Blockchain project proposal

1. blockchain is a shared distributed database technology. Although the wording of a sentence about blockchain in different reports is different, the following four technical features are consensus
1. Decentralized: the left side of Figure 1 describes the centralized characteristics of today's financial system, and the right side describes the emerging decentralized financial system, which has no intermediary, and the rights and obligations of all nodes are equal. Any node that stops working will not affect the overall operation of the system
2. Trustworthiness: all nodes in the system can trade without trust, because the operation of the database and the whole system is open and transparent, and nodes cannot cheat each other within the rules and time range of the system
3. Collective maintenance: the system is maintained by all the nodes with maintenance function, and all the people in the system participate in the maintenance work together
4. Reliable database: every node in the system has the latest complete database , so it is invalid to modify the database of a single node, because the system will automatically compare and think that the same data record that appears most times is true
the blockchains of bitcoin, Ethereum and decent all have these characteristics.

2.

Blockchain project compliance generally chooses to register an overseas framework, and then the local lawyer will issue a legal compliance opinion to prove that the project conforms to the laws of the host country. The main body in the market is the Singapore foundation, and this legal opinion is also issued by a local licensed lawyer in Singapore

The legal opinions can be divided into two categories:

1. For the project, the legal opinions issued by the well-known exchanges of Shanghuo coin, OK and coin an, and the legal compliance opinions issued by the well-known lawyers of the designated Singapore law firm

2. Ordinary legal opinions are issued by ordinary licensed law firms in Singapore for these mainstream exchanges

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information required for issuing legal compliance opinions:

1. Chinese and English version of project white paper (word document)

2. Information of directors

3. Information of main Singapore foundation

registration certificate

articles of association

registration paper

Singapore is friendly to blockchain projects and has perfect follow-up legal services, This legal compliance opinion can be issued. It can't be issued in other places. The role of legal opinions in Singapore is relatively large. After all, the cost of processing is much cheaper than the cost of licensing, so it is very attractive for domestic project parties

3.

With the development of blockchain, there are more and more ICO projects and exchanges in the blockchain instry. How should so many projects develop in compliance

the current blockchain project compliance is divided into two sections:

first, blockchain coin project compliance: Foundation + legal compliance opinion:

in addition to Singapore, the United States and the United Kingdom have more choices. The registration fees of these two countries are low, and the registration process is simple. However, if the currency is issued by the exchange later, the United Kingdom and the United States can not provide the corresponding legal services

from the perspective of compliance in the later stage, we should choose Singapore foundation

the government of Singapore not only supports the government policy, but also stipulates that the blockchain foundation can be registered and managed by acra to obtain legal issuance projects, which will make Singapore a financial technology center and blockchain technology center in the next world with its own competitiveness. Therefore, Singapore can be said to be a paradise for blockchain entrepreneurs

advantages of registering Singapore Foundation:

first, non-profit public companies are easier to let investors trust than ordinary companies.

Second, the government supports the development of blockchain, and the policy environment is good.

third, the market is mature, and the follow-up legal services are perfect.

Fourth, excellent and well-known projects are also in Singapore: for example, Laite coin, which is better than the original chain, Fifth, the price is reasonable and cost-effective. Sixth, local lawyers in Singapore can issue relevant legal opinions according to the needs of the project parties to prove the compliance and legality of the project Ordinary companies are not allowed to issue legal opinions)

how to register the Singapore foundation and what information should be provided

1. Provide company name

2. Information of two registered members, one Singapore director, registered address in Singapore, Singapore Secretary (nominal)

3. Business scope

4. Registered capital: default 1 Singapore dollar

after the registration of the main foundation, it is not the end, but just the beginning. After the registration certificate and other documents come out, the professional lawyers of the bar association of Singapore also need to modify and issue legal opinions according to the project plan, which is commonly known as the white paper. To prove that the project is in accordance with the laws of Singapore and can carry on business normally

as we all know, it is forbidden to issue xunihuobi in our country. The legal opinion is in line with the laws of Singapore, and it depends on the legal proceres. The legal opinion can only be issued by a lawyer who meets the requirements. In addition, the white paper is in compliance. The legality of the white paper written by him cannot be guaranteed, and if he is not a lawyer, he does not understand the laws of Singapore, This is very important; Another aspect is for investors, to have legal documents to prove that the project is legal in Singapore, investors will be more assured, then they need some supporting documents

to register a foundation is only the first step, and the most important thing that needs to be done next is cooperation&# 8204; Yes,

now the bigger exchanges need you to issue legal compliance to let you go to the exchange. Therefore, the legal opinions needed to go to the exchange are actually a general term. The legal compliance actually includes several items, such as token non securitization certificate, white paper compliance, private placement terms, public offering terms, etc. Most of these exchanges will require token non securitization certification, and the white paper is equivalent to a normal business plan. After it is written, it needs professional Singapore lawyers to modify it, which is in line with Singapore's laws and regulations. Most companies on the exchange will choose to give legal opinions

the white paper has four main functions

first, it reports to MAS in Singapore, and is not afraid of being investigated in the future

