Tag Archives: ICO
Following the publication of its discussion paper regarding the risks and opportunities, and characteristics of distributed ledger technology (DLT) in April 2017, the FCA’s feedback statement FS17/4 sets out responses received and the FCA’s next steps. The responses related to the following issues: operational risk, including outsourcing and network security; digital currency, including digital currency […]
We’ve written a briefing on recent regulatory warnings about ICOs, and how they may fall within the UK’s regulatory perimeter.
ESMA has become the latest body to denounce initial coin offerings (ICOs), issuing statements directed at investors and firms highlighting the distinct risks involved. Echoing FCA’s previous warnings , ESMA has focused on the risks of investors to losing all their invested capital, and firms conducting ICOs potentially also carrying on regulated investment activities. Investors are […]
The FCA has today made a statement on Initial Coin Offerings or ‘ICOs’. The FCA has said that ICOs, which can vary widely in design, are ‘very high-risk, speculative investments.’ They went further to say that ‘whether an ICO falls within the FCA’s regulatory boundaries or not can only be decided case by case.’ The […]
Much like the recent investigative report from the SEC in the USA in relation to the DAO token issuance, in which it was determined that a token sale amounted to the issuance of securities, this statement from the SFC serves to explain that, depending on the facts and circumstances of an ICO, digital tokens that are […]
HM Treasury has published a report on the progress made during 2016 on the original 26 recommendations put forwards by the Insurance Fraud Taskforce. The Taskforce was set up to investigate the causes of fraudulent behaviour and recommend solutions to reduce the level of insurance fraud in order to ultimately lower costs and protect the […]
ICO has fined Moneysupermarket.com Ltd £80,000 for sending 7.1 million unsolicited direct marketing emails over a period of ten days to update its customers on its Terms and Conditions. Crucially all the recipients of the emails had previously opted out of direct marketing, and Moneysupermarket sent the T&Cs by email which included a section noting the […]
The Information Commissioner’s Office has fined Provident Personal Credit Ltd £80,000 for sending nearly 1 million unsolicited texts promoting personal loans. The company used third party affiliates to send the communications, to which the recipients had not consented.