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Article 1: see the regulatory situation of global blockchain, virtual currency and ico

Time : 17/05/2022 Author : hqzx9a Click : + -
        In this global blockchain technology and digital asset revolution, in addition to fully understanding the position of the Chinese government, we still need to master the attitude and layout of other countries in emerging fields. Eighteen countries and regions, including Singapore, the United States, Canada and Australia, have successively introduced policies or regulatory strategies. It can be seen that regardless of the country and level of development, they are actively planning and making preparations for this change before it comes. (1) On March 13, 2014, the monetary authority of Singapore (MAS) issued the statement of the monetary authority of Singapore (MAS) supervising virtual currency intermediaries for money laundering and terrorist financing risks, stating that MAS will supervise virtual currency intermediaries in Singapore to deal with potential money laundering and terrorist financing risks, that is, MAS does not regulate virtual currency itself, However, intermediaries that buy, sell or promote transactions between virtual currencies and real currencies are required to identify the nature of their customers and report suspicious transactions to the suspicious transaction reporting office.
        This move by MAS will make Singapore one of the first countries in the world to regulate virtual currency intermediaries for the purpose of anti money laundering and terrorist financing risk. (2) On August 1, 2017, MAS issued the monetary authority of Singapore's clarification on the regulatory position of providing digital tokens in Singapore, stating that if digital tokens constitute products specified in Chapter 289 of the securities and Futures Ordinance, the issuance of digital tokens in Singapore will be regulated by MAS. Issuers of these tokens will be required to submit and register a prospectus with MAS before issuing these tokens, unless exempted. Issuers and intermediaries of these tokens will also be subject to the licensing requirements of the SFO and chapter 110 of the financial advisers act unless exempted.
        At the same time, they are subject to the applicable requirements of anti money laundering and anti financing activities. In addition, the platform providing services for these token secondary market transactions must also be recognized or approved by MAS. (3) On October 2, 2017, MAS issued the reply to parliament's questions on the use of cryptocurrencies in Singapore and the measures to regulate cryptocurrencies and ICOS, indicating that a new regulatory framework for payment services is currently being developed to deal with money laundering and financing risks. At the same time, it said that if the virtual currency transcends its status as a means of payment and evolves into a "second generation" token representing the interests of asset ownership, similar to stocks or bond certificates, the ICO project that sells such "second generation" tokens to raise funds is subject to MAS supervision.
        MAS has not issued new legislation specifically for ICO, but MAS will continue to monitor the development of such issuance and consider more targeted legislation if necessary. (1) On July 25, 2017, the SEC of the United States issued the investigation report of the Dao according to section 21 (a) of the Securities Exchange Act of 1934. The investigation report uses Howey test to conclude that Dao coin is a security. Therefore, the issuance and sale of Dao coins are subject to the federal securities law. The report also explains that the issuer of securities based on distributed account books or blockchain technology must register the issuance and sale of such securities. Unless there are applicable and effective exemption registration provisions, the platform providing such securities trading must also be registered with the SEC as a national stock exchange or operate according to the exemption registration.
        (2) On July 25, 2017, the SEC of the United States issued the investor announcement: initial token issuance, which indicated that according to the actual situation of each ICO, the virtual currency or token issued or sold may be securities. If the virtual currency or tokens issued or sold are securities, these virtual currencies or tokens issued and sold by ICO are governed by the federal securities law. On August 24, 2017, the Securities Regulatory Commission of Canada (hereinafter referred to as "CSA") issued the staff notice 46-307 & mdash; issuance of cryptocurrency, stating that each ICO / ITO project is unique and must be evaluated according to its own characteristics to determine whether it constitutes a security. CSA also uses Howey test for evaluation.
        If it meets the definition of securities, the issuing enterprise must meet the requirements of the prospectus or obtain an exemption. At the same time, enterprises that have completed ICO / ITO may conduct securities transactions for commercial purposes. At this time, it is also required to obtain dealer registration or exempt dealer registration. (1) On September 5, 2017, the securities and Futures Commission of Hong Kong (hereinafter referred to as the "SFC") issued the statement on the issuance of initial tokens. The purpose of this statement is to clarify that, depending on the facts and circumstances of individual ICOS, the digital tokens offered or sold may belong to "securities" as defined in the securities and Futures Ordinance and be governed by the securities laws of Hong Kong.
