References

1

As a general rule, innovation requires a safe space for people to explore, test, launch, and iterate with new technologies. Hence, in order for innovation to be made possible, this space must be defined and fairly administered by authorities and clearly communicated to all relevant stakeholders.

2

While we recognize that there are many different kinds of token sales—many of which do not bear any resemblance with traditional IPOs or securities issuance—for the purpose of this report, we have chosen to refer to all practices and projects involving the issuance and sale of blockchain-based tokens to the public as Initial Coin Offerings (ICOs).

3

https://spectrum.ieee.org/tech-talk/computing/networks/ethereums-150-million-dollar-dao-opens-for-business-just-as-researchers-call-for-a-moratorium, accessed January 16th, 2018.

4

https://hacked.com/meteoric-rise-continues-ico-funding-reaches-3-25-billion-in-october/, accessed January 16th, 2018.

5

Note that the European Union will be solely looked at in brief in an isolated fashion due to the reasons highlighted in the respective report.

6

See e.g. Hacker/Thomal classification of utility tokens, investment tokens, payment tokens etc. in Hacker, P., & Thomale, C. (2017), Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, 1.

7

SEC v. W. J. Howey Co., 328 U.S. 293 (1946)

8

SEC Chairman Clayton, Statement on Cryptocurrencies and Initial Coin Offerings, December 11, 2017, https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11, accessed January 11th, 2018; SEC Order in the matter of Munchee (Inc.), Release No. 10445 / December 11th, 2017, https://www.sec.gov/litigation/admin/2017/33-10445.pdf, accessed January 11th, 2018.

9

Note, that this is not an exhaustive list and many other categories and subcategories may be defined. Further note, that we will not pay attention to hybrid forms which combine elements from different main- and subcategories. This is due to the limited length of this document and the difficulty in distinguishing these hybrid forms from the "pure" forms. This difficulty stems from the fact that merely all of these tokens have a payment utility to them and can be swapped in exchange for assets and services on exchange platforms, provided they are fungible enough. We will, therefore, focus on the defining characteristic of each token when subsuming them under one of the below categories. One could draw an analogy to the theory of absorption under contract law, which defines the governing contract type for innominate contracts (compound contracts to be exact) to be the one which governs the majority, i.e. the lion's share—however quantifiable—of the legal relationship between two or more contracting parties.

10

With dividend certificates, the holder has a claim towards the issuer to receive a fixed amount; whereas, with profit share tokens, the token holder has no claim towards the issuer but rather receives consideration as part of the purchase agreement underlying the transfer, with no right to receive back the fixed amount.

11

15 U.S.C. § 77a et seq.

12

For a good overview of Section 5 of the Securities Act of 1933 and its implications for token sales, see J. Dax Hansen & Carla L. Reyes, Legal Aspects of Smart Contract Applications: Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries, Government Records and Smart Cities, and Self-Sovereign Identity (May 2017), https://www.virtualcurrencyreport.com/wp-content/uploads/sites/13/2017/05/Perkins-Coie-LLP-Legal-Aspects-of-Smart-Contracts-Applications.pdf and Coalition of Automated Legal Applications, A Primer on Crytposecurities (Dec. 2015), http://coala.global/uploads/COALA-A-Primer-On-Cryptosecurities-Dec-2015.pdf.

13

Jonathan Rohr & Aaron Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets, at 26, available at https://ssrn.com/abstract=3048104 (citing Zachary J. Gubler, Public Choice Theory and the Private Securities Market, 91 N.C. L. Rev. 745, 747 (2013)).

14

15 U.S.C. § 78a et seq.

15

See Rohr & Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets (citing 15 U.S.C. § 78j (Section 10b)).

16

See 17 C.F.R. § 240.10b-5. Note that a material fact has been defined to include any fact that would be important to investors when making a decision to buy or sell securities.

17

See Hansen & Reyes, Legal Aspects of Smart Contract Applications: Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries, Government Records and Smart Cities, and Self-Sovereign Identity (May 2017) (noting that the Securities Act includes short-term instruments with maturities of less than nine months in its definition of security, while the Exchange Act does not).

18

See SEC v. W.J. Howey Co., 328 U.S. 293, 298 (1946).

19

See Landreth Timber Co. v. Landreth, 471 U.S. 681, 690 (1985).

20

See, e.g., Carla L. Reyes, Nizan Geslevich Packin & Benjamin P. Edwards, Distributed Governance, 59 Wm & Mary L. Rev. Online 1, 28-29 (2017); Coalition of Automated Legal Applications, A Primer on Crytposecurities (Dec. 2015), http://coala.global/uploads/COALA-A-Primer-On-Cryptosecurities-Dec-2015.pdf.

