Case studies
Built on Cardano, a flexible, sustainable, and scalable cryptocurrency, Pavia has set out with a mission to expand the metaverse. Founded in 2021, the business has already enjoyed meteoric successes, with a community of just under 70,000 Pavia contributors. Today, the metaverse is in its early stages of development, having completed three rounds of land sales, securing 18, 000 land owners.
Pavia has had to balance its success with the evolving law that surrounds blockchain technologies. To remain a respected and trusted leader in this space, it was crucial for Pavia that their compliance with the law and regulation was absolute. However, doing so would be complex, against the background of evolving regulatory obligations and the issues that can come with issuing NFT tokens.
Pavia needed a legal partner that understood both the law and the evolving world of web 3.0, allowing the business to expand the metaverse while limiting its legal risk.
Were Pavia’s activities permitted? Were its NFT tokens securities? Did they comply with the relevant rules around airdrops? And were its future plans compliant with regulatory obligations? It was essential that Pavia answered these questions before moving further into its roadmap.
Fortunately for Pavia, Stephenson Law houses a team of blockchain, web 3.0 and regulatory law experts.
Having worked on countless projects, we were uniquely positioned to provide fit-for-purpose legal advice that would propel Pavia further, while protecting it from legal risk. As experts in this field, we were able to come to the table highly experienced in the issues facing Pavia.
In addition to supporting countless web 3.0 projects, our team have hosted a series of in-depth web 3.0-focused webinars, counselled the Law Commission on the evolution of blockchain law, and directly contributed to a number of key-industry reports in this space. Focusing on Pavia’s series of NFTs, Stephenson Law provided a thorough advice note covering the regulatory status of the tokens issued, the corporate structure used to achieve it, and how future activities might sit within regulations.
We also regularly consulted with Pavia to address ad hoc questions as they arose, giving the founding team a sense of comfort at each stage of their journey.
After a comprehensive examination of Pavia’s past, present, and future activities, we were able to give Pavia the “all clear” alongside recommended ways to help achieve a more decentralised status going forwards. This has allowed Pavia to move through their development roadmap with greater confidence in its legal compliance, and its duty of care to its consumers.
“ We approached Stephenson Law as part of our ongoing efforts to stay on the right side of the law across the globe as we develop our metaverse project. They have already undertaken many projects for us and we’ve found their team to be highly professional and extremely knowledgeable in a space where some other law firms fear to tread. We will continue to work closely with Stephenson Law into our digital future.”
Morgan, Pavia Corp CEO
