1.SEC & DAO | 25th July 2017
In their announcement, the SEC ruling defined the DAO token as a security and the regulation whirlwinds began to move around the globe. However, the SEC failed to define whether utility tokens are securities as they do not meet the Howey Rule. Cue ICOs not allowing investors from the USA to participate. Read more.
2. MAS in Singapore | 2nd August 2017
Follows with their own announcement, MAS was careful in its statement to acknowledge that while some tokens are securities and subject to regulation, others are not. Their advice to ICOs – seek further legal advice and clarification on whether their tokens fall into or out of regulation. Read more.
3. China & The ICO Ban | 3rd September 2017
As reported, China waded in with a blanket ban on ICOs as they represent “illegal fundraising activities”. Cue their next move – closing all cryptocurrency exchanges in China. Will mining cryptocurrency be next? Read more.
4. South Korea sits on the Fence | 5th September 2017
Trying for a diplomatic response to the Chinese Ban, South Korea bans ICOs but welcomes cryptocurrency. Closing the door but keeping the window open? Read more.
5. From Russia with Love | 6th September 2017
The Deputy Prime Minster appeared to endorse cryptocurrency and mining; while the Central Bank of Russia’s announcement highlighted ICOs high-risk status and reiterated that crypto currencies are not considered financial tender or instruments in Russia for trading on exchanges. Mining anyone?
6. Canada & the ‘Sandbox’
Canada built a testing ground for regulation earlier this year and then regulated IMPAK ICO through their regulatory framework as a test case. A regulator that finally regulates. Read more.
7. The UK’s FCA & Policy under construction? | 12th September 2017
As reported in the Financial Times, the FCA is working on their policy framework around ICOs as they published their Discussion Paper on this subject in April this year (before Brexit).
8. Isle of Man & ICOs
The Manx regulators put their stall positioning Isle of Man as a haven for ICOs. Cue test case regulation this year and an attractive tax base rate for ICO sponsors. Read more.
9. SEC: New Cyber Unit | 26th September 2017
This week, in the latest twist, it was announced that the SEC will set up a new cyber enforcement unit to target violations involving distributed ledger technology and initial coin offerings to fight cybercrime, address market manipulation and the theft of sensitive information in the crypto space. ICO beware: The SEC is watching you. Read more.
10. Overstock: Regulated ICO Exchange | 27th September 2017
The creation of Overstock, a regulated exchange for ICO tokens, allows these to be publicly traded as securities, and thus regulated by the SEC. In theory, this should create greater liquidity and more efficient price discovery within the market. Will entrepreneurs and developers use this exchange or continue to focus on utility tokenisation instead? Read more.