Happy Saint George's Day 2024!

Happy Saint George's Day 2024! 馃尮馃摎

Hi everyone!

On this feast of Saint George, from Virtus Advocats we wish to express our best wishes for a day full of inspiring readings and roses. As legal professionals, we recognize the importance of reading as a tool to preserve traditions and highlight our origins. For this reason, we celebrate this date with great enthusiasm.

We would like to remind you that we are here to provide legal aid if you need it. Our experience and commitment are readily available to you.

We wish you a day filled with reading and roses, and that you continue to keep this legendary tradition alive!


virtus constituci贸 2024

Bona diada de la Constituci贸 d'Andorra 2024!

Des de Virtus Advocats us volem desitjar una bona diada de la Constituci贸 d鈥橝ndorra en la celebraci贸 del seu 31猫 aniversari.

virtus constitució 2024

Merry Christmas and a 2024 full of happiness!

We wish you a Merry Christmas and a 2024 full of happiness! Health, love, and justice for everyone.


WEBINAR ALERT: El paper del veedor en la regulaci贸 dels actius digitals a Andorra

WEBINAR ALERT: El paper del Veedor en la regulaci贸 dels actius digitals a Andorra

Ens complau presentar-vos un nou webinar dedicat a una tem脿tica d’actualitat en el m贸n dels actius digitals. Aquesta sessi贸 educativa i informativa se centrar脿 en “El paper del Veedor en la regulaci贸 dels actius digitals a Andorra”.

馃攳 Sobre el webinar:
En aquesta confer猫ncia virtual, explorarem el rol del Veedor en el marc legal d’Andorra, els requisits per esdevenir Veedor i com aquest actua com a garantia de transpar猫ncia i seguretat en la gesti贸 dels actius digitals.

馃懃 Qui hauria d’assistir?
Aquest webinar 茅s especialment interessant per a professionals del sector financer, advocats, comptables, empresaris, inversors i tothom interessat en esdevenir o entendre millor la regulaci贸 i la figura del Veedor.

 

馃搮 Save the Date: 25-05-2023
馃晳 Hora: 9h30
馃搷 Lloc: Online
馃帣锔 Ponent: Meritxell Alarc贸n Fern谩ndez
馃敆 Registra’t gratu茂tament aqu铆: 馃憞

 


Alerta informativa i transpar猫ncia de tarifes, comissions i despeses efectivament aplicables als clients de les entitats operatives del sistema financer

ESPECIAL ALERTA INFORMATIVA: NOU SERVEI DE VEEDOR DIGITAL

New digital veedor service

Good morning,

A Virtus Advocats sempre ens esforcem per estar a l’avantguarda de les darreres tend猫ncies i aven莽os en el camp del dret.

Therefore, we are pleased to announce that we now offer a new digital veedor service that acts as an administrative interlocutor with the Andorran Financial Authority (AFA) in applications for authorisation of activities related to the virtual assets, whether for the procedure of obtaining a licence to start the activity or for a case of regularisation of the activity.

With this new service, our clients can have the security and peace of mind of having a legal team specialised in this field, which will manage and coordinate all the necessary applications to the Andorran Financial Authority (AFA). They will also be able to access up-to-date and detailed reports on the status of their applications at all times, allowing them to keep abreast of the progress and decisions made in relation to their applications.

At Virtus Advocats, we are committed to providing effective and personalised solutions for each of our clients. If you need legal advice in the field of virtual assets, do not hesitate to contact us or visit our website www.virtusadvocats.com to learn more about our digital veedor service.聽We will be happy to help you achieve your goals.

Sincerelly,聽

A professional team at your disposal.聽


actiu digital

HOW TO START A DIGITAL ASSET LICENSING APPLICATION PROCESS SUMMARY

HOW TO START A DIGITAL ASSET LICENSING APPLICATION PROCESS SUMMARY

If you want to know how to apply for an authorization in the field of digital assets, in this article we explain everything you need to know to do so, so take note!

