Gibraltar is going to issue the world's first legislation for ICO

romandos86

member

Activity: 150

Merit: 25

Quote from: kristinochka_m on February 14, 2018, 09:33:18 AM

The government of Gibraltar and the Financial Market Commission of Gibraltar announced that in the coming weeks they will submit a draft law which will regulate the ICO market in the British Overseas Territory.

The legislates state that the draft law, aimed at regulating the promotion, sale and distribution of digital tokens in the territory of Gibraltar, will be the world's first set of rules developed specifically for the ICO.

One of the most important rules of the ICO in Gibraltar will be the introduction of the concept of "authorized sponsors" which must be "responsible for ensuring and adhering to disclosure rules and financial crimes," said Sian Jones, one of the senior consultants to GFSC.

ICO-campaigns, which "oblige projects of projects to potential buyers", - the representatives of the commission concluded.

In September 2017, the Financial Market Commission of Gibraltar published an official notice to investors about the high risks of investment in the ICO.

According to Reuters, in 2017 ICO worldwide collected more than $ 3.7 billion compared to $ 100 million in 2016. This acceleration and growth of the ICO market provoked the government of Gibraltar to take action.

Thanks God! We have clever people in governments on this planet)I'm happy to hear so expected news)It's a pity,that this project will work only in the British Overseas Territory, not in Great Britain.

Pan Troglodytes

member

Activity: 392

Merit: 39

It is a law that has long been discussed and demanded and at last it is happening. The foremost benefit will be that scammers will not be able to easily run an ICO and scam people on millions of dollars. The effectiveness of the new law of course depends on the exact details of provisions of authorized sponsors paragraphs.

Me, personally, I never got involved in any ICO with my money because I always considered them too risky, my foremost fear being that I was not able to tell the legit ones from the scam ones. I hope the situation will change now with the introduction of this new law and with other countries following.

I can only say: "at last".

kristinochka_m

newbie

Activity: 83

Merit: 0

Quote from: Kprawn on February 14, 2018, 09:43:21 AM

The legislations on ICOs is not a big surprised. It is currently a wild west out there and scam ICO's are trending right now. The

government has to protect the consumer, so this was inevitable. I would much rather welcome legislation than a total ban on all

ICO's, like some countries did. We need to filter the bad ICOs from the good ICO's and the only way to do that, is to introduce

some legislation. Wink

I hope, "overlegislation" won't take place

Kprawn

legendary

Activity: 1904

Merit: 1074

The legislations on ICOs is not a big surprised. It is currently a wild west out there and scam ICO's are trending right now. The

government has to protect the consumer, so this was inevitable. I would much rather welcome legislation than a total ban on all

ICO's, like some countries did. We need to filter the bad ICOs from the good ICO's and the only way to do that, is to introduce

some legislation. Wink

Lovecove

member

Activity: 161

Merit: 38

(Thank you for all the merit =) ) ~Lovecove!

I think the authorized sponsors provision will be really helpful. That vets out any potential scammers. Good on them. The Brits always know how to enact proactive laws.

I'm not really sure such a regulation would affect ICO market tbh. It would actually only help the market. Why can't the rest of the world be this cool?

In the rest of the world they have to be so dumb and just ban ICOs outright. Like in China. Wtf? Just regulate the people offering the ICOs and not the investors.

I'm in the US and I STILL can't participate in any of these mooning ICOs because of this.

kristinochka_m

newbie

Activity: 83

Merit: 0

The government of Gibraltar and the Financial Market Commission of Gibraltar announced that in the coming weeks they will submit a draft law which will regulate the ICO market in the British Overseas Territory.

The legislates state that the draft law, aimed at regulating the promotion, sale and distribution of digital tokens in the territory of Gibraltar, will be the world's first set of rules developed specifically for the ICO.

One of the most important rules of the ICO in Gibraltar will be the introduction of the concept of "authorized sponsors" which must be "responsible for ensuring and adhering to disclosure rules and financial crimes," said Sian Jones, one of the senior consultants to GFSC.

ICO-campaigns, which "oblige projects of projects to potential buyers", - the representatives of the commission concluded.

In September 2017, the Financial Market Commission of Gibraltar published an official notice to investors about the high risks of investment in the ICO.

According to Reuters, in 2017 ICO worldwide collected more than $ 3.7 billion compared to $ 100 million in 2016. This acceleration and growth of the ICO market provoked the government of Gibraltar to take action.

Topic: Gibraltar is going to issue the world's first legislation for ICO (Read 136 times)