Practices Sectors Private clients

FinTech

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Practices:
Rapidly evolving financial technologies and the crypto industry generate new business models based on cross-border transactions, digital assets and advanced technological infrastructure. In a tough and constantly changing legal and regulatory environment, selecting an appropriate jurisdiction, licences and internal procedures becomes a key factor for sustainability and scalability of a business.

Companies face numerous legal and regulatory challenges at once, including licensing issues, conformity with AML/KYC requirements, developing internal compliance policies and procedures, drafting smart contracts, procuring tax transparency, and protecting their interests abroad. Well-established policies and procedures help not only avoid regulatory exposure, but also gain secure access to global financial systems.

BGP Litigation provides integrated legal support to fintech and crypto projects at all stages, from choice of jurisdiction and licensing process through developing internal policies and procedures and implementation and support of high-tech solutions, and helps its clients build a sustainable, transparent and scalable infrastructure that meets the requirements of both local and international regulators.

BGP Litigation team comprises financial regulation, AML/KYC, tax structuring, intellectual property, blockchain development and smart contract experts experienced in advising on projects implemented in over a dozen of jurisdictions, including cryptocurrency exchanges, DeFi platforms, and major fintech ecosystems.

Services offered by BGP Litigation's fintech team will be of interest to:

•    fintech companies, including payment services, mobile banks, P2P platforms
•    crypto projects, including cryptocurrency exchanges, DeFi platforms, NFT marketplaces, blockchain start-ups, token and stablecoin issuers
•    investment and trading platforms
•    traditional businesses integrating crypto solutions
•    funds and venture investors implementing fintech and crypto projects 
Services
Licensing for digital banks, payment systems, and e-money services
+

  • Advice on selecting an appropriate jurisdiction and type of licences
  • Legal support in connection with obtaining payment service and e-money issuing licences
  • Document drafting and interaction with regulatory authorities

Licensing for cryptocurrency exchanges and digital asset platforms
+
  • Obtaining licences for centralised and decentralised exchanges, custodial service providers, and digital asset platforms
  • Drafting transaction and legal documents
  • Interaction with regulators at all stages
Conformity with AML/KYC requirements
+
  • Developing and implementing internal AML/KYC policies and procedures
  • Sanctions compliance
  • Audit of compliance policies, risk assessment, and methodological support
Blockchain and digital assets
+

  • Legal support of asset tokenisation
  • Advice on cryptocurrency transactions and digital assets
  • Legal support in connection with NFT projects
  • Drafting and legal review of smart contracts 

Legal support in connection with Decentralised Finance (DeFi) projects
+
  • Launch and operation of DeFi platforms
  • Choice of jurisdiction, structuring, and risk analysis
  • Developing a contractual framework and compliance procedures
Financial and antitrust regulation
+
  • Advice on regulatory requirements in multiple jurisdictions
  • Liaison with financial regulators and antitrust authorities
Pre-IPO legal advice
+
  • Preparing a company for an initial public offering (IPO)
  • Corporate structure makeover and documentary due diligence
  • Drafting a prospectus and liaison with a stock exchange and regulators
Jurisdiction and licensing model selection
+
  • Review of a business model, geography and capital requirements
  • Selecting an optimal licensing model for scalable projects
  • Assessment of tax and regulatory exposure

We advised:

A World's Major Mining Pool

in relation to a launch of a crypto neo-bank in the United Arab Emirates, including developing a legal and regulatory structure for token issuance in compliance with the requirements of UAE's Virtual Assets Regulatory Authority (VARA) and Central Bank

A Fintech Holding Company

in relation to establishment of a corporate structure comprising eights legal entities based in six jurisdictions

A Crypto-Fiat QR-Based Wallet

on various matters, including business model audit, licensing requirements in the CIS and ASEAN countries and recommendations in relation to tapping into regional markets

A Global DeFi Wallet Provider

on jurisdiction and licensing model selection, including obtaining one of the first DeFi licences in Ras Al Khaimah Digital Assets Oasis (RAK DAO)

A Crypto Mining and Trading Project

in relation to obtaining VARA's approval to mine cryptocurrency in Dubai, including developing a regulatory plan and compliance structure

A Crypto Division of a Major Bank

in relation to structuring multi-jurisdictional asset and data flows, including legal due diligence and Hong Kong-focused launch plans

A CeFi Wallet on Various Matters

in relation to compliance management taking account of the cryptocurrency regulations of the Kyrgyz Republic, UAE, and international standards, including drafting compliance policies and procedures

A Regulated Digital Intermediary Platform

on various matters in relation to drafting B2B agreements procuring compliance with the regulatory requirements and partner on-boarding rules

A Telegram-Based Crypto Wallet

in connection with developing a comprehensive VARA compliance plan for its Dubai operations, including licensing and regulatory compliance

A B2B2C Tokenised Platform Connecting Clients and Freelancers on Various Matters

in relation to legal structuring, licensing and contractual framework for a scalable Web3 service

A Leading Game Publisher on Various Matters

in relation to an NFT/Web3 game launch, including NFT trading terms and conditions, content monetization, and the launch of the Global Cross Border Privacy Rules

Team

Alexandra Kurdyumova
Partner, Head of Legal Practice MENA Desk, FinTech, Intellectual Property and Technology
Denis Savin
Partner, attorney — Tax Advise and Disputes
Elvira Ilina
Counsel — Capital Markets
Irina Kuyantseva
Counsel — Corporate Law and M&A
Valeria Gziryan
Senior associate – Fintech, ТМТ and Digital Economy, Intellectual Property and Technology