R3 to Open Blockchain Lawyers Training Centre

The Legal Center of Excellence will unite ten major law firms to help lawyers from all over the world study blockchain technology 
20 February 2018   330

The blockchain consortium R3, consisting of more than 200 financial institutions, announced the creation of the Legal Center of Excellence (LCoE). The new platform will bring together ten major law firms to help lawyers from around the world examine the features of distributed registry technology and the ecosystem around it, CoinDesk reports.

The new organization will include companies such as

  • Crowell & Moring LLP,
  • Baker McKenzie,
  • Perkins Coie,
  • Ashurst,
  • Clifford Chance,
  • Fasken,
  • Holland & Knight,
  • Shearman,
  • Sterling and Stroock.

Program participants will work on new projects and periodically publish the results of their activities.

These are some of the last pieces that we need to ensure that folks, including our membership, get comfortable with using the technology. The idea is to help these folks actually get a practical understanding of what's going on in the blockchain space, what are the projects that we're working on and what are the benefits we're seeing.

Jason Rozovsky

Senior Counsel, R3

R3 has not yet disclosed the fee for the services of the center, but one of the main requirements is that the legal firms-candidates should work in at least one adjacent jurisdiction with the acting members of the consortium.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.