Implementing Financial (AML/KYC) and Privacy (GDPR) Compliance Measures
Legal Analysis of the Web3 Product’s Business Model
Stage 2. Web3 Product Launch
What’s the purpose of this task?
You will need these legal works if the services provided by your Web3 product will qualify as regulated activities.
Why do I need to complete this task? What will it allow me to do?
This will help you to:
• Create a trusted and compliant legal structure for your Web3 product
• Work with the regulated
institutions (including banks, payment systems, and crypto custodial services)
• Avoid fines and
breach of law
When do I need it? When is the best time to do it?
Before you start onboarding your first users.
How should I do it? Are there any best practices?
If legal analysis indicates that crypto authorizations / licenses are required then it will be necessary to prepare relevant applications and send them to the regulators to obtain any authorizations / licenses. There might also be requirements to deploy authorized capital, assign an auditor, and implement financial compliance policies.
What’s important to remember for this stage?
Crypto authorizations usually include the requirements of annual reporting and the implementation of KYC & AML measures. Crypto licenses are more sophisticated and might also require annual audits, minimal authorized capital, experienced management of the company, etc.
How much time does it usually take?
This depends on the country chosen for DevCo registration and the complexity of your Web3 project’s business model. This task usually takes at least 6 weeks, however actual times vary depending on individual project requirements.
Prices for this task start from USD $5000
Prices for add-ons are indicative only. Final prices vary and are set by service providers from the Legal Nodes Network.
Add-ons are only available with a monthly plan from Legal Nodes.
Legal Nodes does NOT provide legal services. Instead, we provide Virtual Legal Officers to orchestrate your legal workload and manage relationships with your service providers. Plans start from $499 per month and gives you access to the Legal Nodes Network of service providers and add-ons, including this one!
