分布式账本技术采用一种经过验证的共享数据库，可允许多用户永久查看并记录交易。区块链是一种使用加密算法来验证交易的分布式账本技术，它将交易记录进“区块”，可确保记录不被复制或更改。分布式账本技术消除了对可信赖的集中式数据库管理员的需求。作为替代，数据副本由对等网络中的多个节点维护。 

虚拟货币就是一种分布式账本技术，它可以充当基于代码的交换媒介、价值存储和账户单位。虚拟货币（如比特币或以太坊）旨在替代传统的法定货币。一些企业已经开始接受使用这些货币支付商品和服务的对价。一些可从全球各地访问的市场和交易所也已建立起来，以进行虚拟货币的交易和投机。许多监管机构正在考虑对虚拟货币进行适当监管。虽然该领域仍在不断变化中，但市场参与者必须了解认识关于资金转移、反洗钱、证券、商品等事宜的全球现有法律。

智能合约是一种基于代码的协议，它使用软件来自动执行各方之间的权利和义务。智能合约代码可以集成到分布式账本技术中，以实现对相关安排的外部控制、利用标准化条款、自动执行及自动支付。 

由于分布式账本技术的潜在用途和包含智能合约的分散应用（“dapps”）如此多种多样，它们可能会涉及诸多实体法领域。许多分布式账本技术（如虚拟货币）本质上是全球性的，这意味着它们的开发者、操作员和用户必须考虑多个司法管辖区的法律。 

孖士打的全球平台能很好地帮助客户处理各种围绕分布式账本技术及智能合约的复杂而新颖的法律事宜。本所律师博采众长，专业知识渊博，能发现、分析并解决在几乎每个实体法领域存在的相关问题。我们提供法律建议的部分重要领域包括：

• 技术交易

• 应收账款融资

• 房地产和抵押

• 网络安全

• 隐私

• 银行及保险监管

  • 反洗钱合规

  • 支付解决方案

  • 资金转移合规

  • 客户保护

• 证券及商品

  • 首次代币发行

  • 二级市场交易

  • 数字资产托管

  • 商品交付

• 知识产权

• 投资

• Lead representation of a firm in seeking to become registered as a futures commission merchant (FCM) with the Commodity Futures Trading Commission for the purpose of brokering cryptocurrency contracts.
• Advised a leading provider of online consumer personal loans on entering into a node agreement to become a node (a supporting participant) in a blockchain solution that will be created to record personal loan transactions made by consumers.
• Advising numerous non-financial retailers on considerations when evaluating whether to accept cryptocurrency as payment as well as reviewing and setting up arrangements with cryptocurrency exchanges to enable the acceptance of cryptocurrency.
• Counseling a large non-US spot cryptocurrency exchange with respect to its activities in the US market.
• Assisting a proprietary trading firm in building out its cryptocurrency trading operations.
• Forming a hedge fund to trade cryptocurrencies on US and non-US markets.
• Providing federal, state and local tax planning advice to a blockchain investment firm with regard to income generated by the funds and the investment manager.
• Represented cryptocurrency exchanges and cryptocurrency payment gateway providers in the development and deployment of alternate payment methods including the providing intellectual property guidance on the implications and risks associated with using non-traditional payment methods not currently regulated by the United States government or Federal Reserve Corporation.
• Advising a leading consumer package goods company on the use of NFTs for the licensing of its intellectual property to third parties.
• Representing multiple crypto exchange platforms in reviewing and registering their IP as well as IP portfolio management.
• Advising a crypto payment integration provider in connection with analyzing and registering their intellectual property.
• Represented a leading electronic commerce technology company in its participation in a consortium for the establishment and management of an asset-backed cryptocurrency. We advise on tax-related issues in coordination with other firm practices.
• Advising cryptoasset service providers and other financial institutions on the implications for the new UK registration regime, including on strategic issues to deal with late registrations and related communications with regulators.
• Advised an international bookmaker and online betting platform on the potential structuring and restrictions of an Initial Coin Offering in Hong Kong.
• Advised a global bank on the development and evaluation of a prototype to combine an asset registry and AML analytics, incentivize new receivable financing opportunities and make trade safer through the use of AML analytics on a distributed ledger.
• Advising one of the largest full-service blockchain technology companies in the world on the current laws and regulations, restrictions applicable to cryptocurrency mining and pool businesses in Hong Kong, as well as any declared or expected regulatory trends or regulations to introduce restrictions to such services.
• Advised a blockchain platform on financial regulatory obligations in the United States, United Kingdom, France and Hong Kong, including licensing processes in Europe.
• Represented a fintech platform operating on a distributed ledger technology before financial regulators in the United States and Europe.
• Advised a major investment bank on investments in companies with significant cryptocurrency operations, including performing comprehensive regulatory reviews of these companies in connection with the investment transactions.
• Advised a property developer and property manager on the regulations concerning stored value facilities in Hong Kong.
• Represented the venture capital arm of a worldwide professional services company in its investment in a blockchain and ledger services business.
• Advised an international financial association on blockchain and smart contract legal and regulatory challenges related to definitions and master agreements execution.
• Advised a bank on the development and evaluation of a blockchain prototype that would combine an asset registry and AML analytics to support receivables financing on the blockchain.
• Represented several companies in connection with offerings of security tokens. This included providing clients with advice on how to structure the offering to comply with regulatory requirements under securities laws, New York BitLicense regulations and money services business laws, as well as preparing the offering documents.
• Reviewing numerous token white papers and counseling issuers with respect to the implications of offering coins and tokens to US persons.
• Represented an international bank on entering into a consortium agreement to develop a central bank digital currency working prototype using a cryptocurrency version of the Hong Kong dollar to be deployed in Hong Kong by the HKMA and the three currency issuing banks in Hong Kong for interbank payments/securities settlement with provision to wholesale customers.
• Advising a bank on its participation in the R3 consortium project with the Monetary Authority of Singapore to create a working cryptocurrency prototype of the Singapore dollar on the Ethereum blockchain.
• Represented a Tier 1 global bank on the terms under which it entered into the R3-led Distributed Ledger Group (i.e., the blockchain consortium to develop DLT-related technologies consisting of R3 and 40 other banks).
• Represented a global bank on the terms of its participation in a consortium project to create blockchain-based smart contracts that banks can use to automate the creation, exchange and execution of purchase contracts and letters of credit used in trade finance.
• Advised an international resource-based group on the establishment of a sustainability consortium platform with other industry players and the use of a blockchain solution to trace the production and sourcing of materials.