Spain applies criteria for ICO

The National Securities Market Commission published a report which specifies the requirements for the application of the Initial Currency Offers

This Friday, the National Securities Market Commission of Spain (CNMV) published a report where it established the necessary requirements for the Initial Currency Offers (ICO).

This body, under the Secretary of State for Economy and Business Support of the Ministry of Economy and Competitiveness, is responsible for supervising all the securities markets of the Iberian region.

The document defines that a token is considered as a negotiable value, being different from one that was published in February of this year in view that at that time it was not considered as such and its purpose had not yet been defined.

On the other hand, in the report is established the scope that will have the participation of the authorities, emphasizing that initially this will not be necessary.

The authorities also indicated that the tokens marketed outside of Spain will not be affected by the new legal framework.

“If the tokens are negotiated in a non-Spanish market, the CNMV is not competent to demand that they be represented by book entries,” they detailed.

K. Tovar

Source: CNMV

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