Blockchain Is 2017’s Opportunity for Lawyers

• Date: September 28, 2017

Addison Cameron-Huff is an active legal force in the Toronto tech community focused exclusively on the blockchain and internet startup space. He can often be found speaking at events and previously co-chaired OsgoodePD’s Critical and Emerging issues in Blockchain Law. He recently joined Decentral Inc., the company founded by Ethereum’s co-founder, Anthony Di Iorio.

As the world reacts to the uncertainty of cryptocurrency offerings, such as initial coin offerings, initial token offerings and sales of securities of cryptocurrency investment funds, many startups in the community are having discussions on what the future of Canadian innovation in the cryptocurrency space looks like. Cameron-Huff is co-chairing and will be speaking at OsgoodePD’s Blockchains, Smart Contracts and the Law on November 15, during a 1 day program where 17 top legal, tech and financial industry experts from the US and Canada discuss the biggest legal issues facing the blockchain.

To get a sneak peek at what to expect, Addison Cameron-Huff spoke with Osgoode Professional Development’s Program Lawyer, Amy ter Haar about what it will take for the law to catch up with blockchain technologies.

While blockchain developers have been busy creating cryptocurrencies, smart contracts and enhancing transparency, the law is only beginning to catch up in its consideration of the proper treatment of these issues. What is it that lawyers need to understand right now about blockchain law?

The intersection of blockchain and securities law has been the most important trend for lawyers in this field. I published an article recently that looks at the CSA’s August Staff Notice about token sales. Securities regulators are paying attention and trying to figure out how securities laws apply to some of the innovative structures that people are coming up with.

Tax is a constant question that I get. Lawyers need to know how to identify tax issues (e.g. sales tax) and refer their clients to the appropriate professionals.

Everyone should be keeping an eye on the 2014 amendments to the PCMLTFA that are not yet in force. It’s important to be aware of Money Services Business rules even if they don’t yet affect most businesses involved in cryptocurrencies.

How might blockchain technologies impact the legal services industry both now and in the future? What’s the biggest missing piece in Canadian blockchain law?

The first thing that Canadian lawyers should know is that American law firms are well ahead of them. US...