As ICOs and cryptocurrencies are taking over the world, countries move forward to try and regulate them. One of the most recent attempts to do so comes from the Caribbean nation. As Anguilla to enforce First ICO Regulation Law, we look into the possible consequences of the legislation.
17 November, AtoZForex – One of the Caribbean nations, Anguilla, is reportedly planning to become the first regulatory body to oversee Initial Coin Offerings (ICOs) and utility token offerings.
Anguilla to enforce First ICO Regulation Law
The government of the Caribbean nation is looking into the possibilities of establishing the Anguilla Token Offering Act (AUTO). The Act would serve as the world’s first registration process for the new cryptocurrency offerings. The Chief Minister of Anguilla, Victor Banks, has commented on the news:
“We believe this new AUTO Act will help Anguilla become the leader in establishing best practices for cryptocurrency offerings, to protect the people of Anguilla and the participating public. We believe the AUTO Act would be a significant step in the right direction to provide clearly defined rules and increased safety for the blockchain community.”
Looking into Anguilla’s history within the cryptography space goes far before Bitcoin. In fact, this British Overseas Territory in the Eastern Caribbean has hosted the first International Conference on Financial Cryptography back in the 90-s. This has led to the creation of the first cryptocurrency developers on the island.
Anguilla to Become Blockchain Leader?
Currently, the country-pioneer looks into the legalizing the rise of the new ICOs even further with the help of the AUTO legislation. Anguilla’s deputy registrar of commercial activity, Lonnie Hobson, stated:
“We want to be a conduit. If you see Anguilla is a place of a new registration, investors will know that it is in a good jurisdiction and regulated.”
The stance of this warm country also appears friendly in regards to the cryptocurrencies. It is possible that Anguilla’s position might even ease the concerns about the legitimacy of ICOs registered within the island. Mr. Hobson has further added:
“We want to be the first regulatory regime of specific categories of cryptocurrency and non-security tokens. There are 1,200-plus ICOs that have come out recently and they want a place that is a strong regulatory regime and is more trusted.
We are not specifically targeting Bitcoin itself, but other individuals who are using ICOs to fund applications that they intend to build. We believe it is a good enough market. We want reputable business and we will scrutinize those who do come in to make sure they are in good standing.”
Hobson also added that he hopes that AUTO will pass before January, which can potentially make Anguilla a leader in Blockchain. Yet, in order to come into force, AUTO will need to be presented to Anguilla’s House of Assembly for debate.
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