As a general counsel in the Web3, blockchain, and crypto space, I have learned that this role is unlike any other in traditional industries. The legal landscape is as dynamic and unpredictable as the technology itself. Here are some hard-earned insights for anyone navigating the world of crypto law:
1. Embrace ambiguity
Crypto and crypto-adjacent laws are nascent and constantly evolving. Regulators are changing their stances on a weekly basis. If you are someone who thrives on clear-cut rules, this might not be the space for you. You need an appetite for ambiguity and a healthy tolerance for risk.
2. Think global, act local
Crypto and blockchain projects are inherently global. Whether it is Dubai, Singapore, the British Virgin Islands, the EU, or the Seychelles, you will need to familiarise yourself with a wide range of jurisdictions. The players you deal with will span the globe, and so will the laws you need to navigate. You must think global if you want to survive and thrive in this space.
3. Master the regulatory alphabet soup
From VASPs (Virtual Asset Service Providers) to EMIs (Electronic Money Institutions), MiCA (Markets in Crypto-Assets Regulation), and the SEC’s (Securities and Exchange Commission) stance on security versus utility tokens—you will need to become an expert in it all. The regulatory framework is complex, and staying ahead is non-negotiable. You must not only watch the regulations but also their rapidly evolving stance from a regulatory standpoint. Post-Trump, the US SEC has shifted its stance on crypto and many regulators around the world are doing the same.
4. Anticipate business models
The crypto industry moves fast. Whether it is gas fees, transaction fees on decentralised finance (DeFI), hybrid Web2 and Web3 models, Software as a Service (SaaS)-based monetisation of decentralised applications (dApps), content and ad-based models, you need to think ahead of your CEO and chief strategy officer. Innovation waits for no-one. Do not focus too much on top line, margins, or EBITDA. They are important, but it takes a while to get there. Focus on adoption of your technology, gaining user base and market share. Once you have that, you will find a way to monetise it via new and traditional monetisation models.
5. Leave Fortune 500 thinking behind (for now)
This is a space dominated by nimble, fast-moving players. Traditional corporate playbooks will not always apply. Be prepared to adapt and think like a start-up, even if you are advising a growing enterprise.
6. Fundraising is evolving
To drive forward your growth, you need funding. While traditional equity and private debt are still in play, crypto-based fundraising (think: token sales, Decentralised Autonomous Organisations (DAOs), and DeFi) is becoming increasingly common. To stay relevant, you will need to evolve alongside these new models.
7. Know your business inside out
To truly add value, you need to understand the business as well as your CEO or product team. Dive deep into the technology, the economics, and the strategy. Only then can you contribute meaningfully to the conversation and help shape a winning strategy. Do not be intimidated by dApps, DAO, L1, L2, tokenomics, on-chain transactions, buy pressure, sell pressure, and more. Use it with confidence and get better at it compared to colleagues.
8. Embrace AI
Tools like DeepSeek and ChatGPT are game-changers for legal professionals. Use them daily to do basic research, stay updated on new laws, draft briefs, and increase productivity. AI can help you work smarter, not harder, in this fast-paced industry.
9. Be frugal, nimble, and creative
Most crypto companies are start-ups or in the growth stage—you are not at GE, 3M or Microsoft. This means you need to get the best return on investment (ROI) on every legal dollar spent. Be resourceful, think outside the box, and find creative solutions to complex problems. Be wary of law firms who claim to be crypto experts—we are all learning at the same time.
10. Enjoy the ride
Let’s face it—this industry is young, and so are many of the people in it. Use this as an opportunity to relive the excitement of your early days as a lawyer, when SaaS and e-commerce were the buzzwords. Embrace the energy, the innovation, and the sheer unpredictability of it all.
The crypto space is not for everyone, but for the intrepid, it is one of the most exciting fields to be in right now.
Shahab Ahmed is group general counsel at The Binary Holdings.
