Right before the end of 2017 BitDegree has achieved their goal and became one of the largest successfully completed initial coin offerings (ICO) done by Lithuanians. BitDegree collected ~20 million Euros for development of complex IT-based and IT-education orientated product. However, what makes BitDegree unique and stand out from other ICOs, BitDegree ICO was implemented in Lithuania and by choosing Lithuania (not any other country) as jurisdiction for their ICO and business. This is the first and so far the only ICO executed through Lithuania and by Lithuanian company. We are proud for our client’s persistence, trust in Lithuania’s investment climate and legislative base, determination and objective to implement this project in Lithuania. It worked out well and after lengthy, complex and intense negotiations, coordination and consultations with Lithuanian Central Bank, State Tax Authority, etc., BitDegree received all relevant and necessary approvals and explanations regarding implementation of BitDegree ICO in Lithuanian and according to Lithuanian laws.
BitDegree ICO required utterly novel and untested legal solutions, in-depth, accurate and robust understanding of crypto-currency and ICO business models, accurate planning, out-of-the-box thinking, and comprehensive analysis of financial market and securities regulation as well as its application to ICO model. Although crypto-currencies are not new in IT world, however, expansion, functionality and application of crypto-currencies spiked drastically last year, and entire world saw thousands of ICO going live, including Lithuania.
All legal matters of BitDegree were overseen and handled by Senior Associate Ervinas Rimdeika.
For more information about BitDgree ICO please see: https://www.vz.lt/rinkos/2018/03/01/interviu-su-20-mln-eur-pritraukusiu-startuoliu-lietuva-ico-rengimui-palanki-salis