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Cryptocurrencies, such as Bitcoins, are virtual, digital money that have no government or central bank backing. Since their first appearance around 2009, they have gained broader acceptance and seen expanded use. Today, mainstream businesses have begun to accept cryptocurrencies as payment for goods and services, and many who are not currently accepting cryptocurrency are considering the possibility. Active exchange markets have been established to trade Bitcoins and other cryptocurrencies against traditional currencies.
The use of cryptocurrencies involves complex legal issues of regulatory compliance, valuation and management protocols and controls, among other considerations. Businesses considering entering into the cryptocurrency space will need sophisticated and knowledgeable legal counsel to provide the guidance necessary to navigate this cutting-edge technology. Similarly, banks, broker-dealers, investment funds and other financial institutions will need legal counsel who know how to manage risk and ensure compliance with rapidly changing cryptocurrency technology and regulations.
Responsive and knowledgeable about the complex constellation of legal questions involved in dealing with cryptocurrencies, Thompson Hine has moved to the forefront of law firms counseling clients in the evolving Bitcoin and cryptocurrency environment.