Last month, the world was informed that the Gibraltar Blockchain Exchange will roll out its very own initial coin offering (ICO). The ICO offering commenced on February 7 and will close three days from now. Two days after the ICO offering began, Reuters reported that the public should expect in the coming weeks to see a draft law surface from both the Gibraltar government and Gibraltar Financial Services Commission. Reportedly, the draft law will put forth the ICO regulations in the British overseas territory.
For those who don’t know, the Gibraltar Blockchain Exchange is a subsidiary of the Gibraltar Stock Exchange, which is an extremely crypto-friendly exchange. According to lawmakers, this is significant news as the draft law marks the first ever set of ICO regulations. The draft law that is thought to surface in the next couple of weeks will help to regulate the sale, promotion, and distribution of digital tokens on the British overseas territory.
An initial coin offering, for those who don’t know, is a fundraising tool that trades future crypto coins in the interest of obtaining cryptocurrencies that have immediate and liquid value. There are a number of ICOs scheduled for 2018. For Gibraltar, this new draft law will require all ICO offerings to provide the public with “adequate, accurate and balanced information” to anyone looking to purchase tokens.
Reuters reported that Gibraltar has decided to roll out ICO regulations primarily because the world has grown increasingly concerned over the rapid growth of the cryptocurrency sector as of late. Regulations seem to be a popular topic right now. In fact, just recently, France, Germany, the United Kingdom, and the United States have all called for more discussion on cryptocurrency regulation.
If you are someone that is interested in the cryptocurrency market, I highly recommend keeping a close eye out for the draft law. There is no doubt in my mind that it is going to change the way that the market and sector operates.
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