Entities acting in Andorra in the field of digital assets will have to apply for authorization to the Andorran Financial Authority (AFA) for those activities required by the Law on digital assets 24/2022. But how to perform this procedure?

First and foremost and before initiating any procedure, a Veedor Digital must be appointed as indicated in the same Law on Digital Assets and Decree 478/2022, of 23-11-2022, which approves the regulations for the development of the requirements for exercising as a Veedor Digital, the obligations of the Veedor Digital and the disciplinary and sanctioning regime.

 

  • Veedor Digital? Let's start by defining this figure

A veedor digital is a natural or legal person who, in accordance with the Law on digital assets, is entrusted with registered, either as a Veedor Digital or as a representative, must be a lawyer or chartered economist in accordance with the provisions of the Law on digital assets, either for the procedure of obtaining a license for the start of activity or for a case of regularization of the activity, as well as other functions to be developed by regulation.

The natural person who is registered, either as a Veedor Digital or as a representative, must be a lawyer or chartered economist in accordance with the provisions of the Law on digital assets.

 

  • How can I know who are the registered Digital Viewers in Andorra?

It is very easy to find out who are the registered digital veedores in Andorra. The register is public, and the Andorran Financial Authority (AFA) allows through its website the consultation process. The AFA must keep an updated register of digital veedores that includes, as a minimum, information on the registration number, name or company name, address, type and, if applicable, the representative of the digital veedor in the form of a company.

However, at present, there is still no official list of Veedores, although the third transitory provision of the Law on Digital Assets foresees a term of three (3) months for its creation.

 

  • And from when can I apply for an authorization in the field of digital assets?

The Law limits the entry of new applications for authorization to the creation of the Register of Veedor Digitals. Prior to the creation of this registry, no new applications for authorization may be submitted.

However, for the specific case of digital veedores, license applications can already be entered in the Andorran Financial Authority (AFA). In the following link, you can consult the procedure for the creation of this figure in the website of the AFA: Veedors 鈥 AFA – Autoritat Financera Andorrana.

Do you need help or have doubts about the application of the Law on Digital Assets and its development regulations? Our team can help you if you have any doubt or need clarification, do not hesitate to contact us.


virtusadvocatsnadal

Merry Christmas and happy holidays!

From Virtus Advocats we wish you happy holidays and happy new year 2022!


smart legal contract

SMART LEGAL CONTRACTS: VALIDITY OF SMART LEGAL CONTRACTS IN ANDORRA

SMART LEGAL CONTRACTS: VALIDITY OF SMART LEGAL CONTRACTS IN ANDORRA

We already discussed in 2019 and 2020 the concept, functioning, advantages and disadvantages of Smart Contracts (read our articles again by clicking these links). Following the publication and entry into force, today 20th October, of the Law on digital representation of assets through the use of cryptography and distributed ledger and Blockchain technology we return to talk about Smart Legal Contracts, their legal validity and the new challenges that arise.

 

  • What is a Smart Legal Contract (SC)?

Let's remember what a SC is. The Law defines it as a computational protocol, algorithm or code, written in programming language, where the terms of the contract represent an agreement of wills between different parties within the same network, all of them with full capacity to act and in relation to a cause that protects them, and that allows them to articulate, verify, execute, enforce or control compliance with their instructions, actions or data, in an automatable or automated way, through a decentralised distributed ledger protocol or as part of an application that runs on a distributed ledger.

With these defining elements we can specify that today SC means the set of promises programmed in a module formed by a contiguous set of virtual lines of code that form an autonomous unit, with a timestamp, which once implemented in the blockchain is able to process information, relate to its environment (Oracle), respond to instructions received from inside or outside the system and automatically execute actions or tasks previously entered for which it has been programmed.
Among the main platforms used to create SCs, the most popular is still Ethereum, which is used to execute peer to peer (P2P) SCs on Ethereum Virtual Machine (EVM), which is a decentralised virtual machine.

