Distributed ledger technology is changing the world, says the lead partner
Piper Alderman advised CanYa on Australia’s second largest initial coin offering (ICO).
Canya, which is developing a blockchain-powered peer-to-peer market of skilled services, conducted a crowd-sale of its CAN token to raise $12m worth of Ether cryptocurrency at the time of the ICO.
Partner Michael Bacina led the firm’s team. Piper Alderman guided Canya through the complex legal and regulatory requirements of conducting an Australian ICO.
John-Paul Thorbjornsen, CanYa chief executive, said that the law firm “has a very strong understanding of both the disruptive nature of this technology” and “how it should be treated adequately in the current regulatory environment.”
CanYa is looking forward to working with government regulators this year to establish a clear direction on the nascent regulations, he said.
“When you can pay your lawyers and accountants in your own token, you know you’re in the right hands,” Thorbjornsen said.
Piper Alderman recently launched a cryptocurrency payment system for clients to pay in Bitcoins.
According to the firm, it completed a white-paper analysis for the ICO, along with sale documentation and other regulatory document requirements. It also advised in CanYa’s acquisition of Bountysource Inc.
Piper Alderman continues to act for the technology company as they advance their products.
“Distributed ledger technology is changing the world. The rise of cryptocurrencies and initial coin offerings has created new ways for businesses to raise significant amounts very quickly. Taxation, privacy, anti-money laundering, corporate structuring and other regulatory changes all intersect around this new technology. As a former software developer I enjoy both the technical details of cryptocurrency as well as the regulatory challenges,” Bacina said.
Last year, Allens acted in the ICO of Power Ledger, which raised $34m.
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