In conversation with Inteliumlaw’s Elena Sadovskaya

Elena Sadovskaya displays on how expertise and shifting crypto regulation form Inteliumlaw’s hands-on, long-term authorized method.

Navigating worldwide enterprise structuring in at present’s regulatory local weather is never simple, particularly for corporations working throughout borders and rising sectors like crypto. To raised perceive how authorized professionals method this complexity in observe, we spoke to Inteliumlaw’s Elena Sadovskaya about how her early expertise finding out legislation and later working at Ernst & Younger formed her pondering. Right here’s what she needed to say.

Hello Elena! Are you able to share with us how your expertise training legislation throughout the 2nd yr of college and later working at a agency like Ernst & Younger influenced the way in which you method complicated worldwide enterprise structuring at present?

Elena: Spending nearly 4 years at a Huge 4 firm, Ernst & Younger (E&Y), has really felt just like the equal of an entire 10 years at most different consulting companies. Throughout this era, I regularly managed a number of tax and transaction structuring tasks in parallel for main worldwide purchasers throughout a spread of industries. Each time it was working with vital offers, massive transactions, and high-profile circumstances, which all allowed me to develop a powerful grasp of how massive companies work and what their authorized wants are. Most significantly, nevertheless, all of it sharpened my understanding of how attorneys can information them by totally different conditions – be it shifting legal guidelines at dwelling base, worldwide scaling, heightened regulator consideration, or different complicated challenges – with tailor-made options.

Now, for Inteliumlaw, neither “unattainable” nor “unresolved” circumstances are a part of our vocabulary. With hands-on expertise as attorneys for main companies and high-profile circumstances, we have now the required know-how to offer strong assist for enterprises and likewise assist small companies ultimately develop into bigger organizations.

At Inteliumlaw, we uphold the very best requirements of labor in all the things we do, primarily based on our expertise with massive, refined companies and a transparent understanding of the extent of high quality they anticipate and shall get from authorized advisers. A core a part of these requirements is a genuinely responsive perspective to tasks we work with, the place my additional time expertise at E&Y confirmed how far a legislation agency should go in order that the mission will get the specified high quality. At present, this permits us to successfully advise on complicated worldwide enterprise structuring and different essential authorized issues.

In a latest massive interview, you shared that Inteliumlaw grew from a small circle of specialists to a full-fledged legislation agency specializing in crypto licensing and different blockchain authorized providers. What new providers or options did you introduce in 2025? Which of them have turn out to be “bestsellers” amongst your purchasers in crypto?

Elena: Final yr was extraordinarily fast-paced for all of us at Inteliumlaw. As laws continued to evolve, we expanded and diversified our authorized options to satisfy the calls for of recent companies.

For the crypto sector, we launched a possibility to acquire a CASP license in a choose few jurisdictions like Poland, the Czech Republic, Lithuania, Cyprus, and past. These international locations’ licensing circumstances went by our rigorous inner evaluation and had been deemed probably the most favorable and related after MiCA entered into drive and changed the legacy VASP license. In parallel, our scope has expanded to incorporate DAO structuring within the Marshall Islands and RAK, a basis in Panama, alongside securing a crypto license in UAE (Dubai, VARA), El Salvador, and different markets the place a VASP license at the moment presents a significant alternative. Our web site is being steadily up to date to replicate the whole vary of providers we will assist you with.

In terms of “greatest sellers,” it’s laborious to focus on one thing specifically as the reply largely lies in regulatory growth, together with newly emerged regimes, shifts in present guidelines, and the dimensions of adaptation anticipated from companies. This yr, it was all centered round Markets in Crypto-Belongings (MiCA) regulation, and our primary focus was helping companies to adapt to this new actuality. Now, Inteliumlaw advises companies on getting a CASP license and delivers end-to-end MiCA-relevant assist for token issuance, change listings, DeFi mission launch, and the preparation of MiCA-compliant white papers and the notification submission course of.

Due to this fact, I might say that our 2025 best-seller request was securing a CASP license and itemizing a token in Europe with MICA-compliant white papers, the place we offer end-to-end, hands-on assist by each stage of the method.

Your agency positions itself as a long-term strategic companion quite than a standard authorized service supplier. How do you keep that degree of involvement with purchasers?

Elena: What we do is not only some careless execution of the consumer order made on autopilot. Somewhat, each Inteliumlaw consumer receives a custom-made method designed to serve their pursuits in the best approach. Our purpose is to construct long-term relationships with our purchasers, not pushed by “capitalist motives,” however as a result of that is the one approach we will all the time keep on prime of their present wants and assist them develop a enterprise that may maintain in the long run. When our purchasers develop, so will we.

As a part of our customised method, we guarantee each consumer has a devoted supervisor for his or her mission from day one. On this case, they all the time have a degree of contact who coordinates the mission and maintains a 24/7 perception into the consumer’s standing and wishes, permitting us to supply the fitting authorized resolution.