Second, to convince investors that the company is legal and compliant, and to reassure investors

thirdly, it is necessary to use in the stock exchange

Fourthly, rece unnecessary investment

there is also a token filing (non securitization certificate filing), and Singapore lawyers only need to provide a white paper, articles of association, registration paper and registration certificate to prevent MAS verification of monetary authority of Singapore

Second, blockchain exchange project compliance: subject company + digital currency trading license:

as one of the important compliance documents of the platform. It is equivalent to a business license. In particular, after Huoyuan won the Japanese license, the US license and applied for the Canadian license, the license was pushed to a new height. Obtaining the US MSB license also means that the company can reasonably conct business in most states of the United States. This is the reason why the major platforms have started to apply for licenses. If they want to carry out business formally and legally, they have to apply for licenses

for example: MSB digital currency exchange license in the United States, MTR digital currency + Wallet al license in Estonia, austrac digital currency license in Australia, etc

The role of MSB license in the United States:

1

2

3. It can increase the trust of customers, enhance their visibility, and also make the platform develop better and faster in compliance

advantages of MSB license

1. Investor recognition - the company law and financial instry supervision in the United States are very perfect. With the U.S. license, your digital currency trading platform will be more recognized by global investors

2. Get authoritative approval - with the authoritative approval of the U.S. Treasury Department, you can carry out relevant business in the United States and around the world, which represents the compliance supervision of the digital currency platform

3. Becoming a first-line platform -- MSB license is also a standard license for global digital currency trading institutions. Coinbase, bitfinex, poloiex, hotcoin.com, OK, coin security exchange and other platforms all hold this license to operate

4. Diversified services - MSB license allows currency exchange and delivery services, so that you can better meet customer needs and provide more diversified services

why the license plate is so important for the trading platform? First of all, people in the traditional foreign exchange circle know that the foreign exchange platform has the importance of supervising the license plate. Even this traditional mode will create the future trading platform. Therefore, license plate is bound to become a trend of development

4. Ideally:
1. Securities trading does not need transaction intermediary, and it is highly efficient to directly go from indivial to indivial, or from institution to institution, or from institution to indivial

2. There is no handling charge

3. There is no need for intermediate reconciliation, trusteeship, etc. operation management is likely to end because of this.

5. 1. Singapore has a sandbox mechanism, that is, as long as any fintech company registered in sandbox is allowed to engage in business that conflicts with the current laws and regulations with prior reporting. And even if the relevant business is terminated by the official in the future, it will not pursue the relevant legal responsibility“ Sandbox "is not a specific policy for blockchain. It targets all fintech enterprises, and blockchain is naturally one of them. From this policy, we can see that Singapore and Gabor support and tolerate the exploration of blockchain technology application by "private" forces
2. Ubin is a project led by the Singaporean government and integrated with the instry to explore the application of DLT in payment and securities settlement. It can be seen that the Singapore government is actively exploring the practical application of blockchain technology in finance
3. In the early stage, some well-known projects registered foundations in Singapore, which played a guiding role Singapore has always supported the development of blockchain technology with good environment and perfect follow-up services, which is concive to the rapid development of blockchain technology
5. Singapore foundation is non-profit, which is very suitable for the decentralized nature of blockchain
6. Singapore is close to China, so it is convenient to come and go. Many of the projects are operated in Singapore
7. In the later stage, the legal services were improved, and the Singapore registered foundation was chosen as the main body of the project. In the later stage, the exchange's white paper and legal compliance are also focused on the Singapore foundation
for Singapore foundation registration, it is enough to provide a foundation name and two directors' information, and the registration time is generally about 15 working days. In the later stage, the legal opinion issued by the exchange requires the company documents, directors' information and project white paper (English version) of the main company, namely the Singapore foundation. The processing time is generally about 2 weeks

6.

At present, the blockchain project compliance is divided into two sections:
first, the blockchain coin issuing project compliance: Foundation + legal compliance opinion

often referred to as ICO, IEO, and so on. First of all, we build overseas entities first. Generally speaking, the Singapore foundation is more preferred by the coin issuing entities. It is a non-profit company in the form of XX Foundation Ltd. Finally, a legal compliance opinion is issued by a Singapore lawyer. The content of the legal opinion includes the amendment of a white paper and the token non securitization certificate, which is mainly to make the project comply with the laws of Singapore. This legal opinion is also needed for the later docking of the project with the currency on the exchange

7. It seems that many people go to Singapore to do blockchain projects now. The reason why they need to issue a legal opinion is to prove that your project is in line with the laws and regulations of Singapore. Comparing Singapore's laws with China's, they are different. Therefore, we need to find a professional lawyer who has reported in MAS to do the compliance white paper for you, The purpose of revising the white paper is to prove that your project is legal; Another is that some exchanges need these documents to let you go, otherwise they will only spend more money. How to do it depends on your own choice
with a legal opinion, the main body of your foundation is not "streaking".

8. What do you want to ask? How to make a legal opinion? Take Singapore as an example: to make a legal opinion, you need four materials: registration certificate, registration paper, articles of association and English version of white paper.