        Digital tokens offered in ICO may be regarded as "shares" if they represent the equity or ownership interests of a company; If the purpose of the digital token is to enter into or confirm the debt borrowed by the issuer, it may be regarded as a "debt document"; If the proceeds from the sale of tokens are collectively managed by the ICO project operators and invested in different projects, so that token holders can participate in sharing the returns provided by the relevant projects, digital tokens may be regarded as the interests of the "collective investment plan". Whether it is shares, debt certificates or interests in collective investment plans, they are considered "securities". (2) On February 6, 2018, the Hong Kong Monetary Authority (HKMA) issued the revised guidelines on the recognition of virtual banks to promote the establishment of virtual banks in Hong Kong.
        In the guidelines, virtual banks are defined as banks that provide retail banking services mainly through the Internet or other forms of electronic channels rather than physical branches. In the revised version of the guidelines, the HKMA pointed out that banks, financial institutions and technology companies can apply for holding and operating virtual banks in Hong Kong. Since virtual banks are mainly engaged in retail business, they should be operated as local registered banks. Virtual banks must comply with the same set of regulatory principles and main requirements applicable to traditional banks, but some of the requirements must be adjusted appropriately according to the business model of virtual banks. On February 9, 2018, the Philippine Securities Regulatory Commission (hereinafter referred to as the "sec") issued the "sec recommendations", stating that according to the facts and circumstances of the case, if the token meets the securities nature defined in Article 3.1 of the securities regulations, it will be subject to the supervision of the sec.
        Under Section 3.1 (b) of the Securities Act, securities generally include "investment contracts". An investment contract refers to a contract, transaction or plan (collectively referred to as "contract"), whereby natural persons invest their own money in a common enterprise, resulting in the expected income fundamentally derived from the efforts of others. When a person tries to use other people's money or property to make a profit, it is assumed that there is an investment contract. Pursuant to sections 8 and 28 of the Securities Act, when a plan includes the sale of securities to the public, the so-called securities required by the Securities Act are duly registered and appropriate licenses and / or permits to sell securities to the public have been issued to the company and / or its agents.
        Similarly, a person who is a salesperson, broker, dealer or agent of an ICO company must register with the SEC in accordance with section 28 of the securities act when selling or persuading people to invest in the investment plan provided by the ICO company (including solicitation and recruitment through the Internet). On October 4, 2017, the Australian Securities and Investment Commission (ASIC) issued guidance & mdash& mdash; The first token issue indicates that the legal status of the ICO in Australia depends on the specific situation of the ICO, such as how the ICO is built and operated, and what rights the tokens issued through the ICO have.
        In this article, ASIC elaborates on the circumstances under which ICO constitutes the issuance of managed investment plans, the issuance of company shares or the issuance of derivatives, and expounds the corresponding regulatory norms. If the value of the token is related to the management of the ICO plan, ASIC is likely to think that the issuer of the ICO provides a managed investment plan (MIS); When an ICO is created to fund a company (or a business that looks like a company), the rights attached to tokens issued by the ICO may be defined as shares; If the pricing of an ICO's token is based on some factors (such as financial products, market prices, asset prices moving in a certain direction before a certain time or event), resulting in the payment request being attached as part of the token rights or obligations, the ICO may constitute a derivative.
        In October 2014, Estonia launched the "e-citizen" project. Citizens of all countries in the world can log on to Estonia's "e-citizen network (e-resident." to register as Estonia's "e-citizen". The full name of the "e-citizen" project launched by the Estonian government is "e-citizen digital identity certificate". Citizens of any country can fill in the application online. After approval, they can go to the 34 embassies and consulates in Estonia to obtain their personal digital identity certificates. At the same time, the general manager of Estonia's "e-citizen" project also proposed that the state issue the virtual currency of estocoin, which is based on the blockchain and carries out ICO crowdfunding through the National Central Bank.
        Estonia's e-resident project is known as the world's first government initiated blockchain project, which has greatly promoted the development of European blockchain projects. (1) On January 19, 2016, the British government released the 88 page white paper "distributed ledger Technology: beyond the blockchain", actively assessing the potential of blockchain technology and considering using it to reduce financial fraud and reduce costs. (2) On April 6, 2018, the financial market conduct authority (hereinafter referred to as "FCA") issued the statement on the authorization requirements for the issuance of crypto token derivatives by the company, stating that if the trading, arrangement, recommendation or other services for crypto token or other token derivatives issued through ICO meet the relevant regulatory activity standards, the FCA authorization is required.