21

Securities Exchange Commission, Release No. 81207: Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, July 25, 2017, available at https://www.sec.gov/litigation/investreport/34-81207.pdf [hereinafter "The DAO Report]; see also 15 U.S.C. § 77e.

22

SEC v. W.J. Howey Co., 328 U.S. 293, 298 (1946).

23

SEC v. C.M. Joiner Leasing Corp., 320 U.S. 344, 351 (1943).

24

Hansen & Reyes, Legal Aspects of Smart Contract Applications: Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries, Government Records and Smart Cities, and Self-Sovereign Identity (May 2017).

25

Leading commentators concur that a token need not be purchased for fiat currency in order to satisfy the "investment of money" prong – any "good, service, promissory notes, and other exchanges of value" can satisfy the first element of the test. See Jonathan Rohr & Aaron Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets, at 27 (citing Uselton v. Commercial Lovelace Motor Freight, Inc. 940 F.2d 564, 574-75 (10th Cir. 1991)). See also, Carla L. Reyes, Nizan Geslevich Packin & Benjamin P. Edwards, Distributed Governance, 59 Wm & Mary L. Rev. Online 1, 28-29 (2017);, at 29 ("While the exchange of a cryptocurrency for a token would likely qualify as an investment of money, a contribution of computational power might not.") (citing Marco Santori, AppcoinLaw: ICOs the Right Way, CoinDesk (Oct. 15, 2016, 2:04 PM), http://www.coindesk.com/appcoint-law-part-1-icos-the-right-way/).

26

The common enterprise element has a "focus on the extent to which the success of the investor's interest rises and falls with others involved in the enterprise." Miriam R. Albert, The Howey Test Turns 64: Are the Courts Grading This Test on a Curve?, 2 Wm. & Mary Bus. L. Rev. 1, 16 (2011). Since the Supreme Court never specifically defined "common enterprise" the lower courts were left to determine what it meant. At least three lower court tests have developed: horizontal commonality, broad vertical commonality and narrow or strict vertical commonality. Jonathan Rohr & Aaron Wright, Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets at 28 (citing Thomas Lee Hazen, The Law of Securities Regulation § 1:52 (2016)). Although an exhaustive treatment of these tests lies beyond the scope of this discussion, generally speaking, "[t]he horizontal commonality test requires multiple purchasers (more than one) who are all exposed to the risk of the enterprise" while the vertical commonality tests looks at the connection, in varying degrees, between the investor and the promoter. Id. at 29 (citing SEC v. Infinity Group Co., 212 F.3d 180, 188 (3d Cir. 2000); Steinhardt Group Inc. v. Citicorp, 126 F.3d 144, 151 (3d Cir. 1997); SEC v. Glenn W. Turner Enterprises, Inc., 474 F.2d 476, 482 n.7 (9th Cir. 1973); SEC v. SG Ltd., 265 F.3d 42, 49 (1stCir. 2001)).

27

Hansen & Reyes, Legal Aspects of Smart Contract Applications: Digital Asset Sales and Capital Markets, Supply Chain Management, Land Registries, Government Records and Smart Cities, and Self-Sovereign Identity (May 2017)

28

Press Release, U.S. Sec. & Exchg. Comms'n, SEC Emergency Action Halts ICO Scam, 2017-219 (Dec. 4, 2017), https://www.sec.gov/news/press-release/2017-219.

29

U.S. Sec. & Exchg. Comms'n, SEC Exposes Two Initial Coin Offering Purportedly Backed by Real Estate and Diamonds, 2017-185 (Sept. 29, 2017), https://www.sec.gov/news/press-release/2017-185-0.

30

For a short summary of these enforcement actions, see Keith Miller, SEC Files Emergency Action to Halt Alleged ICO Scam, Perkins Coie Virtual Currency Report (Dec. 4, 2017), https://www.virtualcurrencyreport.com/2017/12/sec-files-emergency-action-to-halt-alleged-ico-scam/.

31

In re Munchee, Inc., No. 3-18304, Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order, at 2 (Dec. 11, 2017), https://www.sec.gov/litigation/admin/2017/33-10445.pdf. For a more detailed discussion of the Munchee Order, see Perkins Coie LLP, SEC Takes Aim at Initial Coin Offerings Again, Virtual Currency Report (Jan. 11, 2018), https://www.perkinscoie.com/en/news-insights/sec-takes-aim-at-initial-coin-offerings-again.html.