 

  • Are Smart Legal Contracts valid within our legal system and where are they regulated?

Smart Legal Contracts are regulated in the Andorran legal system in the ninth chapter of the Law on the digital representation of assets through the use of cryptography and distributed ledger and Blockchain technology. Article 27 indicates the conditions that SCs must meet in order to be legally valid in Andorra and between the intervening parties:

  • a) It must be autonomous from the software developer, insofar as it does not actively require the software developer to maintain, monitor or be in contact with it while it is operational.
  • b) It must carry a durable timestamp and execution of the conditions of the scheduled transaction once they have been fulfilled.
  • c) It shall ensure the integrity and execution of the conditions of the scheduled transaction once they have been fulfilled.
  • d) It must be signed in some digital form as provided for in the Electronic Trust and Certification Actwhich guarantees that the signature is valid, that the signature corresponds to a specific person and that this person actually has the authority to sign it. Requests for accreditation or certification are made through the National Accreditation Commission (CNAC), and currently the only form of electronic signature with legal effect is the one used by the Government of Andorra certified by law by the Spanish company CIA.
  • e) That the, object of the transaction must be articulated, verified, executed, controlled or fulfilled in the Principality of Andorra..
  • f) That the object of the transaction has been articulated, verified, executed, controlled or must be fulfilled between nationals or foreigners of the Principality of Andorra. One of the parties to the transaction must be a national or resident. g) It clearly identifies the signatures on which the confirmation of the transaction is based.
  • g) It clearly identifies the signatures on which the confirmation of the transaction is based.
  • h) That the nodes that serve to articulate, verify, execute, control or on which the fulfilment of the legal smart contract depends are located and registered in the Principality of Andorra or that the entity that manages or administers them is an entity registered in the Principality of Andorra. The nodes are the set of all the computers that are interconnected to the blockchain network, running the software that is in charge of all its operation, make the Blockchain network work.
    Therefore, if these requirements are met, it will be valid in the Andorran legal system and will deploy all its effects.

 

  • New legal challenges

Where do Smart Legal Contracts have legal effects?
SCs face a number of challenges in the legal field due to the different legal realities that coexist in each country, so both national and international legislation must be taken into account.
Let us note, according to Andorran law, where SCs will have legal effects:

  • SCs that have been articulated, verified, executed or controlled by nodes based in Andorra and that are to have effects in the Andorran jurisdiction will be governed by Andorran law.
  • SC which have been articulated, verified, executed or controlled by nodes located in Andorra and which are to have effects outside Andorran jurisdiction shall be governed by the applicable law chosen by the parties. In the absence of choice, they shall be governed by the law of the place where the main damage caused by the non-performance occurs, by the law of the registered office or personal domicile of the provider of the service of performance of the SC or by the applicable law of the tax residence of the party who has suffered the damage, at the choice of the injured party.
  • If the SCs cannot be executed and perfected because there is no node in Andorra, they will have no legal validity and effectiveness in Andorra.

 

Conclusions
SCs are fully valid in the Andorran legal system as long as they meet the requirements set out in Article 27 of the Law on the digital representation of assets through the use of cryptography and distributed ledger and Blockchain technology.
We will follow developments in these areas closely in order to advise our clients in this exciting area.

 

Read more


Private business owner鈥檚 contribution is fixed a rate of 468.48 euros for a quote of 100%

Private business owner鈥檚 contribution is fixed a rate of 468.48 euros for a quote of 100%

Private business owner鈥檚 contribution is fixed a rate of 468.48 euros for a quote of 100%

Good morning,

We inform you that from January 2020 the contribution to the Caixa Andorrana of the Social Security (CASS) that the private business owner鈥檚 contribution will have to assume on the basis of 100% is fixed a rate of 468.48 euros.

We remind you that from September 1, 2019, your own account must be in accordance with the new contribution bases of 25, 50, 75, 100, 125 and 137.5%.

If you have any doubts, do not hesitate to consult us.

Cordially

Meritxell

A professional team at your disposal