce the use of NFTs and Web3 in various industries in which they can have a certain application, such as gaming, music, visual arts, event organization, sports, transport of people and goods, medicine, etc.

A non-fungible token is a unique digital identifier that cannot be copied, replaced, or shared, recorded in a blockchain network, and used to verify authenticity and ownership. The very fact that NFTs can serve as proof of authenticity and ownership, NFTs become applicable technology to all types of activities in which the service user or the buyer of the goods must identify the other party and prove that he is entitled to such goods or services. Some examples of the implementation of this technology are when selling tickets for events, tickets for transportation, owning unique graphic arts, and buying skins in games. Also, NFTs can serve as undoubted proof that a particular client has purchased your goods or services, or that only that person is allowed to use your service and not someone else.

Since NFTs are closely related to copyright, we also support you with copyright and intellectual property issues. Also, as some of these activities may include obtaining and storing data about customers and service users, we provide full support in terms of personal data protection.

Zunic Law Firm is a member of the Global Legal Blockchain Consortium (GLBC), which aims to improve the security, privacy, productivity, and interoperability of the information technology rights ecosystem.

 

If you have any other questions or concerns about digital assets, cryptocurrencies, digital tokens, NFTs, Web3, or blockchain, related to the legal and tax implications of their use, our team is at your disposal.

 

***Zunic Law Firm provides advisory services under the Legal Profession Act of Serbia, under the rules of the independent profession, and not based on the permission of the regulatory authority.

Zunic Nemanja

Nemanja Žunić

Articles in IT Law

5 min read

Tijana Žunić Marić

01/06/2024