32

Juan Batiz-Benet, Marco Santori & Jesse Clayburgh, The SAFT Project: Toward a Compliant Token Sale Framework, Protocol Labs & Cooley (Oct. 2, 2017), https://www.cooley.com/~/media/cooley/pdf/reprints/saft-project-whitepaper.ashx.

33

Juan Batiz-Benet, Marco Santori & Jesse Clayburgh, The SAFT Project: Toward a Compliant Token Sale Framework, Protocol Labs & Cooley (Oct. 2, 2017), https://www.cooley.com/~/media/cooley/pdf/reprints/saft-project-whitepaper.ashx.

34

Juan Batiz-Benet, Marco Santori & Jesse Clayburgh, The SAFT Project: Toward a Compliant Token Sale Framework, Protocol Labs & Cooley (Oct. 2, 2017), https://www.cooley.com/~/media/cooley/pdf/reprints/saft-project-whitepaper.ashx.

35

Juan Batiz-Benet, Marco Santori & Jesse Clayburgh, The SAFT Project: Toward a Compliant Token Sale Framework, Protocol Labs & Cooley (Oct. 2, 2017), https://www.cooley.com/~/media/cooley/pdf/reprints/saft-project-whitepaper.ashx.

36

Cardozo Blockchain Project, Research Report #1: Not So Fast – Risks Related to the Use of a 'SAFT' for Token Sales (Nov. 21, 2017), https://cardozo.yu.edu/sites/default/files/Cardozo Blockchain Project - Not So Fast - SAFT Response_final.pdf.

37

Robert N. Rapp, How to Apply Blue Sky Laws to Securities Offerings, Law360 (Nov. 14, 2013), https://www.law360.com/articles/488533.

38

In the Matter of BitConnect, Order No. ENF-18-CDO-1754, Texas State Securities Board, at 8 (Jan. 4, 2018), https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf.

39

In the Matter of BitConnect, Order No. ENF-18-CDO-1754, Texas State Securities Board, at 2, 8 (Jan. 4, 2018), https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf.

40

In the Matter of BitConnect, Order No. ENF-18-CDO-1754, Texas State Securities Board, at 6-8 (Jan. 4, 2018), https://www.ssb.texas.gov/sites/default/files/BitConnect_ENF-18-CDO-1754.pdf.

41

See, Coinflip, Inc., CFTC, Docket No. 15-29, at 3 (Sept. 17, 2015) (order), available at http://www.cftc.gov.idc/groups/public/@Irenforcementactions/documents/legalpleading/enfmintcocomplaint091615.pdf.

42

Pillsbury Winthrop Shaw Pittman LLP, Initial Coin Offerings (ICOs): The Current State of Play, JDSupra (Nov. 3, 2017), https://www.jdsupra.com/legalnews/initial-coin-offerings-icos-the-current-75078/.

43

Andrew P. Cross, Laurie Rosini & Thomas Ahmadifar, Retail Commodity Transactions Involving Virtual Currencies: An Overview of the CFTC's Proposed Interpretation (Part 1), Perkins Coie Derivatives & Repo Report (Dec. 16, 2017), https://www.derivativesandreporeport.com/2017/12/retail-commodity-transactions-involving-virtual-currencies-an-overview-of-the-cftcs-proposed-interpretation-part-1/.

44

Andrew P. Cross, Laurie Rosini & Thomas Ahmadifar, Retail Commodity Transactions Involving Virtual Currencies: An Overview of the CFTC's Proposed Interpretation (Part 1), Perkins Coie Derivatives & Repo Report (Dec. 16, 2017), https://www.derivativesandreporeport.com/2017/12/retail-commodity-transactions-involving-virtual-currencies-an-overview-of-the-cftcs-proposed-interpretation-part-1/.

45

Andrew P. Cross, Laurie Rosini, & Thomas Ahmadifar, CFTC Virtual Currency Proposed Interpretation – Part 2, Perkins Coie Derivatives & Repo Report (Dec. 19, 2017), https://www.derivativesandreporeport.com/2017/12/cftc-virtual-currency-proposed-interpretation-part-2/.

46

Andrew P. Cross, Laurie Rosini, & Thomas Ahmadifar, CFTC Virtual Currency Proposed Interpretation – Part 2, Perkins Coie Derivatives & Repo Report (Dec. 19, 2017), https://www.derivativesandreporeport.com/2017/12/cftc-virtual-currency-proposed-interpretation-part-2/.

