Block Chain Technology has been one of the latest developments in the technology world which has fuelled the rise of digital currency. It has attracted attention from the major banks across the globe as it has the potential to increase the speed of banking by many times and also reduce the need for manual work in many scenarios.
The basic concept behind block chain technology is that all transactions for a particular asset are recorded using a publicly available ledger which makes it easy to verify the true owner of the asset. This brings in true transferability of the asset without the need for any intermediary like a bank.
However, the emergence of block chain technology has brought in significant legal challenges as now taxation; international transfers of funds, privacy of asset etc. have to be evaluated again. As such regulators across the world have imposed a number of controls on the use of the technology which can impact your business.
Bitcoins and Digital Currency are sometimes considered to be synonymous. However, digital currencies were in existence prior to the emergence of Bitcoin. Bitcoin due to its mass market popularity has bought them into spotlight. The use of Bitcoins has however been shrouded in a number of controversies particularly over the permission granted by regulatory authorities.
This does not mean that your business may not be able to access the immense benefits provided by bitcoins but merely means that you will have to comply with a number of guidelines and have to be cautious in their usage.
We at Empire have a dedicated team on this subject and can assist you with all your queries and compliances on the issue. Keeping in mind the rapidly changing nature of the subject we aim to keep you updated with the latest developments which may impact your business.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.