Recent news from countries regarding ICOs

As many users and readers of Criptómano say, this technology is here to stay. And the countries are taking their measures to adapt to this technology in the different areas that it implies. From the sector of the ICOs each country is looking for regulations and measures that are fair for the initial offers of currency, either for or against these projects. Next we will indicate the last measures that have taken different countries on the ICOs.

Australia

Australia comes with a notable advance in all areas of the blockchain, as they are adapting and improving in their markets, rules and customers. Regarding the initial offers of currencies The guidelines establish that the legal treatment for the use of ICO depends on the natural structure of the tokens, either security or utility-based, that is, symbolic sales are classified according to the General Law Australian consumers, if the company structured in the form of ICO is not offering financial products, will be regulated by the Law of Corporations of the country.

Hong Kong

In February of this year, the SFC (Commission of Securities and Futures of Hong Kong) warned cryptocurrency investors about the risks of the investment and promised to continue controlling the ICO and the crypto-markets. In March, the securities regulator closed Black Cell Technology's ICO because it was an offer of unregistered securities, so the company returned the funds it had raised to investors.

"While we recognize that innovative technologies such as Blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to fundraise from the public in violation of the securities law. Due to the highly technical content and opacity of some of these projects, it is difficult for an average investor to choose winners, a job more suited to professional investors such as venture capital funds. "

Coincidentally, the Hong Kong Exchange and Compensation Market (HKEX) announced in March that it would initiate a dialogue with the Australian Stock Exchange (ASX) on innovation and the implementation of Blockchain. The Hong Kong CFS has also signed fintech innovation agreements with regulatory bodies in the United Kingdom, Australia, Malaysia, Dubai and Switzerland.

malt

The EU nation of Malta is approaching the introduction of a test that would clearly define when the assets derived from the initial offers of currencies (ICO) are securities. In a consultation document published on Friday, for which it is currently seeking comments from the public, the Financial Services Authority of Malta (FSA) submitted a proposal for the so-called Financial Instruments Test, which would eventually become part of its proposal for Law of Virtual Financial Assets (VFAA).

The agency said that the test methodology was designed based on the comments of the previous discussion document, published in November 2017, which initially introduced the concept. According to the last document, the test comprises a three-stage process that will first verify if an asset of distributed accounting technology (DLT) falls within the category of "virtual tokens", effectively the term of the agency for what the industry calls utility tokens.

As we can see, the adoption in each country is taking place according to the point of view or concept that they have on the ICOs, it is up to the investor to study their environment or regulations where he resides and then decide how to invest in these projects.

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