        This includes:. Cryptocurrency contract for difference (CFD) & mdash; A cash settled derivative contract in which both parties agree to exchange the difference of CFD value at the beginning and end of the contract to guarantee profits or avoid losses;. (1) On September 29, 2017, the Swiss financial market supervision authority (hereinafter referred to as "FINMA") issued the regulatory treatment of initial token issuance, indicating that the following aspects of ICO may be regulated by relevant laws:. Provisions on combating money laundering and financing: if the tokens issued by ICO constitute the issuance of payment instruments, the anti money laundering law will apply. In this case, some other relevant regulations may also apply, such as those related to token brokers or trading platforms engaged in token trading or transfer (secondary market trading of tokens).
        The banking law stipulates that for ICO operators that absorb public deposits and have repayment obligations to the public, their ICO projects generally require banking licenses. The collective investment plan legislation stipulates that the assets collected as part of the ICO are managed externally and may have potential links with the legislation related to the collective investment plan. (2) On February 16, 2018, FINMA issued the ICO guidelines to supplement the regulatory treatment of initial token issuance issued earlier, indicating that whether it is regulated needs to be judged according to the specific situation of each case. In assessing ICOS, FINMA will focus on the economic functions and purposes of tokens issued by ICO organizers.
        The key factor of judgment is the basic purpose of tokens and whether they can be traded or transferred. At the same time, it also said that ICO is also subject to the supervision of anti money laundering. At present, there is no recognized token classification term in Switzerland or internationally. FINMA classifies tokens into three types, but mixed types are possible:. Payment token is a synonym for digital currency, which has no other functions or is associated with other development projects. Tokens may only develop necessary functions in some cases and be accepted as a payment method for a period of time. Asset tokens represent assets, such as the ownership of actual underlying assets, companies or income streams, or the right to receive dividends and interest payments.
        In terms of their economic function, these tokens are similar to stocks, bonds or derivatives. Payment ICO: for ICO projects whose tokens are intended to be used as a payment method and can be transferred, FINMA will require them to comply with anti money laundering regulations. However, FINMA does not treat such tokens as securities. Functional ICO: functional tokens are not eligible for securities only if their sole purpose is to grant digital access to applications or services and they can already be used in this way at the time of issuance. If functional tokens play the role of economic investment in whole or in part, FINMA treats such tokens as securities (i.e. in the same way as asset tokens).
        Asset ICO: FINMA regards asset tokens as securities, which means that there are securities law requirements for such token transactions, as well as the civil law requirements set out in the Swiss code of obligations (such as prospectus requirements). On November 13, 2017, the Danish financial regulatory authority (hereinafter referred to as "FSA") issued the statement on ICO, stating that only cryptocurrencies used solely as payment means are not subject to the regulation of Danish financial legislation. As long as relevant ICO activities fall within the scope of financial supervision, enterprises involving ICO and cryptocurrency should carefully consider relevant regulations, such as prospectus instructions, instructions for alternative investment fund management companies, the fourth anti money laundering instruction and other possible relevant laws.
        On December 11, 2017, the French government said that it would allow the use of blockchain technology to trade certain traditional securities. The amended Securities Law will come into effect in 2018. Institutions will be able to issue certain securities through the blockchain, such as fund shares or private company shares, without having to issue them through the traditional intermediaries they are required to use under certain circumstances. However, the French government has excluded some of the largest asset classes, such as the shares of listed companies, because the European Union requires that transactions involving such securities must be settled through the central clearing house. On March 28, 2018, the German Federal Financial Supervision Authority (hereinafter referred to as "Bafin") issued a consultation letter, stating that Bafin decided on a case by case basis whether tokens constituted financial instruments under the German securities exchange law or the financial instrument Market Guidelines, on a case by case basis whether tokens constituted securities under the German securities prospectus, and on a case by case basis whether tokens constituted money investments under the German money investment law.
        In this consultation letter, Bafin has defined in detail the characteristics required to constitute financial instruments and securities, and listed the relevant authorization requirements. A token is considered to be a security as defined in Article 2 (1) of wphg or Article 4 (1) (44) of mifidii. The following conditions must be met:. Liquidity of financial market or capital market; In principle, within the definition of securities, the trading platform of cryptocurrency can be regarded as the financial market or the capital market;. Tokens are the embodiment of rights, i.e. shareholders' rights or creditor's rights, or claims similar to shareholders' rights or creditor's rights, which must be included in tokens; And.
        If a token meets the criteria of a financial instrument defined by wphg or mifidii, or meets the criteria of a financial instrument defined by wppg
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