Our Projects


Identity & Privacy Report

Exploring the potential for distributed ledgers to provide solutions for AML compliance


Crypto-equities White Paper

Defining the legal status of crypto-tokens: asset, security, access token, governance power or system administration function?


Risk to Capital Markets

Blockchain technologies could seriously affect sectors such as online gambling, remittances, alternative economies, etc. In these spaces, This report will explore systemic risks that could emerge in these fields in the near future.

Disruptive Potential on Monetary Policy

What is the impact of Bitcoin and other decentralized cryptocurrencies on national monetary policies?

Fungibility Issues

Is Bitcoin a fungible currency? What are the risks of graph analysis techniques and ‘taint analysis’ on its fungibility?

Consensus Protocols

Exploration of blockchain based consensus protocols and economic consensus protocols.

Scalability Issues




A glossary of common terminology for blockchain-based activities and practices that distinguishes between technical and commercial activities.

Activities Risk Matrix

A matrix that provides guidance on an activities-based approach to financial services licensing regulation.

AML/CTF Risk Matrix

A matrix that assists regulators and banking partners to accurately assess AML risk profiles.

AML Best Practice Guidelines

Best practice guidelines for AML regulatory compliance.


Smart Contracts White Paper

Legal enforceability of smart contracts.

IoT White Paper

Design principles for the Internet of Things. Use of smart contracts for Machine-to-Machine communication, smart property and smart cities.


Security & Governance White Paper

The role of multi signature technology in security and governance

Consumer Protection Best Practice Guidelines

Best practice guidelines for the industry that includes consumer protection, internal governance and industry wide security standards.


DAO Paper

The ontology from smart contracts to DAOs

DAO Proof of Concept

Exploring the definition and legal status of DAO. In particular, how can we incorporate DAOs into the current legal framework?


Decentralised Journalism Proof of Concept

Designing a decentralized platform for crowd-sourced journalism, administered through a peer-to-peer network.


Proof of Concept

Decentralized governance system based on reputation and value distribution.

A Primer On Cryptosecurities

This paper focuses on the application of cryptographic tokens in a securities context and proceeds in the following manner: (1) a brief explanation of blockchain technology; (2) an overview of factors relevant to a securities law analysis; (3) application of relevant securities law to hypothetical fact patterns, and (4) a discussion highlighting the factors to be considered in a securities analysis, and related concerns for regulators and policy makers.

COALA Glossary

The following definitions are not a reflection of the current law in any particular jurisdiction. They represent the Working Group’s suggestions of accurate techno-legal descriptions for various key terms that are used in the regulatory dialogue about distributed ledger technology.


We live in a knowledge economy: a world where value creation is shifting away from moving atoms around, to moving bits around. The value represented by the bits is in ideas, which by nature are intangible. Intellectual property (IP) is a set of legal tools by which creators, connectors, and collectors may manage rights to ideas by claiming those rights, and transferring or assigning rights to access, publish, distribute, use, or build upon the ideas.