The Importance of Cryptography for Lawyers in the Crypto Space

The Competency Gap Among ‘Crypto’ Lawyers: Solving a Crypto Dispute with Cryptography

Summary: This article highlights the growing need for legal professionals in the fintech and web3 industry and the challenges in finding lawyers with expertise in cryptocurrency and blockchain. The author shares a case involving a customer and a crypto exchange that refused to release cryptocurrency due to compliance with AML/CFT regulations. Previous ‘crypto’ lawyers were unable to solve the issue, but the author, with knowledge of cryptography, offered a simple solution. The article emphasizes the importance of lawyers understanding the basics of cryptography to effectively advise clients in the evolving field of blockchain and cryptocurrency.

Key Points:

Many struggle to find legal professionals with expertise in cryptocurrency and blockchain.
A case involving a customer and a crypto exchange highlighted the competency gap among ‘crypto’ lawyers.
Previous lawyers suggested legal action or drafting a purchase contract, which were not suitable solutions.
The author used their understanding of cryptography to propose a solution.
The importance of lawyers understanding the basics of cryptography for effectively advising clients in the crypto space.

Hot Take:

Lawyers working in the blockchain and fintech industries must have a solid understanding of cryptography to navigate the complexities of this rapidly evolving field. The example presented in this article demonstrates the limitations of lawyers without crypto expertise and the potential obstacles their clients may face. As the crypto revolution continues, it is crucial for legal professionals to educate themselves on the fundamentals of blockchain technology and digital signatures to provide effective legal counsel and support innovation in this space.

About the Author: Oleksii Konashevych

Oleksii Konashevych holds a Ph.D. in Law, Science & Technology and has been an academic researcher in blockchain technology since 2016. His expertise in the field led him to be invited to speak at the Australian Senate, where his recommendations on blockchain technology were adopted. He also runs the YouTube channel “Blockchain State.”