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0x Introduces Set of Legal Resources to Keep the Ecosystem within Compliance

Reading Time: 2 minutes by on February 11, 2019 Altcoins, Blockchain, Platform, Regulation
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Jason Somensatto of 0x’s core team recently posted an update focusing on the legal aspects of the development of financial services using the 0x platform.

Legal Resources for the 0x Ecosystem

On February 7, 2019, the 0x team introduced a batch of resources to help developers on the 0x ecosystem get acquainted with the key legal issues related to building on the 0x protocol. The move is also an attempt to involve the community in brainstorming around the legal aspect of the development of open financial services over the 0x protocol.

Somensatto is the Strategic Legal Counsellor for the 0x team and his key responsibilities are to provide orientation to developers or teams working in the 0x environment when it comes to addressing the main legal issues. Moreover, he makes a strong contribution on how to deal with legal issues that can come from technologies like 0x and the projects that are developed on top of it.

The Legal Implications of Building Open Financial Services

Jason has been meeting with independent developers and other decentralized finance teams since October 2018 with the purpose of gathering a deeper understanding of the legal issues the teams involved in the development are facing.

The first project Jason is working on is an open source legal reference guide to help teams developing services on top of 0x and anyone wanting to contribute. According to the post, this resource is comprised of two parts:

  • The 0x Legal Wiki, which gathers the key U.S. laws that can impact the 0x ecosystem.
  • The 0x Legal Library, which is a collection of links to important cases, statements from regulators, and commentary by others within the legal community addressing the application of these laws to the crypto industry.

The whole set of documents will also be hosted on GitHub. By doing so, Jason wants to enlarge the picture and bring people from outside to give their contribution. By hosting the documents on Github documents can be updated and benefit from the community’s contribution.

Moreover, this method will also enable a lawyer in Europe, Singapore, or in the U.S. lawyer to provide its insight based in their area of expertise. Individuals working on developing open financial services can also post direct questions here.

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