When sustaining steady involvement with the consumer and their wants, as an illustration, our attorneys repeatedly analyze the laws of their dwelling base and of their goal enlargement markets, serving to establish what they is perhaps uncovered to early, assist them adapt, and advise on the options if wanted. Most significantly, we don’t stroll away when the stakes rise and by no means depart purchasers in complicated circumstances, however are actively engaged to find the absolute best resolution for them. It makes our life a bit of bit extra sophisticated in comparison with different legislation companies, however it’s a precept we don’t compromise on.

Many crypto entrepreneurs really feel that regulation kills innovation. Out of your perspective, is that this a good assertion? What’s your opinion?

Elena: In lots of circumstances, sure, although it extremely is determined by the jurisdiction and its regulation, the place the “killing innovation” narrative usually stems from authorities imposing unrealistic expectations that far outpace present realities. In some circumstances, regulators might have opted for a much less strict method to some facets, which might finally result in minimized battle and a slower tempo of innovation and new tasks’ growth.

On the opposite aspect, with out regulation as it’s, tasks can not exist. But, reacting promptly to totally different adjustments can hold the mission steady and display credibility to the market. In observe, the strongest gamers available on the market at present are those that are in a position to adapt to the regulatory expectations; that is what defines the long-term sustainability and the way a mission beneficial properties belief from clients.

An unregulated trade definitely equals rather more area for tasks that aren’t dependable. So the last word query right here is to strike a steadiness, a “golden imply,” which, usually, merely doesn’t exist, making companies’ lives extra sophisticated.

When a brand new crypto enterprise approaches you with a request, what are the primary questions you ask earlier than even speaking about jurisdictions, licenses, or different authorized assist?

Elena: The very very first thing we talk about at first is every mission’s operational mannequin and particulars of how they perform, making certain we perceive the enterprise nearly as if we’re the one and solely founder. That is the muse of all the things: from jurisdiction-based classification of their mission and the following laws relevant to which authorized resolution(s) we will ship to greatest match the mission’s wants.

Luxurious ateliers by no means proceed to manufacturing a tailor-made swimsuit with out taking exact measurements. Our method isn’t any totally different. Primarily based on the consumer’s near- and long-term targets, imaginative and prescient, and the detailed specifics of their work, we advise on the options that greatest match their wants. 

With out clear, detailed solutions upfront, any dialogue of how we will help could be irrelevant. A minor oversight of a tiny element could make a tailor-made swimsuit really feel suffocating. Likewise, a small nuance can fully change the course and redefine what the fitting resolution appears to be like like.

How do you consider which crypto license is perfect for a consumer’s enterprise mannequin? Particularly, how does this course of go for selecting an EU jurisdiction for getting a CASP license?

Elena: Lengthy earlier than the consumer reaches out, a preliminary evaluation has sometimes been made internally. Each jurisdiction is fastidiously reviewed for the necessities and the regulator’s method to issuing licenses, so we perceive the extent of complexity concerned and establish which companies are most probably to cross by the method.

When the consumer approaches us, we stock out an in-depth evaluation of their setup and goals. We discover token issuance plans, focused markets for enlargement, the place the staff is situated, and much more to form a compliant technique. Solely after assessing licensing complexity, the consumer’s goals, and the price range allotted to ongoing compliance can we advocate probably the most appropriate various.

MiCA has fully reshaped how crypto companies should function in Europe. What’s the largest false impression corporations nonetheless have about this regulation?

Elena: Working with crypto companies worldwide – together with these already serving EU purchasers or planning to enter the market – I see one false impression greater than every other: many nonetheless misunderstand the distinction between a VASP and a CASP, assuming they’ll nonetheless onboard EU clients with out securing the brand new authorization. That is particularly the case with companies registered in offshore regimes with little oversight. In truth, they’ll’t.

This false impression is equally prevalent amongst corporations beforehand having VASP in Poland and different EU international locations. The place companies weren’t ready to satisfy larger necessities past their “light-touch” setup, it’s turning into laborious to adapt to substance necessities, set up consumer workflows, and develop complete documentation. For companies already working in tightly regulated regimes, the transition is usually smoother.

So, I might say the largest fantasy now could be {that a} enterprise can nonetheless function as earlier than, concentrating on Europe whereas being registered in an unregulated jurisdiction or one recognized for little oversight. These instances at the moment are formally over. Much more regarding is that, in 2026, some nonetheless imagine crypto is unregulated; it’s regulated.

In a latest interview, you known as the UAE “one of the vital promising international hubs for crypto and Net.” What particular regulatory or financial options give the UAE an edge over Europe or the US?

Elena: What makes them totally different is their huge assets, readiness, and willingness to speculate considerably within the crypto sector, all with the concentrate on innovation. The UAE is dwelling to numerous firms with a major urge for food to speculate and lead in crypto, which is why there’s a constant effort to form a regulatory setting that accelerates development.

