Rising Demand for Cryptocurrencies Creating a Direct Need for Legal Talents

• Toshendra Kumar Sharma
• July 27, 2020

As the evolution of cryptocurrencies has taken the world by storm and revolutionized the financial industry, crypto companies are looking for crypto lawyers.

Here is what all we will cover:

• Cryptocurrency- A Mainstream of 2020
• Signs that Crypto is Switching to Mainstream
• Crypto Companies Demand for Legal Talents
• On-Demand Cryptocurrency Professions
• Concluding Lines

Cryptocurrency- A Mainstream of 2020

Cryptocurrency is a domain where everything changes faster compared to other industries. Cryptocurrencies are digital assets that facilitate peer-to-peer financial transactions without any government interference. They record transactions on public ledgers known as “blockchains,” which is a peer-to-peer, decentralized, distributed ledger technology that operates without involving any third-party intermediary. The COVID-19 pandemic has compelled people to seek alternative technological solutions like blockchain and cryptocurrency. Apart from this, crypto companies are also looking for crypto professionals such as crypto lawyers as the industry becomes more established.

According to Linkedin and Stack Overflow surveys, blockchain has been consistently ranked among the top skills that employers have been looking for in the past three years. If you are thinking to take your career in the blockchain space, this is the best time to invest your time in blockchain certification courses.

Signs that Crypto is Switching to Mainstream

The evolution of digitized national currencies is closer than we think, as the growth of the crypto derivatives market in the ongoing year has been a remarkable one. As blockchain, along with the adoption of various cryptocurrencies is gaining importance, it is expected that the enterprise blockchain market is estimated to reach $21 billion in the next five years to come.

With the Supreme Court lifting the ban on cryptocurrencies in India, crypto companies such as ZPX, Incrypt, and Unocoin are outlining their expansion plans. In May 2020, the United States’ largest bank, JPMorgan Chase, has taken on U.S. cryptocurrency exchanges Coinbase and Gemini as customers where the bank is providing cash-management services and handling dollar transactions for their U.S.-based clients.

According to Reuters sources, Coinbase is preparing for a U.S. stock market listing that could appear to come in this year. As the preparations are in the development phase now, if successful, this would be the first time that a cryptocurrency exchange would be placed on traditional markets.

Luuk Strijers, a chief commercial officer of crypto derivatives exchange Deribit, also commented on the acceleration of cryptocurrency in institutional portfolios. On the other hand, the tech giant, Paypal, is also hiring for crypto and blockchain experts.

Crypto Companies Demand for Legal Talents

As blockchain, along with the adoption of various cryptocurrencies is gaining importance, it is expected that the enterprise blockchain market is estimated to reach $21 billion over the next five years. Since crypto is becoming more established with each passing day, crypto companies are looking for crypto lawyers. According to the recent announcement from Bloomberg Law, “The crypto market might soon see an uptick in legal hiring as it is moving out of regulatory gray zones.”

The publication interviewed several industry experts following the news that Coinbase appointed former Facebook vice president and deputy general counsel, Paul Grewal, as its legal team leader.

Marco Santori, chief legal officer of cryptocurrency exchange Kraken, reported Bloomberg that the company’s legal team is going to become double in size next year. In his words, crypto companies “are serious about participating in the international discourse around the development of crypto law.” Stuart Alderoty, Ripple’s general counsel, expressed his views about the same. He stated that the” industry needs “smart regulation that both recognizes and fosters the potential of this technology.”

On-Demand Cryptocurrency Professions

As blockchain and cryptocurrency sectors have matured greatly, Cryptocurrency certifications have gained massive popularity with the masses due to the excessive demand for crypto developers. Apart from crypto engineers and crypto lawyers, companies are looking forward to cryptocurrency traders and cryptocurrency experts. Now comes the question, what are the professional courses all about?

Cryptocurrency Experts hold profuse expertise in cryptocurrencies and digital assets who understand all the ins and outs cryptocurrencies, including blockchain, Initial Coin Offering (ICO), how to trade, what to buy, and much more. Cryptocurrency Traders understand the strategies for making optimal trading decisions in the bustling crypto market and avoid falling into the traps that are laid by the market whales. Most importantly, certified crypto traders can make rational decisions about the future price of a digital asset and turn that decision into profit.

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Concluding Lines

From the above key examples, it is clear that crypto is entering the financial mainstream that will open a wider door of opportunities for crypto professionals. But undoubtedly, its peak is yet to come.

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