Selachii LLP became the first law firm in the UK to accept payment in Bitcoin for its services in 2013. According to information contained on its website, Selachii LLP chose to get in “at the start” and has used Bitcoin to grow what it describes as an impressive business.
High Profile Bitcoin Cases
Selachii LLP has handled several major cases involving Bitcoin. One of the most well-known ones involve the Japanese Bitcoin exchange Mt. Gox, where the firm is acting on behalf of the claimants. In addition to the Mt. Gox case, the firm also has some other high profile cases including the Moolah and Mintpal cases, both crypto exchanges based in the UK.
In an interview with CryptoCoinsNews, Richard Howlett, a solicitor and a leading partner at Selachii LLP, predicts that the overall impact of the Mt. Gox case on UK jurisprudence would be minimal. According to Mr Howlett, the approach of the authorities in Japan to handle the Mt. Gox case has been “low key”, something that he attributes to Japanese culture. He was, however, optimistic on ongoing Bitcoin litigation in the UK. He said,
“I feel that the litigation we are handling in the UK will have a greater impact worldwide and also concerning the trust issues BTC has suffered from. Once there is accountability for exchanges by way of prosecution or Court Order; this will build trust for consumers.”
The firm has also scored successes in the Moolah case mentioned earlier. A client involved in the case stated,
“'Our ( Selachii) solicitors were at the Royal Courts of Justice today to deal with the matter of the emergency injunction we had filed over the weekend in regards to the missing 750BTC that Moolah LTD/Ryan Kennedy (aka: Alex Green) were responsible for managing. We are very pleased with the ruling the court made this morning.”
Bitcoin and Regulation
Mr Howlett believes Bitcoin exchanges need regulation. He told CCN:
“exchanges need to be regulated in order for BTC to enjoy widespread adoption. For example, with regulation, the issues at Mt Gox, Moolah and Mintpal may not have occurred. The Mt Gox case led to a massive crash for BTC. When the exchanges can be trusted via regulation, adoption will pick up.”
As a result of handling several Bitcoin cases both in the UK and overseas, Selachii LLP has established itself as a law firm that is at the vanguard in the use of technology. It won an award for the Best Use of Technology in 2014 for becoming the first law firm in the UK to accept bitcoins as a valid means of payment by its clients, a method of payment that now forms a large part of the firm’s business. Mr Howlett says that as a result of this decision, the firm’s client base has grown “exponentially” since 2014.
Image source: Selachii LLP's website.