Ícaro de Oliveira Santos Avelar – GC Powerlist
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Brazil 2023

Information technology

Ícaro de Oliveira Santos Avelar

General counsel | SingularityNET

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Brazil 2023

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Ícaro de Oliveira Santos Avelar

General counsel | SingularityNET

What are the most significant cases or transactions that your legal team has recently been involved in?

I have been working hard on the development of legal strategies, so that the products developed by companies that offer blockchain solutions are always in accordance with the positioning of financial market regulators around the world. I cannot define which is the most important, as they all have an extremely high regulatory risk, since we do not have clear and objective regulations in several countries around the world, on the subject. Additionally, the positions of financial market regulators are very different, as the SEC has a stance, CVM has another stance, FINMA has another, and so on. This makes any product developed in Web3 extremely risky and legally complex to structure.

Looking forward, what technological advancements do you feel will impact the role of in-house legal teams in the future the most? Which have you found most useful in your legal team?
Blockchain technology is definitely one, as more and more companies will adopt tokenised business models and the fact that there is digital ownership and financial competition with sovereign currencies, both circumstances made possible by this technology, have a huge impact on internal legal departments. The most useful IMO is a tool called Hive, a smart contract used to do supplier performance measurements, because with it, we take away all the subjectivity in the analysis of a service provider’s performance and we have the record of everything immortalized in blockchain.

As we live in a fast-paced world today, what skills will a corporate legal team need to succeed in the modern in-house industry?

In my opinion, it is very important to develop better soft skills, as there is no room for the traditional law mentality, anymore. We need to know very well how to build healthy relationships with other teams inside a company, if we want all to be part of a successful enterprise.

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