Tudor Stanciu is a lawyer and founder of Digital2Law and Fintech Camp who gives presentations on legal issues related to blockchain and digital technologies. He discusses how the legal framework typically changes after societal changes, not vice versa. When developing blockchain projects, some key considerations are participation, security, and liability. Blockchain could allow for self-regulation by communities due to the fragmentation of legal systems across countries. Stanciu also provides a questionnaire for legal and business issues related to blockchain projects and tokens. He outlines some problems that could arise from the core traits of blockchain like multiple anonymous nodes, and areas of interest like incentivizing employees and internal token economies.

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Tudor Stanciu
Digital2Law
Bucharest, 6.01.17

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About me
• lawyer, Master’s Degree in Public International Law
• 2009 – 2016: Mușat & Asociații; DLA Piper Dinu; Biriș Goran
• fmr freelance writer & startup founder (mobile app & intermediary
services)
• 2015 – 2017: community manager / industry analyst @ TechHub
Bucharest, How to Web, MVP Academy
• currently: co-founder @ Digital2Law / strategy & partnerships @
Fintech Camp / chapter leader @ Bucharest Legal Hackers

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This presentation
≠ legal advice
≠ investment advice

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Core traits of lawmaking
Legal framework changes AFTER society changes, NOT
viceversa
Critical mass before regulating (what is the impact?)
The more individuals / entities are involved, the sooner a
framework will appear
-> seek what is applicable from what already exists

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Biggest challenge in the digital space: fragmentation of legal systems (each
country has its own)
-> opportunity for self-regulation (by community)
Main aspects to consider:
• participation (choose resource available to everybody destined to become
part of a blockchain);
• security (keeping resources safe absent any decision of individual resource
stakeholder);
• liability (identifying & sanctioning actions contrary to common objective);
Blockchain & regulation

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• Can the network / product be built without a token? (utility)
• How to fund it? + investment legal framework (“democratising access to
investments for everybody” is a fairytale)
• What is my blockchain-product/token similar to? How is that regulated?
• What rights & obligations do the founding team & the users have one
against the other?
-> in a blockchain world, “founders” are regular employees first, “shareholders”
only based on the quantity/quality/ability to stake the principal resource of the
network
Legal/biz token self-questionnaire

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Blockchain beyond crypto
Blockchain = a public ledger, located in and accessible from
multiple (1)
anonymized nodes (2)
at once (3), where every transaction is
time-stamped (4),
node-specific (5), and
irreversible after a pre-defined coded-in number of validation
steps (6)

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Problems arising
Multiple nodes
• any legal requirements re customer persona chosen?
• “multiple” = different tiers of access? Is that legal? (discrimination / contrary
to consumer protection)
• authentication & KYC
Anonymity
• who is liable for actions of nodes on the chain?
• where does liability off the chain start?

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Problems arising (2)
Multiple access at once – what is an acceptable uptime?
Time-stamped & node-specific
• what rights of access do we need from nodes to their personal data /
transaction history?
• what is personal data in this context? how do we protect it?
Irreversible – off the chain, some transactions are reversible (sale-purchase
agreements etc), how to mitigate?

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Some areas of interest
• Incentivising employees in blockchain projects (token value vs stock value)
• How does “shorttermism” affect long-term startup success?
• Token vesting schedules
• internal company token economy (later employees buy more tokens
from earlier employees)
• Meritocracy systems
• sharing benefits, creating the relevant departments
• access based on authority and duties carried
• Integrating “future-of-work” and the growing base of independent
contractors

11. Inspirational Design
Be responsible.
Build sustainably.
ts@digital2law.com
tudor@fintech.camp