Legal framework

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The legal framework is an assembly of legal entities that form the legal Interface between the OVN and the so-called official world.

The legal framework can also be understood as the assemble of the legal theory and laws on which are based the operations of an OVN.

See also Legal structure

Main ideas

The OVN is a self-organized network with its own Governance, IT infrastructure and methodologies of work - see more on Organizational structure. There is no legal shale around an OVN. The Bitcoin network takes a similar form. No one owns the Bitcoin network, it cannot be bought or sold, anyone can join it (open, permissionless), and yet it is capable of providing a stable service to society.

Open networks are not yet recognized as legitimate organizations by modern institutions. They are not illegal entities, they simply don't exist on government forms. This will most probably change in the future - see more on the 4th Sector initiative. Despite that, in some countries open networks are covered by the law on associations. This is the case of Canada. In that sense, we can say for example that Sensorica exists legally in Canada as a non-registered association.

Legal structures are built at the periphery of the network to create bridges with the current system. Examples are : Exchange firm (takes on legal liability of products commercialized by the OVN and acts as and interface with the market), Custodian (a trust that absorbs legal liability for use, usually a non-for-profit that holds and administers assets like lab space, equipment, tools, consumable materials, grants and funds, the brand, etc.)...



External links

A Securities Law Framework for Blockchain Tokens