The race to regulate the cryptocurrency and the Initial Coin Offering (ICO) market has hit full stride. It’s more of a marathon than a sprint, with hurdles. In recent months over 30 global regulators announced their various approaches to token sales and ICOs.
This emerging space is full of promise and potential pitfalls. What happens next? What is evident in this race is Bitcoin, digital currencies and ICO token sales have created very vocal supporters and detractors from the world of high finance and government.
There is Christine Lagarde of the International Monetary Fund telling us that we are about to see massive disruption in FinTech and that it is time to get serious about digital currency, while Jamie Dimon of JP Morgan says Bitcoin is a fraud that will eventually blow up.
There is Japan with 11 regulated Bitcoin exchanges controlling over 60% of the global Bitcoin market, while China has banned the sale of crypto currencies and tokens outright.
And there are others in the race, to name a few: Abu Dhabi has offered guidance on regulating cryptocurrencies and ICOs on an individual case basis; the US SEC has declared that ICO tokens are subject to federal security laws -
The CFTC has announced that crypto assets may also be commodities; and, Switzerland and Singapore are leading the ICO market and are popular destinations for startups seeking to raise funds using tokens.
The UK's FCA has just published a report highlighting the difficulty that blockchain businesses have in getting basic banking services. Many are refused outright making it difficult for crypto asset businesses to get started. It also contradicts the UK government's pro innovation stance.
Simon Taylor, a crypto asset and blockchain specialist at UK based 11FS thinks the trend for ICO token sales is going to continue.
“The growth in crypto assets in recent years has been massive and it’s not going to stop.
ICO token sales have become an attractive alternative source of funding for startups”, says Taylor....continue to page 2 and 3 of this Forbes article here: https://www.forbes.com/sites/lawrencewintermeyer/2017/10/31/the-race-to-ban-or-regulate-bitcoin-and-...
This emerging space is full of promise and potential pitfalls. What happens next? What is evident in this race is Bitcoin, digital currencies and ICO token sales have created very vocal supporters and detractors from the world of high finance and government.
There is Christine Lagarde of the International Monetary Fund telling us that we are about to see massive disruption in FinTech and that it is time to get serious about digital currency, while Jamie Dimon of JP Morgan says Bitcoin is a fraud that will eventually blow up.
There is Japan with 11 regulated Bitcoin exchanges controlling over 60% of the global Bitcoin market, while China has banned the sale of crypto currencies and tokens outright.
And there are others in the race, to name a few: Abu Dhabi has offered guidance on regulating cryptocurrencies and ICOs on an individual case basis; the US SEC has declared that ICO tokens are subject to federal security laws -
The CFTC has announced that crypto assets may also be commodities; and, Switzerland and Singapore are leading the ICO market and are popular destinations for startups seeking to raise funds using tokens.
The UK's FCA has just published a report highlighting the difficulty that blockchain businesses have in getting basic banking services. Many are refused outright making it difficult for crypto asset businesses to get started. It also contradicts the UK government's pro innovation stance.
Simon Taylor, a crypto asset and blockchain specialist at UK based 11FS thinks the trend for ICO token sales is going to continue.
“The growth in crypto assets in recent years has been massive and it’s not going to stop.
ICO token sales have become an attractive alternative source of funding for startups”, says Taylor....continue to page 2 and 3 of this Forbes article here: https://www.forbes.com/sites/lawrencewintermeyer/2017/10/31/the-race-to-ban-or-regulate-bitcoin-and-...
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Jakobo Gimeno I was expecting something like this to be considered sooner or later.