47

Andrew P. Cross, Laurie Rosini, & Thomas Ahmadifar, CFTC Virtual Currency Proposed Interpretation – Part 2, Perkins Coie Derivatives & Repo Report (Dec. 19, 2017), https://www.derivativesandreporeport.com/2017/12/cftc-virtual-currency-proposed-interpretation-part-2/.

48

J. Dax Hansen, Carla L. Reyes & Joseph P. Cutler, New FinCEN Guidance Changes Regulatory Landscape for Virtual Currencies and Some Prepaid Programs, Cyberspace Law. (Thomson/Legalworks, New York, N.Y.), Apr. 2013, at 12.

49

U.S. Dep't of Treasury, FinCEN, Admin. Ruling, FIN-2013-G001, Application of FinCEN's Regulation to Persons Administering, Exchanging, or Using Virtual Currencies (2013) [hereinafter, FinCEN, Virtual Currency Guidance], https://www.fincen.gov/statutes-regs/guidance/pdf/FIN-2013-G001.pdf.

50

Carla L. Reyes, Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation: An Initial Proposal, 61 Vill. L. Rev. 191, 204 (2016) (citing FinCEN, Virtual Currency Guidance).

51

FinCEN, Virtual Currency Guidance.

52

FinCEN, Virtual Currency Guidance, at 4.

53

FinCEN, Virtual Currency Guidance, at 4.

54

FinCEN, Virtual Currency Guidance, at 5.

55

Alert, Washington DFI, DFI Reminds Investors to Approach Cryptocurrency with Caution (Jan. 9, 2018), https://dfi.wa.gov/consumer/alerts/cryptocurrency-investing.

56

15 U.S.C. § 45(a)(1).

57

FTC, A Brief Overview of the Federal Trade Commission's Investigative and Law Enforcement Authority (July 2008), https://www.ftc.gov/about-ftc/what-we-do/enforcement-authority.

58

15 U.S.C. § 45(n).

59

Press Release, FTC, FTC Staff Reminds Influencers and Brands to Clearly Disclose Relationship (Apr. 19, 2017), https://www.ftc.gov/news-events/press-releases/2017/04/ftc-staff-reminds-influencers-brands-clearly-disclose

60

https://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx.

61

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63

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67

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68

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69

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70

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81

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110

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129

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130

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Dr Hileman, Garrick & Rauchs, Michael, Global Cryptocurrency Benchmarking Study, University of Cambridge Judge Business School, 2017, p.32

150

Notice on Guarding Against the Risks of Bitcoins, issued jointly by PBoC, MIIT, BRC, SRC and IRC, 3 December 2013, Yin Fa [2013] No. 289.

151

Notice on Guarding Against the Risks of Bitcoins, issued jointly by PBoC, MIIT, BRC, SRC and IRC, 3 December 2013, Yin Fa [2013] No. 289.., para. 1 - 5.

152

Announcement on Guarding Against the Risks of Financing by Initial Coin Offerings, issued jointly by PBoC, MIIT, BRC, SRC, IRC, State Administration of Industry and Commerce ("AIC"), and Cyberspace Administration of China ("CAC"), 4 September 2017.

153

Announcement on Guarding Against the Risks of Financing by Initial Coin Offerings, issued jointly by PBoC, MIIT, BRC, SRC, IRC, State Administration of Industry and Commerce ("AIC"), and Cyberspace Administration of China ("CAC"), 4 September 2017_._, para. 1-4.

154

Lianhe Zaobao, December 7, 2013, http://www.zaobao.com.sg/realtime/china/story20131207-285496, last visited January 15, 2018.

155

Chapter 2, Implementing Rules of the Administrative Measures for Personal Foreign Exchange.

156

Hileman & Rauchs, p.32.

157

Bitcoin debuts on world's largest futures exchange, and prices fall slightly, https://www.cnbc.com/2017/12/17/worlds-largest-futures-exchange-set-to-launch-bitcoin-futures-sunday-night.html, December 17, 2017, CNBC, last visited January 15, 2018.

158

Implementation Plan for the Special Rectification on Risks in Equity Crowdfunding, Zheng Jian Fa [2016] No. 29, April 14, 2016.

159

Art. 1, Interpretation of the Supreme People's Court on the Specific Application of Laws in the Trial of Criminal Cases of Illegal Fundraising, Fa Shi [2010] No. 18, effective January 4, 2011. However, promotion to or absorption from specific persons are not considered illegal.

