CANADA to regulate ICO. RUSSIA is next?

[testadimerlo]

First of all I wouldn't go near any ICO if they require my documents, people come to crypto for the decentralization nature of it, now if they see not even here they are free of governments I wonder what happens to decentralized system? if any ICO asked for documents then they are lying about being decentralized and should be avoided if they are claiming to be free of regulations which is what crypto is promising people to be.

I agree with you. My bigger fear is if also markets will be regulated, as if you cannot buy or sell if are not an accredited investor. I'd like to hear community's opinion about this. Are we going in that direction?

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[tokyoghetto]

First of all I wouldn't go near any ICO if they require my documents, people come to crypto for the decentralization nature of it, now if they see not even here they are free of governments I wonder what happens to decentralized system? if any ICO asked for documents then they are lying about being decentralized and should be avoided if they are claiming to be free of regulations which is what crypto is promising people to be.

I agree with you. My bigger fear is if also markets will be regulated, as if you cannot buy or sell if are not an accredited investor. I'd like to hear community's opinion about this. Are we going in that direction?

Canada can't allow low and middle class to get rich off crypto. Any kind of regulation will include accredited investor status. Only the wealthy will be allowed to participate.

[ammosov]

What really matters is that most recent situations (US, Singapore, Canada, etc) are not regulation because no new rules are created. Rather, they all apply old rules to new situations. This is worse than new rules - new rules only work forward in time, while old rules can be applied to past. A government can claim that they looked at what was done before and the whole thing was not legal in first place. So far, in most cases it only means that ICO issuers should not sell in certain countries or to residents od certain countries. However if a person lies about its origin while the issuer did all he had to do under law to verify, then at worst the issuer has to cancel the deal.  

[andrei56]

There is another big step towards market regulation. Canada following US and Singapore claims that any coin during ICO/ITO to be security. Staff Notice 46-307 issued by Canadian Securities Administrators  reveals that many of the digital tokens investigated by regulators in Canada fall under the definition of a security, thereby triggering a range of legal requirements.

This means that Canada closed their boarders to almost all ICO campaigns. Will it affect behavior of Canadian cryptoenthusiasts? (Opinion of Canadian and US residents are highly appreciated).

What country is next to regulate ICO?

They are just trying to get money out of people, if you participate in an ico you need to pay your taxes, they are now realizing that there is another way to get additional money and they are trying to tap the market with their existing regulations that is all.

[ImHash]

I like to see them try, first of all if all the ICOs were operating within the laws of regulations we wouldn't have so many scam ICOs here, point of them being so easy to scam is because of them accepting cryptocurrencies from investors anonymously, I don't know of any ICO asking people for their identification, and if they do then where is the decentralization here? because when you are offering coins in exchange for money it means there is no mining for that coin and if they are regulated then they have no place in crypto, they should go and offer to traditional markets controlled by governments.
Anyways I would like to offer my identity for any Canadian or Americans wishing to participate in any ICO now regulate that bi*ches

[ammosov]

I don't know of any ICO asking people for their identification

REAL ICO does this right now, for example.

[Blazarius120]

Regulation is actually a good thing. It means people are starting to take crypto seriously

[Moana]

I've never understood how by regulating ICOs authorities can then check if people buy the tokens at ICO or not...

[cdb1690]

What really matters is that most recent situations (US, Singapore, Canada, etc) are not regulation because no new rules are created. Rather, they all apply old rules to new situations. This is worse than new rules - new rules only work forward in time, while old rules can be applied to past. A government can claim that they looked at what was done before and the whole thing was not legal in first place.

One of the laws used by US government to crack down online gambling is called Wire Act. It is piece of legislation written in 1961, which intended purpose was to make illegal to transmit horse race information via telegraph! for betting purposes. If someone can claim that telegraph = internet, he can also claim that ICO = share.

[posternat]

The thing is that the same process can be packaged differently and handled slightly different and stay under the radar for a long period of time. What really needs to happen is that within our own Community we need to regulate how these are handled. You have a company , individual, or a group of people that makes a certain number of promises to each of its vested members , and at this time because of the regulations we have absolutely no way to hold them accountable for those promises.

