The way people invest or transfer money, new technologies change. Some of these new technologies appear in today’s digital world before they are fully understood. Recently, federal agencies have been paying attention to the fraudulent use of bitcoin and other similar cryptocurrencies, resulting in severe penalties for those who are charged with cyber crimes.
The development of digital or virtual currencies like Bitcoin has opened the digitally inclined to a whole new world. These cryptocurrencies contain any type of digital currency based on the cloud. Fraud, money laundering or even illegally shopping or selling can still be carried out through cryptocurrencies. It’s crucial that you seek help from an experienced cryptocurrency lawyer if you are charged with cryptocurrency fraud to protect your rights!
For 2018, Bitcoin and cryptocurrencies have become the largest financial products, generating widespread headlines, turning ordinary people into millionaires – at least for a short period before they fall into volatile currencies—as our cryptocurrency lawyers are all too well acquainted with.
The digital or virtual currencies are cryptocurrencies, including Bitcoin and its competitors. Currencies get their value, as any monetary system gets their value because they are shortages. You would not have the value of printing unlimited dollars or of producing unlimited bitcoins. Although central banks control the supply of most currencies, such as the US Federal Reserve, Cryptocurrencies do not rely on a central bank. Crypton techniques instead regulate the production or generation of new currency units that have contributed to naming these currencies. Encryption techniques also verify if funds are transferred when cryptocurrencies are transacted.
It is essential for cryptocurrencies to have a value that there is a consensus in all the different entities in the network since it needs to be obvious when transactions occurred. The shared transaction database must be accessible and consistent across all network entities, but also unchanged so that no entity can modify it in the network.
BITCOIN AND CRYPTOCURRENCY ATTORNEYS
Many government and federal agencies in the US have started to regulate Bitcoin, alt-coins like Ethereum, and virtual tokens more heavily. Our firm is committed to keeping our customers informed about new legal developments and ensuring compatibility. In punishing those found guilty of fraud, the federal government is aggressive. Fraud in crypto can be punished by imprisonment of up to 20 years. Very few lawyers have experience in investigating or carrying out prosecutions of cryptography. We work closely with clients at Kameli & Associated’s Law office to understand their goals and to build a path to achieve these goals. We have established teams of lawyers with know-how in many fields which affect digital currencies including ICOs.
To accommodate the needs of our clients, the Law Offices of Kameli and Associates has developed a suite of cryptocurrency and blockchain-related services, including:
- Advising issuers of tokens on the applicability and implications of federal and state securities regulations;
- Counseling service providers on registering as a Money Service Business and obtaining state Money Transmitter licenses;
- Guiding individual and institutional investors through the state and federal tax obligations and disclosure requirements associated with acquiring, holding, and transferring cryptocurrency (including the issues surrounding airdrops, hard forks, and FBAR disclosures);
- Defending clients against regulatory and administrative actions and providing prompt and effective resolution of the underlying concerns;
- Drafting, negotiating, reviewing, and explaining agreements involving the purchase or sale of cryptocurrency, investments in cryptocurrency funds, and the formation of business entities;
- Enforcing our clients’ rights and resolving disputes by means of both alternative dispute resolution and litigation;
- Maintaining a thorough understanding of developments in the legal and regulatory landscape surrounding the cryptocurrency and blockchain community and providing our clients with top of the line advice catered to their specific needs.