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the British protectorate of Gibraltar itself makes up to introduce coin offerings as one of the first countries of a comprehensive regulation of initial. It should be taken specifically in smaller locations like Gibraltar, Bill the sharp increase in this funding method. Customers and investors should be protected by legal frameworks.
As reported the news agency of Reuters the Gibraltar Government together with the Gibraltar wants Financial Services Commission (GFSC), the financial market regulator of the half-island State in the coming weeks a draft law to the Regulation of initial outline coin offerings. By setting a regulatory framework, the investors and consumers should be protected from possible fraud.
The promotion, sale and distribution of newly issued coins will be regulated under the new law. The Government of Gibraltar itself claims that the approach is the first regulatory effort to coin offerings as a source of income for Blockchain projects aimed exclusively at initial.
Thus, the British protectorate responds to the development of last year, in which the consumed amount of money by ICOs had grown extremely. Specifically the peninsula Gibraltar was a popular location very investor-friendly outer conditions last, to perform a ICO .
About ICOs more than 3.7 billion US dollars were taken according to a Reuters report last year, in 2016, there were only 82 million.
“one of the main aspects of the regulation of token is that we will introduce the concept of regulation of authorized sponsors, who will be responsible for compliance with disclosure and financial crime rules”,
Sian Jones said , Senior Advisor of the GFSC.