Data & Technology

Blockchain and the Metaverse

Game-changing in an ever-changing market

Blockchain, NFTs, Web 3.0 and the metaverse are some of the most critical, game-changing developments in tech. Businesses that want to get ahead of these developments and maintain a competitive edge in an increasingly crowded market need to be in-the-know and have an eye on the ever-changing market at all times.

As these technologies become more prolific, as do the questions around their safe, legally compliant and commercial use. Businesses need to know if blockchain products can be marketed while staying on the right side of financial services regulations, consumer law and privacy law, if intellectual property rights are protected in the metaverse, and if entering into the metaverse is a viable route to market.

Blockchain-based software also harbours the possibility of delivering more cost-effective and efficient legal products and solutions to clients, such as:

  • Smart contracts for legal agreements
  • Expedited due diligence processes
  • Secure verification for contract execution

Why choose Foot Anstey?

Our firm has gained valuable experience in assisting a number of clients on numerous matters related to the topics mentioned above– from established brands looking to collaborate with Web 3.0 organisations, to start-ups seeking funding. We have worked on Web 3.0, metaverse and NFT projects in the UK and internationally.

Our aim is simple. We work alongside clients, embedding ourselves in their teams and becoming a trusted advisor that bolsters business and growth through pragmatic legal advice. We offer them tailored, practical advice and support to power their ambitions, without compromising on value for money. With respect to novel technologies, our proactive approach to achieving this is twofold:

  1. We promote cross-sector collaboration and share expertise as soon as it is needed, across a wide spectrum of practice areas where novel technologies are gaining traction (such as commercial, financial and regulatory law)
  2. With a view to remaining our clients’ most knowledgeable and trusted advisers, we work consistently to strengthen our internal technical expertise by training up our people

We are tackling the tech challenge head-on instead of acting as commentators on the sidelines.

Our expertise

Commercial

Our Commercial team has advised clients on the contractual and other commercial arrangements that enable them to “enter the metaverse”, whether that advice involves setting up collaboration agreements with existing Web 3.0 businesses, drafting NFT licences, or providing a legal steer on commercial agreements.

Working from the firm’s network of offices across the South West, South East and London, the team acts as a single cohesive unit that provides “no-nonsense, results-focused” advice and support to major national and international businesses operating across different sectors. Many of our Commercial lawyers have spent a considerable amount of time working in-house on secondment with clients, and this experience has equipped them with commercial insight as well as practical and technical excellence.

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Regulatory

Our Regulatory team has experience in analysing whether certain cryptoasset activities fall within the scope of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (and therefore whether these activities need to be registered with the UK’s Financial Conduct Authority).

More generally, the team can support with:

  • Working with businesses to highlight current and future regulatory changes across an industry
  • Stress-testing policies and procedures to ensure compliance with the UK’s Bribery Act 2010 and Criminal Finances Act 2017
  • Advising and representing business and individuals in response to police investigations, court cases and confiscation practices resulting from allegations of fraud, unfair commercial practices and money laundering

Financial Services Litigation & Fraud

We have a fully integrated Financial Services Litigation & Fraud practice, which deals with financial disputes, white collar crime, complex recoveries and fraud. The team also chairs the South West Fraud Forum and sits on the Board of the National Fraud Forum, thus enabling our lawyers to be strongly networked across various industries and sectors (public, private and third) when it comes to matters such as prevailing threats and regulatory and policy initiatives.

 

 

Islamic Finance

Our Islamic Finance team is closely monitoring the development of Shariah-compliant cryptoassets. As demand surges for innovative Shariah-compliant and ethical investment products, the team is contributing to wide-reaching innovative discourse on the subject of blockchain and its various technologies. We expect that developments in this area are imminent and are aiming to meet the demand for advisory support as it arises, from Muslims and non-Muslims alike who are interested in ethical investing.

The team also offers advice and support for both start-up and established fintech businesses, and draws on its specialist banking, real estate and investment knowledge to do so.

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Recent work

Advising on NFTs

Our Commercial team advised a top Scotch whisky brands company on NFTs. Our client commissioned an artist to redesign their label, and in order to promote the drink rebrand, our client’s parent company offered a prize of two digital art NFTs created out of the newly designed labels.

 

 

Advising on Roblox

We advised our client, a popular fast-food resturant chain, in connection with its planned collaboration with the popular virtual universe “Roblox”. This involved considering what the game might look like from the users’ perspective; in particular, we were asked to provide commercially strategic risk-informed advice based on an analysis of the UK’s rules on advertising foods to children that are high in fat, salt and sugar.

 

What our clients say?

The firm is highly responsive and provides high-quality transaction management and execution. The flexibility of the team in bringing the appropriate resources to a transaction supported with the range of experience required makes them a trusted partner.

“Paul Cox… provides great support to my clients and to myself. He possesses robust commercial awareness and… is able to explain legalities in a manner that ensures a clear understanding by all parties. Paul displays excellent knowledge and approaches all projects with a reassuring level of commitment.

James Gliddon is an excellent tactician with an eye for detail. He brings a calm and steady hand to all the cases he handles.

James Gliddon is knowledgeable, pragmatic, approachable and engaging with a real infectious enthusiasm for his work

Key contacts

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