Announcement of a bill exclusively for intrastate ICO
Purpose of introducing ICO Authorized Support
Provide accurate and balanced information to investors
Britain's Gibraltar is the first time that it has come up with a silicate measures to be exclusively for the ICO-Initial Coin Offering.
Reuters reported on July 9 (local time) that Gibraltar Financial Services Commission (GFSC) would present a bill to regulate the promotion, sale and distribution of ICO in the coming weeks. GFSC stressed that the regulation is the first ICO custom-tailored legislation in the world.
GFSC said the key to its regulatory proposals was the introduction of accredited volunteers responsible for disclosure and related financial crimes. GFSC does not say who will play the role of the accredited applicant. The bill also said the ICO would include rules to provide accurate and balanced information to all investors who purchase encrypted money.
Franco-President Bruno Lemaire of France and German finance ministers Peter Altmeier said earlier that " Cryptograph could be a potential threat to investors and could be vulnerable to financial crimes without proper regulation. " Gibraltar's ICO regulations also appear to have resulted from these observations. " We will protect consumers, " said Secretary of Commerce Albert Isola Gibraltar.