Autonomous NEXT analyst and researcher Fintech has published a new report on the status of providing new Blockchain-based electronic currency (ICOs).
The article titled "Token Mania" posts a total of 70 pages for readers who have a unique perspective on the regulatory and operational challenges of this new and fast investor loan model. It soon became a hope for businesses and investors in such ICO projects.
Lex Sokolin, director of Fintech, said he admits that it has no purpose and that applications are not practical and legal. In general, six countries - Switzerland, Singapore, Russia, China, the United Kingdom, and the United States - have been reported to clarify the situation of the ICO market in particular and the electronic money market in general.
Place for market development
Perhaps most noteworthy is the report that Switzerland and Singapore are two of the more advanced and fully equipped nations to create a welcoming environment for Fintech and the electronic money market. It is noteworthy that the two countries have agreed to cooperate on Fintech's regulations.
In Switzerland, the business activities regulated by Financial Market Supervisory Authority are FINMA (FINMA is an independent Swiss watchdog) but ICO companies do not issue specific licenses. . By law, this is not a form of monetary asset or asset-like securities. Similarly, the documents acknowledge that ICOs are an unlawful asset in Singapore, rather than as a payment instrument by state regulators. The Monetary Authority of Singapore (MAS) says it does not regulate and intervene in electronic money transactions in the market. Sokolin explained that "Switzerland is a very large trading area and companies are starting to move there and make adjustments to fit the legal base in place."
The ICO market is experiencing rapid growth over time, but now government agencies are censoring and investors are more likely to choose an ICO.
"Singapore is in a good position to launch new e-currencies and companies focus on market coding more."
The government is monitoring everything.
This week the Swiss government said it was working on regulatory compliance activities for ICO companies. Meanwhile, Singapore is developing a payment framework and reviewing existing money transfer regulations and this will involve intermediaries of electronic money.
Activities in many countries
Countries like the United Kingdom and the United States are places where there are many transactions but lack legal clarity.
The ICO market is experiencing rapid growth over time, but now government agencies are censoring and investors are more likely to choose an ICO.
Sokolin said: "We have examined and looked at in the UK and US because there are a lot of Blockchain activities in businesses and financial institutions but there is no clarity in the e-money economy. According to the report, the FCA is adopting a new approach to Blockchain technology. The United States is a place where laws are rigorous and market management makes the issuance of At the same time, 50 states have their own rules, such as the "BitLicense" law in New York, and the combination of the United States Code Has issued a series of laws relating to Blockchain.
Sokolin says that the complex legal environment in the United States means that fewer trials are deployed in the country.
Stress also occurs elsewhere
Just as in the United States, activities are being tested in China, which is emerging as one of the dynamic nations in technological development. The People's Bank of China (PBoC) and central bank reports have set up a digital pre-research institute providing support to startups and executing their projects. . According to reports, tokens are considered non-monetary digital assets.
It continues to show how China plans to introduce a security system for Fintech, which is generally unchecked. According to the report, more than 2 million people have participated in ICO projects in China, while PBoC is considering regulations to address the risks being warned and monitored by non-professional investors in the market. bare.
Sokolin added, "As people get more involved with it, through our network, we see that communication activities on ICOs in China are much more popular than the world at large and Western countries in particular, which is a very different investment environment.
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