Standardized legal framework — default agreements
Post-COVID 2020 New World Order
The world has moved
Are we ready for the upgrade?
🇺🇸 The United States has an unfair advantage
The USD is de-facto a default unit of international currency.
Standardization example: Delaware Corp C
Standardization example: YC SAFE
Much respect for simplicity and standardization.
🇲🇹 Malta has some innovation
The first country to recognize DAO as a legal entity.
🇪🇪 Estonia has some innovation
The first country to offer E-Residency.
Do we really need to define “Signing Date”?
Do we really need to use 22 words for that definition?
Regulation
- The Securities Market Act (SMA)
- Credit Institutions Act (CIA)
- Investment Funds Act (IFA)
- Securities Register Maintenance Act (SRMA)
- Advertising Act (AA)
- Law of Obligations Act (LOA)
- Money Laundering and Terrorist Financing Prevention Act (MLTFPA)
That sounds pretty cool: SMA CIA IFA SRMA AA LOA MLTFPA KYC AML
There might be some clever workarounds, if the regulation is so complicated maybe we can skip it?
I can always start selling ebooks titled “how to legally raise funds in 2020 and other legal hacks”
Or maybe something different: offering advertising space in such ebook? I guess the advertising business is more scalable than publishing?
🇬🇧 UK has some bureaucracy
Personal example:
- UK company
- Headquarters in the UK
- Office in the UK
- Hiring the UK resident
Signing the employment contract: “the law of the UK applies” — that is borderline unnecessary, that should be assumed by default, UK company hiring UK resident to work in the UK can assume UK law by default.
Not only that but when dissolving the employment contract: “the law of the UK applies” too… My suggestion would be to set a DEFAULT RULE: “the same law is applicable for the entire duration of the contract”
Which law applies?
A Polish guy living in the UK hiring a web developer from India via freelancing website somewhere on the Internet and paying in Bitcoin
How do you resolve a dispute?
Surely they have some terms & conditions on the platform but realistically speaking the biggest recourse when something goes wrong is leaving a negative review.
Natural law
Loads of history and philosophical aspects:
We need something that is fit for purpose post-COVID New World Order:
- Everything digital
- Internet
- Borderless
- International
- Trustless (you do not trust random dudes on the internet)
A unified network of Special Economic Zones to revive economy in fields other than tourism?
Push the services to the edges?
An example from the E-Estonia, you still need to have a registered agent in on the ground.
Or make them your core business
You can totally integrate all the opinionated software and make it your core business.
Cap table management: globacap.com
Court bundle management: bundledocs.com
Legal services: legalzoom.com
Simple default agreements. Example.
Fit for purpose for the world that moved digital.
Jurisdiction-as-a-service.
Estonia is a great example, standing on the shoulders of giants, let’s take it to the next level…
Let’s see what happens
BaseX island in Estonia
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It’s easier than you think!
People are driven to visionary ideas…
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