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Gibraltar recognized ICO tokens as commercial products



The government of Gibraltar provided new details on its plan for regulating initial coin offerings in a new technical document published on Tuesday.



15.Mar.18 2:09 PM
By Daria Zaytseva
Photo Toinnov.com

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Gibraltar recognized ICO tokens as commercial products

It is noteworthy that the document says that most tokens are not considered securities under the laws of Gibraltar or the EU. The classification of tokens and ICOs has aroused the concern of regulators and government observers, which led to the fact that some countries, primarily China, completely prohibited the use of blockchain. Indeed, the document notes that the tokens are commercial products, not securities.

The white paper also specified the mode of authorized sponsors, under which each ICO issuer selling or distributing tokens in Gibraltar to appoint a person to monitor sales and enforce the rules.

Legislators in Gibraltar in December signed a bill focused on blockchain, and earlier laid the foundation for the ICO bill when it published advisory information back in September.

The white paper also states that the Financial Services Commission of Gibraltar (GFSC) will authorize and monitor secondary token market operators and establish a public register of such operators. In addition, the government will regulate investment-related recommendations related to the token, including "general recommendations," "product recommendations," and "personal recommendations."

According to the document, Gibraltar intends to complete its blockchain-related regulatory by the end of this year.




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