160

Professor Deng Jianpeng, Correct Recognition of the Legal Risks of ICO, September 8, 2017, Caixin ( http://opinion.caixin.com/2017-09-08/101142415.html), last visited January 15, 2018; also Professor Li Aijun, Legal Interpretation of Virtual Currency and ICO, November 6, 2017, Caixin ( http://opinion.caixin.com/2017-11-06/101166121.html), last visited January 15, 2018.

161

Art. 176, PRC Criminal Law.

162

Arts. 3, 4 & 7, Measures Banning Illegal Financial Institutions and Illegal Financial Business Activities, Decree No. 247 of the State Council, effective July 13, 1998.

163

Art.5, Measures for the Supervision and Administration of Pilot Projects of Credit Asset Securitisation of Financial Institutions, BRC Decree [2005] No.3, effective December 1, 2005.

164

SRC Decree [2014], effective November 19, 2014.

165

"Qualified investor" are those who meet the requirements under art. 12 of Interim Measures for the Supervision and Administration of Privately-Raised Investment Funds, i.e. entities with net assets no less than RMB 10 million, or individuals with financial assets of no less than RMB 3 million or average annual personal income of no less than RMB 500'000 in the last three years.

166

The Paper, March 18, 2017, http://www.thepaper.cn/newsDetail_forward_1642214, last visited January 15, 2018.

167

China moves to shutter bitcoin mines, https://www.ft.com/content/adfe7858-f4f9-11e7-88f7-5465a6ce1a00, January 10, 2018, Financial Times, last visited January 15, 2018; also China wants an "orderly exit" from bitcoin mining, https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/, January 8, 2018, Quartz, last visited January 15, 2018.

168

PRC Announcement on Risk Prevention of ICOs: https://goo.gl/EzvRka.

169

http://www.csai.cn/ico/1248168.html, last visited January 15, 2018.

170

http://www.csai.cn/ico/1248191.html, last visited January 15, 2018; see also further below.

171

https://www.btcchina.com/

172

https://www.okcoin.cn/

173

https://www.huobi.com/

174

http://www.sohu.com/a/215093475_115060, last visited January 15, 2018.

175

Caixin, http://finance.caixin.com/2018-01-04/101193143.html, last visited January 15, 2018.

176

https://goo.gl/Yh6C4H (Case No.(2016)浙10刑终1043号).

177

https://goo.gl/tkTUiM (Case No.(2017)苏0115民初11833号).

178

List in Chinese: http://www.csai.cn/ico/1248191.html, last visited January 15, 2018.

179

https://neo.org/

180

http://www.8btc.com/antshares-2100btc

181

http://www.8btc.com/antshares-ico2-6129

182

https://neo.org/blog/details/3026, accessed January 15, 2018.

183

https://etherscan.io/token/BNB, accessed January 14th, 2018.

184

See www.binance.com, accessed January 15th, 2018.

185

Although the European Prospectus Regulation entered into force in 2017, most parts will not be applied until 2019.

186

Article 3(1) of the European Prospectus Directive.

187

Article 211-2 of the AMF General Regulation.

188

Section 3(1) of the Austrian Capital Markets Act.

189

Article 35.2(2) of the Securities Market Act as concluded by the Royal Legislative Decree 4/2015 of October 23.

190

Hacker, P., & Thomale, C. (2017). Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, 14 seq.

191

Hacker, P., & Thomale, C. (2017). Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, 14 seq.

192https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-markets/post-trade-services/derivatives-emir_en, accessed January 13th, 2018; see legal definition in points (4) to (10) of Section C of Annex I of Directive 2004/39/EC.

193

Hacker, P., & Thomale, C. (2017). Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, 15.

194

ESMA Statement, November 13th, 2017, https://www.esma.europa.eu/press-news/esma-news/esma-highlights-ico-risks-investors-and-firms, accessed January 12th, 2018.

195

Hacker, P., & Thomale, C. (2017). Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, 15.

196

ESMA Statement, November 13th, 2017, https://www.esma.europa.eu/press-news/esma-news/esma-highlights-ico-risks-investors-and-firms, accessed January 12th, 2018.

197

Article L211-1 of the Financial and Monetary Code (CMF)

198

Article L550-1 CMF

199

Article L. 315-1 CMF

200

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institution

201

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010,

202

Ordinance n° 2017-1252 of Aug. 9, 2017 and Decrees n° 2017-1313 and n°2017-1314 of Aug. 31, 2017

203

ECB, Virtual currency schemes –a further analysis, February 2015

204

Position de l'ACPR relative aux opérations sur Bitcoins en France Position 2014-P-01

205

Tendance et Analyse des risques de blanchiment de capitaux et de financement du terrorisme, 2016 Report

206

L111-1 Consumption Code (Cons.)

