UK Financial Conduct Authority issues some guidance on token sale (#icos). As before seem to indicate that tokens will be adjudged on a case-by-case basis. More detail below:
fca.org.uk/publication/fe…
Where a token sale requires authorization will *generally* turn on whether the activities relate to instrument that qualify as specific investments (shares, etc.)
Like in the US, the FCA, is focused on promotional materials and whether these materials “amount to a communication which is an invitation or inducement to engage in investment activity.” (note,the inducement angle aligns with the end the Munchee C&D (para 35))
They intend to gather further evidence on ICO markets for a “deeper examination” but repeatedly emphasize that token sales must be adjudged on a fact and circumstance basis.
As with other regulators are concerned about consumer and legal risks; token sales must “have the potential for consumer benefits” and must provide the public with information to allow for fully informed decisions.
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