[senin]

Regulation of the ICO market can have both polokhitelnye and negative sides. On the one hand, the ICO will not, perhaps, allow unqualified persons who would create coins for personal gain. However, excessive regulation of the crypto currency will be harmful and will call for such a market from the territory of this country to flow into other countries with more suitable conditions. Canada as a whole is characterized by loyal legislation, therefore, let's hope that there will be no excessive regulation and politicization in matters of organization and conduct of the ICO.

[ammosov]

The thing is that the same process can be packaged differently and handled slightly different and stay under the radar for a long period of time. What really needs to happen is that within our own Community we need to regulate how these are handled. You have a company , individual, or a group of people that makes a certain number of promises to each of its vested members , and at this time because of the regulations we have absolutely no way to hold them accountable for those promises.

Formally this is not that bad - law of the land applies to such situations nevertheless. However, every norm requires enforcement and authority. As long as everything in the community is karma-based, the worst punishment for an offender is karma loss. However, if a person raises 2000BTC, cashes its out to fiat and runs away there is hardly anything that can or should be done except an old fashioned police report and criminal case for fraud.

[ammosov]

What really matters is that most recent situations (US, Singapore, Canada, etc) are not regulation because no new rules are created. Rather, they all apply old rules to new situations. This is worse than new rules - new rules only work forward in time, while old rules can be applied to past. A government can claim that they looked at what was done before and the whole thing was not legal in first place.

One of the laws used by US government to crack down online gambling is called Wire Act. It is piece of legislation written in 1961, which intended purpose was to make illegal to transmit horse race information via telegraph! for betting purposes. If someone can claim that telegraph = internet, he can also claim that ICO = share.

Good example indeed! This is called 'legal reasoning by analogy'. In Roman law, there is a well known commentary that grapewines must be called in court only trees since the law treats them as such (even though they are more like shrub or hard grass) and whoever calls a grapewine 'grapewine' loses the case instantly. Ditto, tokens that confer a right to a fixed part of profits are shares in disguise for almost any court or legal authority. If it walks like a duck and quacks like a duck, it's a duck. 

[tothetop]

Whatever anyone may say, Rusia is not the next here.. In 2018, we have presidential elections and at such a moment they will not regulate anything to the detriment of the majority that is not interested in any regulations.

[Croin]

Actually I see a big problem with all the regulatory stuff going on. As if you want to start a new ICO nowadays if the coin is going to give at least something back like "a precentage of win from x" you have to invest! before even starting the ICO at least 100 000$ for a good lawyer.
I mean wtf they aren't accepting Crypto as a currency but if you make some suprisingly they do...

[Traxo]

CANADA to regulate ICO. RUSSIA is next?

The G20 has started to coordinate and harmonize their financial regulation and enforcement as originally announced would begin January 1. 2017.
The details are in the blog linked below…

I'm divesting (selling) all ICOs and never investing nor buying an "ICO-issued" token, because
I don't want to go to jail or suffer massive fines and watch my investment collapse in the future:

Are Most Cryptocurrencies Doomed to Collapse — because they’re “ICO-issued”?

[ammosov]

Actually I see a big problem with all the regulatory stuff going on. As if you want to start a new ICO nowadays if the coin is going to give at least something back like "a precentage of win from x" you have to invest! before even starting the ICO at least 100 000$ for a good lawyer.
I mean wtf they aren't accepting Crypto as a currency but if you make some suprisingly they do...

A buyer in regulated countries has no reason to be concerned but an issuer - yes.

https://news.bitcoin.com/a-phone-call-from-sec-pressures-ico-startup-to-close-operations/

[Jian Yang]

CHINA news: Bitcoin is still legal in China. But ICO is illegal now!

[tothetop]

By the way, we hear many talkings about "bitcoin" in official Russian massmedia, but nobody talks about "cryptocurrency", and I believe we will not hear about "ICO" from our officials in the next observable future..
So far they are planning to mine bitcoin themselves. And maybe they already do it "under table"

[billyj111]

Well, this is a logical act, because too many fraudsters have come to this market, which do not understand anything at all and collect money for themselves without a rich life.