207

Doctrine administrative BOI-BIC-CHAMP-60-50, n° 730

208

ECJ, oct. 22 2015, aff. C-294/14, Hedqvist

209

http://www.amf-france.org/technique/multimedia?docId=workspace://SpacesStore/a2b267b3-2d94-4c24-acad-7fe3351dfc8a_en_1.0_rendition

210

https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000036171908

211

http://www.consilium.europa.eu/en/press/press-releases/2017/11/20/european-banking-authority-to-be-relocated-to-city-country/

212

For instance, Estonia has been ranked as high as 12 in the "Doing Business" by World Bank: http://www.doingbusiness.org/data/exploretopics/starting-a-business, accessed January 14, 2018.

213

The latest version of the Act entered into force on January 3, 2018, transposing the provisions of MiFID II into Estonian legislation. Available in Estonian: https://www.riigiteataja.ee/akt/117112017044?leiaKehtiv, accessed January 10, 2018. (English translation to be published soon).

214

A qualified investor in the meaning of the Act is a credit institution, investment firm, management company, investment fund, insurance undertaking and another financial institution subject to financial supervision; the Republic of Estonia, a foreign state, a local or regional government or the central bank of Estonia or a foreign state; an international institution or organisation, including the International Monetary Fund, the European Central Bank, and the European Investment Bank; a financial institution whose only business activity is investment in securities, a market trader in commodities and commodity derivatives; a large enterprise; or another professional client not specified above or an eligible counterparty pursuant to the Act or a person who is considered a professional client or an eligible counterparty pursuant to the current legislation of another Contracting State, excluding the case when the client has applied for being treated as a retail client.

215

Webpage of EFSA, available in English: https://www.fi.ee/?lang=en, accessed January 10, 2018.

216

Available in English: https://www.riigiteataja.ee/en/eli/517112017001/consolide, accessed January 10, 2018. Amendments to the law, transposing new revised payment services directive (PSD2) into Estonian legal order, are pending and have not yet been adopted at the time of writing. Such amendments, however, shall not in any substantial way impact the potential applicability of the part of Payment Institutions and E-money Institutions Act to the tokens/ICO-s for these amendments do not change provisions concerning the issue of e-money.

217

Available in English: https://www.riigiteataja.ee/en/eli/521122017004/consolide, accessed January 10, 2018.

218

The webpage of FIU: https://www.politsei.ee/en/organisatsioon/rahapesu-andmeburoo/, accessed January 10, 2018.

219

See the statement of EFSA. Available in English: http://www.fi.ee/index.php?id=21662, accaccessed January 10, 2018.

220

The list of services currently included in article 3 of the Act is to be extended after the implementation deadline for PSD2, whereby payment initiation and account information services will be added to the list (not yet available at the time of writing).

221

Available in Estonian: https://www.fi.ee/public/20150908_Krediidiasutuse_tegevusala.pdf, accessed January 10, 2018.

222

Available in Estonian: https://www.riigiteataja.ee/akt/102112011008?leiaKehtiv, accessed January 10, 2018.

223

See article 1 et seq. Available in English: https://www.riigiteataja.ee/en/eli/521082017004/consolide, accessed January 10, 2018.

224

Available in English: http://www.fi.ee/index.php?id=21662, accessed January 10, 2018.

225

EFSA 13.11.2017 notice, available http://www.fi.ee/index.php?id=21902, accessed January 10, 2018. See the chapter on the European Union for more details.

226

Available in Estonian: https://www.riigikohus.ee/et/lahendid?asjaNr=3-3-1-75-15, accessed January 10, 2018.

227

See section I above.

228

For more details, see Korjus, K., Estonia could offer 'estcoins' to e-residents, E-residency Blog, Medium, 22 August 2017,

https://medium.com/e-residency-blog/estonia-could-offer-estcoins-to-e-residents-a3a5a5d3c894, accessed January 14, 2018. Also, Korjus, K., We are planning to launch 'estcoin' - and that's only the start, E-estonia, December 2017, https://e-estonia.com/were-planning-launch-estcoin-only-start/ , accessed January 14, 2018.

229

BaFin Statement regarding ICOs, https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Meldung/2017/meldung_171109_ICOs_en.html, accessed January 15th, 2018.

