Petaling Jaya, 9 November 2018: Gan, Lee & Tan (GLT Law), a Malaysian boutique law firm, announced today that it is joining the Global Legal Blockchain Consortium (GLBC). GLT’s inclusion comes along with another 140 major law firms, corporate legal departments, technology companies as well as universities.
GLT Law is proud to be the first Malaysian law firm to join GLBC and it hopes to contribute to the successful mission of this organization.
The GLBC is the largest legal industry blockchain consortium in the world, where it organizes and aligns global legal industry stakeholders to enhance the security, privacy, productivity, and inter-operability of blockchain technology in the legal technology ecosystem.
As part of its membership with GLBC, GLT Law will be working with GLBC to develop and promote governing standards for blockchain technology in the legal services sector.
A boutique law firm that practices a niche area of law – which includes blockchain technology and cryptocurrency – GLT Law’s addition into GLBC comes as no surprise.
The partners of the firm have been closely following the regulatory development surrounding ICOs and cryptocurrencies. In addition, they are well-versed with the regulatory compliance aspects. These include anti-money laundering prevention and privacy protection.
According to Edwin Lee, Head of Technology Law practice at GLT Law:
“We live in the age of the technological disruption. Every industry (including the legal industry) and everything we do is poised to be disrupted and transformed by technology, and this includes the blockchain technology.
This revolutionary technology will bring about many potential benefits and create enormous value for individuals and businesses. We are excited about joining GLBC and look forward to participating in discussions with leading thought leaders in this field to see what technological innovation can bring to the business of law and society as a whole.”
Gan Ming Chiek, Head of Blockchain Technology and Cryptocurrency Law Practice added:
“We are fortunate to have been placed in the forefront of blockchain technology legal practice since 2017; having advised and acted for many local and international startups and companies on their blockchain-use cases, initial coin offerings as well as enforceability and applicability of smart contracts. This places us in the unique position to be involved in shaping the future of governance and standard for blockchain technology in the legal industry.
Aside from that, joining GLBC would give us the right platform to share and exchange our knowledge and experience with other experts and leaders in this field.”
Particularly, Ming Chiek has published written articles on this area of law and was recently invited to deliver a lecture at the Securities Commission of Malaysia (“SC”). SC is the regulator that is tasked to develop regulatory framework to govern digital coins and ICOs in Malaysia, and it is expected that the new regulatory framework will be released by SC in the 1st quarter of 2019.
Ming Chiek is also a member of Access Malaysia, a regional blockchain association set up to, among others, promote the use of blockchain technology; foster cooperation with other stakeholders, conduct talks and lectures at educational institutions as well as consult government agencies in regard to safe and responsible use of blockchain technology.