On Monday 26 November, Andersen Tax & Leal held a conference on Blockchain and CryptoBusiness at the NH Presidente Hotel in Barcelona. The presentation was given by Adam Steinberger, national Client Group Leader for the Commercial Practice at Andersen Tax and the Office Managing Director of the firm’s Silicon Valley office.

Blockchain and CryptoBusiness are one of the biggest current issues, both at a business and legal level. This was highlighted by Steinberger during his presentation on Blockchain technology and crypto coins or tokens, who has stressed that its characteristics as a technology decentralized and distributed in multiple blocks, allows the transmission of digital data with a sophisticated coding, but totally secure, making it possible to do without intermediation. This technology has application in multiple sectors and it is expected that the relations between the different contractual parties will change.

Throughout the day, it was stressed that Blockchain technology is a threat to online businesses on the Internet, just as the Internet was once considered a threat to traditional offline businesses. The enormous volatility of crypto currency and the possibility of cyber-attacks, as well as regulatory deficiencies, have also been highlighted.

After the presentation, attendees had the opportunity to raise their questions regarding these new technologies, such as the lack of regulatory clarity and legal certainty.