230

Wys Whitepaper, 2, https://www.wystoken.org/media/wysker-whitepaper.pdf, accessed January 15th, 2018.

231

Wys Whitepaper, 2, https://www.wystoken.org/media/wysker-whitepaper.pdf, accessed January 15th, 2018.

232

Legislative Decree no. 58/1998, as subsequently amended and supplemented.

233

Legislative Decree no. 231/2007, as subsequently amended and supplemented.

234

Legislative Decree no. 385/1993, as subsequently amended and supplemented.

235

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institution.

236

Available at:

https://www.bancaditalia.it/compiti/vigilanza/avvisi-pub/avvertenza-valute-virtuali/AVVERTENZA_VALUTE_VIRTUALI.pdf

237

Available at :

http://www.consob.it/web/area-pubblica/avvisi-ai-risparmiatori/documenti/tutela/esma/2017/ct20171204_esma.htm

238

Available at:

http://www.agcm.it/consumatore--delibere/consumatore-provvedimenti/download/C12560D000291394/CFB80F51292BED07C125809C00544ADC.html?a=p26308.pdf

239

http://www.ilcaso.it/giurisprudenza/archivio/16726.pdf

240

https://www.finaria.it/pdf/bitcoin-tasse-agenzia-entrate.pdf

241

https://www.reuters.com/article/us-swiss-ico/swiss-watchdog-sharpens-scrutiny-of-initial-coin-offerings-idUSKCN1C41L7, accessed January 10th, 2018.

242

https://www.greaterzuricharea.com/it/detail/switzerland-looks-to-expand-leading-blockchain-position/, accessed January 14th, 2018.

243

Note that Switzerland does not have noteworthy regulation regarding commodities which would affect token sales. Consumer Protection also only tangentially affects token sales. One example being Article 3 para. 1 letter s of the Federal Act Against Unfair Practices, pursuant to which, amongst other provisions, the order of a customer must be confirmed electronically. Therefore these regulatory frameworks are not treated as part of this report.

244

Article 2 letter b FMIA in connection with Article 2 para. 1 FMIO.

245

Commentary regarding Swiss Private Law, CHK-H. KUHN, Article 965 CO, N 20.

246

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 195.

247

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 195.

248

Article 4 para. 2 FISA.

249

Uncertificated securities may only be transferred by assignment, which requires written form (Article 973c para. 4 Code of Obligations), as opposed to negotiable (certificated) securities.

250

Explanatory Report on FMIO from August 20th, 2015, 6.

251

Article 3 letter b Draft-FinSA.

252

https://gwpartner.ch/wp-content/uploads/2015/11/GWP_FIDLEG_D.pdf, accessed January 14th, 2018.

253

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, 2.

254

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, 2.

255

WalderWyss, Newsletter regarding Initial Coin Offerings, https://www.walderwyss.com/publications/2146.pdf, accessed January 13th, 2018.

256

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, 2.

257

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, 2.

258

Article 652a of the Code of Obligations for equity securities, i.e. shares; Art. 1156 CO for debt securities, i.e. bonds.

259

Article 5 para. 1 CISA.

260

Franca Contratto, Conceptional Approaches to the Regulation of Derivatives under Swiss law, dissertation, Freiburg, 2006, 269.

261

https://www.baerkarrer.ch/publications/FIDLEG%20&%20FINIG%20Part%202%20-%20New%20Rules%20on%20Prospectus%20and%20Basic%20Information%20Sheet.pdf, accessed January 14th, 2018.

262

Article 53 para. 1 Draft-FinSA.

263

Article 1 para. 2 Banking Act e contrario.

264

FINMA Circular 2008/3, Recital 18bis, in its english translation found under https://assets.kpmg.com/content/dam/kpmg/ch/pdf/finma-circular-2008-03-en.pdf, accessed January 14th, 2018.

265

WalderWyss, Newsletter regarding Initial Coin Offerings in Switzerland, https://www.walderwyss.com/publications/2146.pdf, accessed January 13th, 2018.

266

WalderWyss, Newsletter regarding Initial Coin Offerings in Switzerland, https://www.walderwyss.com/publications/2146.pdf, accessed January 13th, 2018.

267

WalderWyss, Newsletter regarding Initial Coin Offerings in Switzerland, https://www.walderwyss.com/publications/2146.pdf, accessed January 13th, 2018.

268

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 2017, 188.

269

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, 2.

270

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 189.

