First ICO regulations
The first set of ICO regulations, Gibraltar Financial Services Commission (GFSC) has announced that they will develop law which will regulate ICOs.
Those regulations are aiming to prevent financial crimes, such as stealing from investors who would like to make investment of their money into Initial Coin Offerings.
As we can find in GFSC statement, new laws will regulate aspects such as promotion, sale and distribution of tokens on the territory of Gibraltar.
“One of the key aspects of the token regulations is that we will be introducing the concept of regulating authorized sponsors who will be responsible for assuring compliance with disclosure and financial crime rules,” Sian Jones, a senior adviser of the GFSC said.
As a result, the regulations will restrict ICO issuers to follow the rules that include ‘adequate accurate and balanced disclosure of information’ for investors who would like to invest their money in tokens.
From around $250M raised through ICOs in 2016, the amount of money raised in ICOs in 2017 has exceeded $1.5 bln according to CoinTelegraph.
Such fast growth of interest in cryptocurrencies and blockchain technology can become dangerous. Good to know that, there are countries that want to secure our investments not by banning cryptos, but by regulating the law.
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