How to get legal opinions for blockchain projects, NFT games?

Today, Blockchain technology is growing fast and used in many areas. It is especially popular in cryptocurrency (Crypto) projects, software development, and NFT games.

To help investors trust a Blockchain project more, many company founders use a Legal Opinion. This document shows that the project is legal, clear, and professional.

In this article, GLA will explain what a Legal Opinion is and why it is important for Blockchain projects.  

1. What is Legal Opinion?  

A Legal Opinion is a document written by a qualified and licensed lawyer. It gives the lawyer’s professional and objective opinion about a specific project.

Before entering into any transaction, the parties should carefully consider:

• The nature of the deal
• The size of the deal
• And most importantly, the legal issues involved

For Blockchain projects, the laws are still not very clear and the technology is complex. That’s why it is important to have a lawyer review the project. A Legal Opinion helps investors and customers understand the project better and feel more confident.

2. Why is Legal Opinion important for projects related to Blockchain, cryptocurrencies, tokens?

3. Some notes when issuing Legal Opinion for projects on token issuance, Crypto    

3.1. Legal opinion must be issued by an expert lawyer

• A Legal Opinion must be prepared by a lawyer who has legal knowledge and also understands Blockchain and cryptocurrency.
• A high-quality Legal Opinion for crypto exchanges or trading companies should be clearly written, legally valid, and include easy-to-understand, honest conclusions.
• Law firms will only give positive Legal Opinions when the Business is operating legally and safely.
• When a lawyer gives a Legal Opinion, they must take full responsibility for what they say. This includes doing careful research, legal checks, and fact-checking.
• Because of all these steps, preparing a Legal Opinion is a serious and expensive process.

For all these reason above, GLA’s Legal Opinions are drafted and signed by a licensed lawyer in Singapore.

Advantages of Legal Opinion Singapore:   

3.2. What should be included in a legal opinion?

There is no fixed format that lawyers must follow when writing a Legal Opinion. However, for Blockchain and Crypto projects, a proper Legal Opinion should include the following:

• Information: Laws and rules vary by country or state. For example, Bitcoin is seen as a commodity in some places, and crypto derivatives can be traded publicly. 
• Document: List the documents that were studied, and mention any legal issues or laws that were considered in the Legal Opinion.
• Legal Opinion: This part includes the lawyer’s analysis and conclusions. The lawyer studies the facts, explains the legal meaning, and points out any potential risks. Every conclusion must be carefully checked and supported.
• Date and signature: The Legal Opinion must be signed and dated by the lawyer. This is important because the opinion is based on the laws at that specific time. If the law changes, the Legal Opinion might also change.

4. Legal Opinion from Singapore Lawyers for Crypto Blockchain Related Projects   

GLA, with its experience in helping and supporting Crypto and Blockchain companies to carry out Legal Oinion, will help the company:

• Strategic consulting and support Open Blockchain, Crypto company abroad (Singapore, USA, BVI, etc.) especially Crypto friendly countries, Blockchain policy (Crypto friendly country “CFC”).
• Support for registration of business licenses and work permits (Employment Pass), give Rent office address, receive mail from Singapore, USA, Hong Kong, etc.
• Coordinate with Singapore lawyers to prepare and issue Legal Opinion related to the project such as:
  • Conduct a comprehensive analysis of the project structure and project documentation.
  • Identify the risks that exist in the project.
  • Prepare and issue a Legal Opinion on the nature of the token.

Special: The legal opinion prepared by GLA is signed by a Singaporean lawyer with expertise and qualifications in law and technology. The legal opinion will clearly show the lawyer's information, qualifications and specific professional opinion.

5. Frequently asked questions about legal opinion for blockchain and crypto projects 

Highlights

• A Legal Opinion is an important document that helps make Blockchain and Crypto projects more trustworthy, transparent, and professional. In this way, everyone understands how the project works and if it follows the law.
• Legal opinion is often needed when launching a token (ICO), getting listed on an exchange, or showing regulators that the project is safe and protects investors.
• A Legal Opinion must be written by a lawyer who understands both the law and Blockchain technology. This helps identify any legal risks and ensures the project follows current regulations.
• Legal Opinions from Singapore lawyers are highly respected and often seen as the gold standard. Many countries accept them, especially in regions that are friendly to Blockchain and Crypto.