The UAE’s method is really one thing distinctive now. The place Europe tries to observe US requirements with an much more stringent rule, the UAE chooses a extra liberal possibility and approaches it extra like a possibility to strengthen the financial system. The EU treats crypto very like early societies handled hearth: extraordinarily harmful with out management. That’s why the regulation is made to keep away from fraud, defend clients, and cut back the room for unreliable tasks.

The UAE, however, isn’t afraid to introduce one thing new. It’s due to this fact unsurprising that they’ve larger adoption charges, new options seem sooner, and central financial institution digital cash are being adopted a lot ahead of wherever else on this planet.

Think about you may design a brand new “excellent” crypto jurisdiction by combining parts of three already-existing regimes, which might you choose and why?

Elena: There isn’t a actual have to merge 3 regimes once we can select one framework because the core and make small changes.

In essence, the best crypto jurisdiction would match the UAE innovation-first mannequin whereas providing a much less complicated process to roll out within the area(s). The method of issuing authorization permits (licenses) and understanding tasks’ specifics is approach too overwhelming now within the UAE. Even so, nevertheless, the choose few who efficiently make it by the method – usually after months of ready for the regulator’s suggestions, generally just for minor clarifications – finally acquire entry to all the things the jurisdiction has to supply.

Subsequently, rationalizing this course of to the extent doable would materially strengthen the jurisdiction’s fame as a crypto-friendly hub, making it the #1 or very near this standing.

In your expertise, what are probably the most underestimated dangers when crypto companies function “non-compliant however worthwhile,” past fines and license revocation?

Elena: All of it comes right down to the severity of non-compliance. On the executive degree, there are fines of various sizes and, within the worst circumstances, license revocations. But this isn’t the best concern of most companies.

Essentially the most horrifying skeleton within the closet is when a case turns to felony legislation, and the impression goes past the mission funds to human lives. There are quite a few high-profile circumstances the place change executives are arrested and prosecuted for cash laundering, and that is exactly what everybody needs to keep away from.

We’ve discovered that you just’ve designed over 50 tax-efficient and future-proof constructions whereas additionally supporting multimillion-dollar offers. Which tasks are you probably the most pleased with and why?

Elena: It’s truthfully troublesome to single out only one mission, as a result of each construction we design at Inteliumlaw is constructed round a really particular enterprise and danger profile. Every of them is its personal story, and behind each “profitable construction” there are months of very detailed, custom-made authorized, tax, and regulatory work.

That stated, I’m particularly pleased with the tasks the place we supported companies from a really early stage and additional throughout their development into well-known manufacturers. There’s one thing very rewarding about figuring out you didn’t simply advise on a construction however helped construct the robust authorized basis that allowed the corporate to scale safely.

Within the crypto and web3 area particularly, we’ve labored on a variety of complicated issues: from tokenization of real-world property (together with immovable property) and structuring decentralized change and buying and selling infrastructure tasks to token issuance and token classification, governance fashions, and cross-border tax and company setups for founders and teams. We’ve additionally supported tasks constructing buying and selling terminals, platforms, and hybrid web2/web3 fashions.

What I’m most pleased with is not only the variety of constructions we’ve constructed, however the truth that lots of them had been designed to be “future-proof.”

And lastly, what regulatory developments in crypto do you anticipate in 2026? Most significantly, do you assume the first regulatory danger for crypto companies will come from new legal guidelines or from aggressive reinterpretation of guidelines that exist already at present?

Elena: 2026 shall be a vital yr for regulatory consolidation in crypto, particularly in Europe. To start with, we anticipate the expiration of the MiCA grandfathering interval round mid-2026, which is able to drive many current VASP-style constructions to both turn out to be totally licensed CASPs or exit the market. In observe, it will imply a serious clean-up of the trade, with larger compliance prices but in addition a a lot clearer regulatory perimeter for critical gamers.

On the identical time, we anticipate growing international strain on so-called “regulatory hole” jurisdictions. Many offshore and semi-offshore hubs that traditionally served crypto companies exactly due to lighter regulation will possible introduce extra formal crypto frameworks, licensing regimes, and substance necessities. We’re already seeing the early levels of this development.

On the structural aspect, I believe we’ll see extra legally acknowledged DAOs and on-chain governance fashions coming into the mainstream. However in parallel, decentralized and hybrid web3 tasks will proceed to maneuver underneath nearer regulatory scrutiny, particularly the place there may be any factor of custody, intermediation, token distribution, or revenue expectation. 

As for regulatory danger, it’s going to possible come from each side: new legal guidelines and aggressive reinterpretation of current guidelines. In observe, enforcement and re-qualification underneath current monetary, securities, AML, and shopper safety regimes could also be simply as disruptive as brand-new laws. The trade is maturing, however corporations ought to plan for a harder, extra enforcement-driven setting within the close to time period.