Global ICO Regulation of Six Countries


Rampage Commentary: Financial Technology Analysis Research Corporation Autonomous NEXT Block Chain ICO Status Report “Token Fever” analyzes the overall status of ICO and encrypted currencies in six countries in Switzerland, Singapore, Russia, China, the United Kingdom and the United States, and participate in the field of financial services Provide more information. Singapore and Switzerland are more lenient in the regulation of emerging technologies, with encrypted money as an asset for their development. The lack of clarity in the relevant laws of the United States, the United States state complex. Russian regulation is more stringent.n
nnTranslation: Annie_Xun
nFinancial Technology Analysis Research Corporation Autonomous NEXT Releases New Block Chain ICO Status Report.n
n70 page “Token Mania” report, a unique perspective to analyze the new financing model for enterprises and investors to bring regulatory and operational challenges, the current model is rapidly becoming the main capital growth in the field of power.n
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nLex Sokolin, director of global financial technology strategy, talked about the report not to provide legal advice, “we try to provide the basic knowledge of people in depth financial services, rather than the people in the field of monetary economy.”n
nIn general, the report lists six different countries, namely, Switzerland, Singapore, Russia, China, the United Kingdom and the United States, emphasizing the overall situation of ICO and encrypted currency.n
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nMarket leadern
nIt is important that the report argues that Switzerland and Singapore are actively developing countries that create a favorable environment for financial technology and encrypted currency. At present, the two countries have reached the intention of cooperation in financial and technology regulations.n
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nThe report states that the Swiss business regulator is the FINMA (Swiss Financial Market Supervisory Authority), but the encryption money company does not require any specific license or approval. And in accordance with the laws of that country, the encrypted currency is the asset, not the securities.n
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nSimilarly, the Singapore Monetary Authority of Singapore argues that the encrypted currency is an asset rather than a financing or payment instrument. The authors do not participate in the regulation of virtual currency transactions, but participate in KYC and AML compliance monitoring.n
nSokolin explained, “in order to use the judicial convenience, exchanges and companies gathered in Switzerland, so that Switzerland and the industry are closely related.”n
nn”Singapore is in the same position because it is suitable for tokens for sale and companies with encryption as the core.”n
nnBut it does not mean that regulators are not paying attention.n
nThis week the Swiss government said in the study of encrypted monetary regulations. Singapore has been working on the Proposed Payment Framework (PPF) to review existing payment and remittance regulations, including virtual currency intermediaries.n
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nMixed scenesn
nThe report says other countries are less popular.n
nAutonomous NEXT lists many of the UK and US judicial activities, but it is not clear.n
nn”The reason we study the UK and the United States is that the number of chain and chain activities is large, but the credit economy is lacking.”n
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nThe report notes that the UK, like Singapore, uses a regulatory sandbox to drive new financial project testing. So the Financial Markets Authority (FCA) has taken a look at the distributed books technology.n
nEncrypted currency and tokens are treated as “private currency”, especially in the private currency of the ICO project, and the operation of the issuer is based on its own interpretation of the law. FCA has released DLT and encrypted tokens, but is not legally binding, so soon after the UK ICO environment may change.n
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nAt the same time the description of the United States is, “regulators hodgepodge” to coin sale more complex. And 50 states to implement their own laws and regulations, such as New York’s “BitLicense”, as well as the development of a variety of block chain regulations “American business home” Delaware.n
nSokolin said the complex regulatory environment in the United States meant fewer domestic pilot projects.n
nn”You can see a lot of countries to provide financial technology sandbox, so you can test and test the US OCC (US Securities Regulatory Commission) financial technology license, but only to the bank, but also not implemented.”n
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nThe tension of other countriesn
nAlso mentioning the rapid becoming active in encrypted currency and block chain innovation in China.n
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nThe report mentions that the People’s Bank of China has set up a digital money institute to help start-up companies and projects. Tokens are treated as non-monetary digital assets.n
nAnd pointed out that China has its own financial science and technology sandbox plan, but ICO is not regulated.n
nAutonomous NEXT reports that two million people in China are involved in ICO, and the People’s Bank of China is considering “high risk” through monitoring to monitor “non-professional investors”.n
nSokolin explained, “The people here are more closely linked.”n
nn”We learned through our own network that there are more social media to promote ICO than the West, where there is a different investment climate, unlike the United States, which sees it as a wild west.”n
nnTo a certain extent, the Chinese government is more open to the encrypted money economy, but government regulation may increase pressure.n
nn”At the moment we have not seen any results here, which means that it may take any direction, but there is a lot of tension in the system.”n
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nOn the other hand, Russia does not welcome encryption money, government agencies may be encrypted tokens are divided into legitimate financial instruments or derivatives. If the government officially recognized the encrypted currency, may bring KYC and AML supervision, transaction monitoring, taxation and so on.n
nThis is not to say that regulators are opposed to the technology, such as the report of the Bank of Russia (Bank of Russia) how to carry out its distributed books.n

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