There is no aspect, literally no aspect which does not come under the umbrella shade of one or the other set of laws. Where there is no law per se, there are general principles of law while the specific laws are under process. With fast emerging technologies, legal professionals also need to pace up to match the needs of stakeholders and protect their interests. Being specific to blockchain technology, here, we are discussing the role of blockchain lawyers in India as against the legal and regulatory issues so linked.

Blockchain Technology

As the term suggests, there are blocks forming a chain. The blocks here contain sets of data, linked together to form a chronological chain of information. The blockchain technology particularly forms an advanced database mechanism that empowers sharing of information within a business network in a permanent and transparent manner. It facilitates recording of transactions and also tracking assets in a business network.

Laws and Regulations around Blockchain

There is no specific legislation to oversee or keep a check on the blockchain in India. However, even in the absence of specific laws, there are general provisions that cover the various aspects. For example, the blockchain smartcode contract comes under the Indian Contract Act, 1872, organisations having virtual digital assets (VDAs) also comply with the Companies Act, 2013. Further update is that the Indian Government is underway with the Cryptocurrency law, which will govern certain aspects of the blockchain technology as well.

Blockchain Lawyers in India

Like any industry, the blockchain industry also needs various legal aspects to be catered by lawyers having better understanding of the field. Blockchain is a technological field and a lawyer bereft of technological advancements may lag behind when it comes to protecting the interests of industry players. Thus, someone from technological background as well as legal expertise should be the best suited in the role of a blockchain lawyer. Online Legal Query brings a list of blockchain lawyers on this page. 

What does a blockchain lawyer do?

Lawyers having expertise in the blockchain industry particularly take up the task of advising the organisations or clients like government agencies or private companies/persons regarding licensing, policy implications, implementation, regulatory compliance, drafting and review of smart contract codes, assistance on initial coin offerings (ICO), etc. With the ever increasing craze for cryptocurrency across the world, the role of blockchain lawyers becomes all the way more important to safeguard all the stakeholders.