Whether you are creating new virtual worlds, realities or universes, the digital assets that populate them, or the infrastructure that enable individuals to interact and transact in them, there are numerous legal issues that you may have to navigate. Here are four potential pitfalls that creators of and in the metaverse should avoid. Foregoing Legally Enforceable Contracts. Relying on smart contracts, dapps and other programs exclusively expressed in code to govern transactions between parties can be…
The Financial Crimes Enforcement Network (âFinCENâ) is a bureau of the U.S. Department of the Treasury whose mission is to safeguard the financial system from illicit use and to combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. In prepared remarks to the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference, Kenneth Blanco, FinCEN Director, announced a new 314(b) Fact Sheet issued on December…
Any distributed ledger used by an enterprise or industry needs to conform to data requirements in the countries in which it operates. Existing blockchains based on Bitcoin and Ethereum codebases can indiscriminately broadcast private data to all participants of a network, and therefore may not always be suitable for use in financial services. Distributed ledgers have been developed that share certain data only with participants who need to see it, most notably R3’s Corda. These…