cryptocurrency payments

Washington DC Lawyers Can Now Accept Cryptocurrency Payments for Legal Services

Lawyers working within the metropolitan area of Washington DC can now accept cryptocurrency payments for legal services so long as the fee agreement is reasonable and fair, and the lawyer is able to safeguard their digital assets, the District of Columbia Bar stated in its ethics opinion.

It’s ethical for lawyers to accept crypto

According to the ethics opinion, attorneys cannot hold back the tide of time forever as cryptocurrencies are increasingly being accepted as a form of payment by vendors and service providers, including lawyers. The opinion acknowledged the volatile nature of cryptocurrencies by saying that the client’s fairness needs to be considered in fee arrangements.

Law firms, such as Big Law players, are increasingly accepting cryptocurrency as payment for legal services, despite the volatility and risk associated with the crypto markets. New York City, Nebraska, and North Carolina bars have issued advisory opinions that favor acceptance of digital currency as payment.

The DC Bar opinion stated that ethics standards require lawyers’ fees to be reasonable. However, such rules do not prohibit lawyers from accepting potentially volatile assets as payment for fees. Examples of such payment include shares of corporate stocks, cryptocurrencies, and properties, the opinion said.

Lawyers who accept an advance fee in cryptocurrency are subject to ethics rule 1.8(a) that requires a reasonable agreement with terms explained in writing, and that is fair to the client. Furthermore, the client must have a chance to consult with outside legal counsel on any cryptocurrency payment deal. Attorneys need to have written, informed consent to the agreement from clients.

Fairness to the client is especially vital for volatile assets such as cryptocurrency for future work. An agreement’s fairness should be evaluated at the time of signing. But there is no ethical breach if future events out of a lawyer’s control cause the fee to appear unreasonable, the opinion stated.

Cryptocurrencies moving mainstream

Many people may still think of cryptocurrencies as a currency ecosystem majorly inhabited by criminals and associated with tax evasion, money laundering, and the Dark web. But upon taking a closer look, the crypto industry is expanding and increasingly being accepted and used by younger generations and continuously moving towards the mainstream.

An increasing number of companies and retailers have already accepted cryptocurrencies, and many more are accepting Bitcoin and major crypto assets. While crypto acceptance is expanding to other areas, professions, and businesses, it is a trend that law firms in the US cannot overlook.

Luxury Watchmaker TAG Heuer to Accept Crypto Payments

TAG Heuer, a Swiss luxury watchmaker that designs, manufactures, and markets watches and fashion accessories, announced on Friday that it will allow customers to purchase products using cryptocurrency payments.

The luxury watchmaker named Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Shiba Inu, and the five USD-pegged stablecoins as some of the major cryptocurrencies that consumers can use to buy products at its stores.

TAG disclosed that it partnered with Bitpay to bring such a new payment feature to its e-commerce customer base.

TAG also announced plans to make its entry into the web3 space. The firm said it is developing a broader and long-term strategy for Web3, which it said will enable its brand to come alive in bold new ways via blockchain technology, NFTs, and many more in the e-commerce and retail spaces.

TAG acknowledged that as a luxury brand, it had to ensure that its entrance into Web3 would meet its standards of excellence. The firm said that through its agile in-house teams and with the support of Bitpay, it has the capacity to enter into this new financial world in the best way possible. The company stated that the new crypto payment feature is just the beginning of several exciting projects that it intends to develop in the Web3 universes.

Frédéric Arnault, CEO of TAG Heuer, commented about the development and said: “We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond.”

TAG mentioned that there is no minimum spending required for the crypto payment method. Furthermore, it said that customers can pay using cryptocurrency for up to US$10,000 per transaction. According to the firm, customers can select their preferred cryptocurrency wallet or exchange, and crypto coin before proceeding with their payment. “Each transaction will be given 15 minutes before the exchange rate changes again,” the company elaborated.

Becoming a Preferred Alternate Payment Method

The sharp rise in crypto transactions by luxury spenders in 2021 has spilled into 2022. This explains the ever-rising influence that the crypto world has had over the luxury industry and its users.

With the booming interest in cryptocurrency, many brands want to be part of the ongoing craze to remain relevant in their businesses.

Luxury brands see crypto payments as an opportunity for them to build new customer loyalty. They consider providing this payment method gives their customers flexibility, by allowing them to complete their transaction via an alternative payment method, which may be more suitable to their needs.

Last year, Philipp Plein, a German luxury outlet, became the first major fashion brand to accept crypto as payment. Early this month, Italian luxury brand Gucci announced plans to start accepting payments in crypto in some of its stores in the US.

The trend is rising as a number of luxury and beauty brands, including watchmakers Hublot and Franck Muller, are also accepting cryptocurrency payments.

Gate Pay and CityPay.io Partner to Bring Cryptocurrency Payments to Georgia

Gate Pay, the cryptocurrency payment service offered by the crypto exchange firm Gate.io, has announced a partnership with CityPay.io, a startup specializing in crypto payments in Georgia. The collaboration will enable more than 600 merchants in Georgia to enjoy the benefits of crypto payment alternatives for their products and services.

By partnering with CityPay.io, Gate Pay users can connect with numerous merchants across Georgia, facilitating a wide range of daily activities such as hotel bookings, supermarket shopping and restaurant payments. Notably, restaurant chain Wendy’s is one of the partners of CityPay.io, with customers now able to make payments using cryptocurrencies for their meals.

Gate Pay’s director, Feng Zhou, stated that the launch of Gate Pay aimed to connect users with businesses, products, and applications that are friendly to cryptocurrencies. This partnership with CityPay.io allows merchants to offer their customers the option to pay with digital assets, bridging the gap between Web3 and people’s daily lives.

The collaboration between Gate Pay and CityPay.io offers a Web3 shopping experience to a broader audience of regional merchants and customers. Gate Pay’s user base and experience, combined with CityPay.io’s business network and coverage in Georgia, will facilitate this expansion.

Gate.io is no stranger to expanding its business coverage, having announced its intention to seek a crypto license in Hong Kong on February 22. The license would allow the company to introduce “Gate HK,” expanding its services to Hong Kong residents.

Georgia has emerged as one of the world’s most crypto-friendly countries, with its regulations attracting crypto companies to set up regional branches. The Georgian government has ambitions to make the country a major global crypto hub.

This partnership is a significant step towards achieving that goal. CityPay.io has already established a strong network in Georgia, and Gate Pay’s experience in the crypto industry will help expand the usage of digital assets in the country.

Gate Pay and CityPay.io’s partnership will enable merchants in Georgia to accept crypto payments, making it easier for customers to pay for goods and services. This collaboration will not only benefit the merchants but also attract more crypto users in Georgia and improve the shopping experience for both parties.

The use of cryptocurrencies as a payment method has been on the rise, with more and more businesses and individuals recognizing the benefits of using digital assets for daily transactions. The partnership between Gate Pay and CityPay.io is a significant step towards the widespread adoption of cryptocurrencies in Georgia.

As the crypto industry continues to grow, partnerships like these will become increasingly important in expanding the usage of digital assets and bridging the gap between Web3 and people’s daily lives. With the collaboration between Gate Pay and CityPay.io, Georgia is well on its way to becoming a major global crypto hub.