Gibraltar will set the world’s first ICO regulation

nRunaway Comment: The rapid growth of the ICO market in 2017 has drawn the attention and concerns of many governments. Many regulators and even government authorities have warned investors against this new event. At present, the Government of Gibraltar has decided to proceed with the management of this area by formulating the first ICO regulation act in the world and incorporating local ICO activities into its legal framework. In 2018, we may also look at other countries to take similar measures.n
nTranslation: Inan
According to a Reuters report on February 9, the government of Gibraltar and the Gibraltar Financial Services Commission (GFSC) announced that they will draft a draft law in the coming weeks to oversee the local ICO activities.n
The draft law aims to regulate the marketing, distribution and distribution of digital tokens in Gibraltar. According to local legislators, this will be the first set of regulations ever made specifically for the ICO.n
Sian Jones, a senior adviser to the GFSC, said that one of the main elements of the ICO regulatory bill to be developed by Gibraltar is the introduction of the concept of “authorized advocates” who “are responsible for ensuring their ICOs comply with the rules of disclosure and financial crimes.”n
The government and the Financial Services Commission in Gibraltar said to Reuters that the draft will also set out the disclosure rules requiring the ICO project to provide “full, accurate and fair information” to all tokens buyers.n
According to the Reuters report, in 2017, the global ICO activities raised over 3.7 billion U.S. dollars, compared with 100 million U.S. dollars in 2016. The rapid expansion of the ICO market has led the Gibraltar regulatory authorities to take action.n
In September 2017, Cointelegraph reported that as the number of ICOs increased rapidly, the GFSC issued a formal statement, warning investors to the “high-risk and speculative” nature of ICO fundraising.n

Leave a Reply

Your email address will not be published. Required fields are marked *