The Bank for International Settlements’ (BIS) economic adviser and head of research Hyun Song Shin has said that cryptocurrencies should be treated the same as stocks and bonds, Business Times June 25.
Speaking at the annual general meeting of the BIS in Basel, on June 24, Shin said:
"If people pay to hold the tokens for financial gain, then arguably they should be treated as a security and come under the same rigorous documentation requirements and regulation as other securities offered to investors for a return."
Shin’s words echo those of Governor of the Mark Carney, for the regulation of rather than to “ban them outright” in March. Carney argued that it is appropriate to incorporate the digital currency ecosystem into the rest of the financial system, subjecting it to the same regulatory approach and the same “rigorous standards.”
While the U.S. (SEC) either or , head of the SEC Jay Clayton has that every (ICO) that the SEC has seen so far would be considered a security. At a senate hearing in February, Clayton said that if a company issues a token or coin that increases in value over time depending on that company’s performance, then it is considered a security:
"You can call it a coin, but if it functions like a security, it’s a security.”
In an interview with CNBC earlier this month, Clayton reaffirmed the regulatory agency’s position that tokens and digital assets often function like securities, and therefore should be regulated as such:
“Where I give you my money and you go off and make a venture […] and in return for me giving you my money, you say, ‘You know what, I’m going to give you a return.’ That is a security, and we regulate that. We regulate the offering of that security, and we regulate the trading of that security.”
The BIS, which is a Switzerland-based bank for central banks operating under the auspices of international law, recently conducted asserting that cryptocurrencies will not be able to scale sufficiently to become a medium of exchange in a global economy. In the report, the bank three major “shortcomings” that will keep crypto from replacing money: “scalability, stability of value, and trust in the finality of payments.”
Published at Tue, 26 Jun 2018 02:07:00 +0000
bitcoin Regulation[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]
With the US now engaged in military conflict with, and targeting Syrian army forces, what the Trump administration has (un)wittingly done is provide support to Islamic State, al-Qaeda, and al-Nusra and other terrorist forces, all of which have been engaging with the Assad regime in a fight in which the Syrian president has gradually seen the tide of war turn in his favor. At least until last Friday’s US cruise missile attack that is.