271

FINMA's Declaratory Report regarding the revision of the AMLO-FINMA, February 23rd, 2018, 11.

272

(Article 7 letter d AMLO).

273

WalderWyss Newsletter regarding initial coin offerings, https://www.walderwyss.com/publications/2146.pdf, accessed January 12th, 2018.

274

https://www.walderwyss.com/publications/2146.pdf, accessed January 12th, 2018.

275

FINMA's Declaratory Report regarding the revision of the AMLO-FINMA, February 23rd, 2018, 11.

276

FINMA Guidance 04/2017, Regulatory treatment of initial coin offerings, https://www.finma.ch/en/documentation/finma-guidance/#Order=4, accessed January 14th, 2018.

277

FINMA Press Release regarding fradulent ICOs, https://www.finma.ch/en/news/2017/09/20170919-mm-coin-anbieter/, accessed January14th, 2018.

278

https://coinmarketcap.com/currencies/ethereum/, accessed January 14th, 2018.

279

https://www.coinstaker.com/initial-coin-offering/ethereum/, accessed January 14th, 2018.

280

https://coinmarketcap.com/tokens/, accessed January 14th, 2018.

281

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 2017, 184.

282

https://tokenmarket.net/blockchain/tezos/assets/tezos/, accessed January 14th, 2018.

283

Hess/Spielmann, Cryptocurrencies, Blockchain, Trading Venues & Co. - Digitized Assets under Swiss law, in: Capital Markets Law and Transactions XII, 2017, 184.

284

https://www.nytimes.com/2018/01/13/style/bitcoin-millionaires.html, accessed January 14th, 2018.

285

https://www.greaterzuricharea.com/it/detail/switzerland-looks-to-expand-leading-blockchain-position/, accessed Janaury 14th, 2018.

286

https://www.craigmurray.org.uk/archives/2017/04/gibraltar-tax-haven-not-nation/, accessed January 14th, 2018.

287

Due to the lack of information, no decisions will be portrayed as is the case for other country reports.

288

https://news.bitcoin.com/gibraltar-launches-regulation-to-protect-value-and-reputation/, accessed Janaury 14th, 2018.

289

https://news.bitcoin.com/gibraltar-launches-regulation-to-protect-value-and-reputation/, accessed January 14th, 2018.

290

Schedule 1(6), Financial Services (DIstributed Ledger Technology Providers) Regulations 2017.

291

Schedule 1(2), Financial Services (DIstributed Ledger Technology Providers) Regulations 2017.

292

Section 4(1), Financial Services (DIstributed Ledger Technology Providers) Regulations 2017.

293

Section 4(2), Financial Services (DIstributed Ledger Technology Providers) Regulations 2017.

294

https://news.bitcoin.com/gibraltar-launches-regulation-to-protect-value-and-reputation/, accessed January 14th, 2018.

295

https://news.bitcoin.com/gibraltar-launches-regulation-to-protect-value-and-reputation/, accessed January 14th, 2018.

296

Schedule 2, Financial Services (DIstributed Ledger Technology Providers) Regulations 2017.

297

https://news.bitcoin.com/gibraltar-launches-regulation-to-protect-value-and-reputation/, accessed January 14th, 2018.

298

Statement by GFSC on initial coin offerings, http://www.gfsc.gi/news/statement-on-initial-coin-offerings-250, accessed January 14th, 2018.

299

Statement by GFSC on initial coin offerings, http://www.gfsc.gi/news/statement-on-initial-coin-offerings-250, accessed January 14th, 2018.

300

http://www.gibraltarfinance.gi/downloads/20170508-dlt-consultation-published-version.pdf

301

http://www.fsc.gi/news/statement-on-initial-coin-offerings-250

302

https://www.gibraltar.gov.gi/new/sites/default/files/press/2017/Press Releases/737-2017.pdf

303

http://www.businessinsider.de/gibraltar-stock-exchange-blockchain-ico-rock-token-2018-1?r=UK&IR=T, accessed January 15th, 2018.

304

http://www.businessinsider.de/gibraltar-stock-exchange-blockchain-ico-rock-token-2018-1?r=UK&IR=T, accessed January 15th, 2018.

305

https://gbx.gi, accessed January 15th, 2018.

306

http://www.businessinsider.de/gibraltar-stock-exchange-blockchain-ico-rock-token-2018-1?r=UK&IR=T](http://www.businessinsider.de/gibraltar-stock-exchange-blockchain-ico-rock-token-2018-1?r=UK&IR=T), accessed January 15th, 2018.

307

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