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Only one group ever came and never went away: Lawyers.
This is because if the lawyers went, so would the games industry. (Richard A. Bartle)

Would you ever want to see digitally, Istanbul waking up to a rainy and gloomy day, an alien race that came to visit our species from a galaxy billion light year away, New York City under the post-apocalyptic acid rain, a peanut with a micro-scale civilization on it, the realistic portraits of people who actually never existed and no matter how far you go in the horizons of your imagination, a concrete and visual reflection of all your ideas?

Metaverse emerges as an "other universe" that invites the masses to live, interact, and trade in it. The parts of this universe are virtual reality, the internet, and advanced technologies. Users are no longer in front of the screen, they can enter this world in person. This can be possible in two ways for now; This world we call avatar requires a digital twin and virtual reality glasses. Users may think that they are chatting with their avatars, but can they feel like they are drinking coffee in a real environment? Are the two similar things?

The rapid developments in the world of technology put the law into a difficult concept puzzle to follow. While the discussions on smart contracts made with blockchain technology have not yet ended, a new organization that can direct the life of business has taken its place in the international market; Decentralized Autonomous Organization (DAO). This mechanism offers people new democratized ways to operate their organizations, radically separated traditional institutions.

As investors continue to seek a safe haven after the collapse of crypto exchanges, cryptocurrency companies have begun to resort to new ways to restore confidence. The most important issue in the market is whether cryptocurrency companies have enough assets to cover their customers' funds.

Mergers and acquisitions transactions, which has reached a global record level of 5.9 trillion dollars in 2021, are considered as one of the legal transactions with the highest potential for disputes, even though its grounds for disputes are striven to be reduced or at least brought to a foreseeable level by detailed agreements. Agreements and afterwards transactions that comply with the intentions of the parties may result in unintended consequences later. Due to geopolitical tensions, soaring inflation, turmoil in finance and energy sectors, more disputes have been arisen after the closing of M&A transactions comparing to last year. That is with respect to Berkeley Research Group’s third-annual M&A Disputes Report (“Report”), which is prepared with contributions from some of the world’s top lawyers, private equity professionals and leading experts. Report brings forth a broad perspective, on how the current market environment has changed the essence of disputes.

COVID-19 is over – well, almost over. We are now left with the aftermath of a baby boom, some Bored Apes, and the Metaverse. All these new phenomena that surged during the pandemic eventually turned their attention to law firms, for wide-ranging legal considerations associated with all kinds of communication, from the internet, to e-commerce, to OTT, and telecommunications. Technology, media, and telecommunications, otherwise known as TMT, are now the fastest-moving areas.

In the previous article, we have included information about the value of cryptocurrencies in the metaverse within the framework of the financial metaverse and the transactions that constitute the subject of the financial metaverse. Now, from the perspective of the financial metaverse, we will discuss the banking sector, the current status of cryptocurrencies in Turkey, and whether the digital products obtained as a result of financial transactions can be evaluated within the scope of property rights by the courts, the compliance processes and legal aspects that should be considered in Meta-Fi.

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KP Law at a Glance

KP Law is an independent law firm providing multidisciplinary solutions to the clients worldwide. Established by former KPMG Turkey Legal Services Partner Mr. Onur Küçük, Attorney at Law, the firm aligns itself with KPMG Global Legal Services thus operates through a global network delivering value with proven local success models.

We are based in Istanbul, Turkey with a dynamic team of over 45 professionals, who make the best of agile & holistic approach as a strategic partner to your business in a wide range of areas including corporate, M&A, employment, deal advisory, data protection & privacy, compliance, dispute resolution, restructuring and insolvency and tax litigation. 

Adopting innovative approaches by combining high-quality strategic thinking, commercial awareness and cutting-edge technology, our team acts with an unconventional mindset and approach:

- Going beyond just giving legal advice, we put ourselves at the heart of your business. By understanding your problems and needs, we redefine them.

- We give you a competitive advantage by predicting problems before they arise.

- We take an analytical approach by breaking the most complex problems into simple formulations to offer a clear path forward.

- We add value to your business as we invest in a team of legal talent combined with strong financial literacy and strategic thinking.

Firm’s website: www.kplawtr.com