Digital economy

Digital economy is often defined by reference to the prolific use of data and high levels of connectivity. Various stages of evolution of digital economy are also often pointed out: starting with the addition of digital sales channels for existing businesses, to creation of new types of digital entertainment and blockchain. Legislatures and courts around globe responded to that evolution in various ways.

Accordingly, a business in digital economy may need to abide by mandatory cooling-off periods, afford certain level of protection to personal data, provide API access to client accounts, comply with additional VAT obligations, and implement anti-money-laundering and know-your-customer policies. We can assist with all of those tasks and we advise both the more traditional businesses and also the purely digital regulated fintech platforms.

Some new types of digital economy presented truly novel legal challenges. We mean here primarily crypto assets, with respect to which even their legal status of property had been initially uncertain. Today, the regulation of crypto assets is probably past the nascent stage: for example, the European Union now has Markets in Crypto-Assets Regulation (MiCAR) (will apply from 30 June/December 2024) and VARA in Dubai has its Virtual Assets and Related Activities Regulations 2023.
And we have the multi-jurisdictional experience to provide legal support for your digital product, from seed financing to maturity.