Maxima Legal Advises Zodiaq on ICO

Maxima Legal Advises Zodiaq on ICO

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Maxima Legal has advised financial blockchain platform Zodiaq on its initial coin offering.

The ultimate goal for the platform, according to Maxima Legal, "is to become a crypto-currency bank and exchange, as well as a hedge-fund and universal payment system." 

The initial stage of the ICO, which Zodiaq hopes will generate 104 million dollars, took place in May 2018.

According to Maxima Legal, "Russian start-up Zodiaq became one of the first projects to be founded as a bank with a license to handle transactions with crypto-currencies." Issued by the Comoros Islands, the license provides authority for the bank to undertake a wide range of financial transactions for individuals and legal entities, including opening accounts, accepting deposits, and issuing credit. The platform is expected to support at least 150 different cryptocurrencies.

Maxim Ali, Head of IP/IT at Maxima Legal, commented: "The professional challenge of Zodiaq’s matter is not only the fast-changing legislative environment of the sector but also the significant number of legal gaps in respect of the regulation of the crypto-currencies and ICOs around the world. Considering the wide transnational character of the project, we need to give particular attention to the legislation of a number of jurisdictions including the Isle of Man, Cayman Islands, Comoros, the UK, the USA, Switzerland, Finland and a number of other EU countries and South-Asian countries in order to offer the client the optimal legal solutions."

As part of the legal assistance in the matter, Maxima Legal reports that it "analyzed the scheme created by Zodiaq and provided advice on dealings between investors and users, as well as helping with developing legal documentation for the use of a website and other services of the project."