Mining Crypto-Currency Bitcoin, Ether and Altcoin, Legal Advice from Lawyers
More and more popular, crypto-currencies such as Bitcoin and Ether are frequently the headlines of economic news and their price is more and more interesting.
In this perspective, many entrepreneurs decide to embark on the “mining” of cryptocurrency. Mining is the process by which Bitcoin transactions are secured. To this end the miners perform with their computer hardware mathematical calculations for the Bitcoin network. As a reward for their services, they collect newly created bitcoins as well as transaction fees that they confirm. Currently this reward is 12.5 bitcoins per block. It is halved every four years or so.
In order to set up a cryptocurrency mining business, a contractor will not only have to secure many technical elements, such as the price of electricity, but also ensure legal, tax and regulatory compliance .
In particular, it is recommended to consult a lawyer familiar with the crypto laws, so that it can advise on the following:
The analysis of your current situation,
Compliance exam in corporate law and commercial law advice (shareholder agreement, employment contract, space rental)
The tax analysis of the company and the tax optimization for the shareholder (s),
Review of the Canadian and Quebec Regulation (FINTRAC and AMF)
Review of anti-money laundering legislation and determination of required licenses, if any.
Our law firm offers an all-inclusive solution for startup companies in cryptocurrency mining to identify important points and ensure tax, legal and regulatory compliance.
Mr. Louis Sirois, email@example.com