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Regulatory Framework for Token Sales: An Overview of Relevant Laws and Regulations in Different Jurisdictions Primavera de Filippi, Benedikt Schuppli, Constance Choi, Carla Reyes, Nikita Divissenko, Xavier Lavayssière, Francesco Dagnino, Marcus Funke, Frank Bierwirth, Thomas Müller, et al. To cite this version: Primavera de Filippi, Benedikt Schuppli, Constance Choi, Carla Reyes, Nikita Divissenko, et al.. Regulatory Framework for Token Sales: An Overview of Relevant Laws and Regulations in Different Jurisdictions. [Research Report] Blockchain Research Institute and COALA. 2018. hal-02046797 HAL Id: hal-02046797 https://hal.archives-ouvertes.fr/hal-02046797 Submitted on 22 Feb 2019 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Distributed under a Creative Commons Attribution - NonCommercial - NoDerivatives| 4.0 International License REGULATORY FRAMEWORK FOR TOKEN SALES An Overview of Relevant Laws and Regulations in Different Jurisdictions Primavera de Filippi, Benedikt Schuppli, Constance Choi, Carla Reyes, Nikita Divissenko, Xavier Lavayssière, Francesco Dagnino, Marcus C. Funke, Frank Bierwirth, Thomas Müller, Max von Cube, Axel Schiemann, Jiong Sheng, Gianna Abegg, Nathan Kaiser, and Jackie Yang Coalition of Automated Legal Applications April 2018 A COALA + BLOCKCHAIN RESEARCH INSTITUTE BIG IDEA WHITEPAPER Realizing the new promise of the digital economy In 1994, Don Tapscott coined the phrase, “the digital economy,” with his book of that title. It discussed how the Web and the Internet of information would bring important changes in business and society. Today the Internet of value creates profound new possibilities. In 2017, Don and Alex Tapscott launched the Blockchain Research Institute to help realize the new promise of the digital economy. We research the strategic implications of blockchain technology and produce practical insights to contribute global blockchain knowledge and help our members navigate this revolution. Our findings, conclusions, and recommendations are initially proprietary to our members and ultimately released to the public in support of our mission. To find out more, please visitwww.blockchainresearchinstitute.org . Blockchain Research Institute, 2018 Except where otherwise noted, this work is copyrighted 2018 by the Blockchain Research Institute and licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License. To view a copy of this license, send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA, or visit creativecommons.org/ licenses/by-nc-nd/4.0/legalcode. This document represents the views of its author(s), not necessarily those of Blockchain Research Institute or the Tapscott Group. This material is for informational purposes only; it is neither investment advice nor managerial consulting. Use of this material does not create or constitute any kind of business relationship with the Blockchain Research Institute or the Tapscott Group, and neither the Blockchain Research Institute nor the Tapscott Group is liable for the actions of persons or organizations relying on this material. Users of this material may copy and distribute it as is under the terms of this Creative Commons license and cite it in their work. This document may contain material (photographs, figures, and tables) used with a third party’s permission or under a different Creative Commons license; and users should cite those elements separately. Otherwise, we suggest the following citation: Primavera de Filippi, Benedikt Schuppli, Constance Choi, Carla Reyes, et al., “Regulatory Framework for Token Sales: An Overview of Relevant Laws and Regulations in Different Jurisdictions Coalition of Automated Legal Applications,” foreword by Don Tapscott, Blockchain Research Institute and Coalition of Automated Legal Applications, 30 April 2018, rev. 10 Nov. 2018. To request permission for remixing, transforming, building upon the material, or distributing any derivative of this material for any purpose, please contact the Blockchain Research Institute, www. blockchainresearchinstitute.org/contact-us, and put “Permission request” in subject line. Thank you for your interest! Contents Foreword 5 Idea in brief 6 Introduction 6 Organization of coverage 8 Limitation of scope 10 Types of blockchain-based tokens 11 NORTH AMERICA 13 United States of America 13 Regulatory framework 13 Regulatory statements 20 Decisions 25 Examples of ICOs 29 Critical thoughts and comparative analysis 29 Canada 30 Regulatory framework 30 Regulatory statements 35 Decisions 36 Examples of ICOs 40 Critical thoughts and comparative analysis 40 ASIA 40 Singapore 40 Regulatory framework 41 Regulatory statements 49 Examples of ICOs 50 Critical thoughts and comparative analysis 51 China (People’s Republic of China) 52 Regulatory framework 52 Regulatory statements 58 Decisions 59 Examples of ICOs 59 Critical thoughts and comparative analysis 60 EUROPE 61 European Union 61 Limitation of scope 61 Regulatory framework 62 Regulatory statements 64 France 66 Regulatory framework 67 Regulatory statements 70 Decisions 71 Examples of ICOs 72 Critical thoughts and comparative analysis 73 Estonia 73 Regulatory framework 73 Regulatory statements 78 Decisions 79 Examples of ICOs 79 Critical thoughts and comparative analysis 80 Germany 81 Regulatory framework 81 Regulatory statements 89 Examples of ICOs 90 Critical thoughts and comparative analysis 91 Italy 92 Regulatory framework 92 Regulatory statements 95 Decisions 95 Examples of ICOs 97 Critical thoughts and comparative analysis 97 Switzerland 99 Regulatory framework 99 Examples of ICOs 111 Critical thoughts and comparative analysis 113 Gibraltar 114 Regulatory framework 114 Regulatory statements 118 Examples of ICOs 119 Critical thoughts and comparative analysis 119 Conclusion 120 Appendix 123 United States 123 Hong Kong 126 Taiwan 127 Malaysia 127 South Korea 128 Israel 128 Russia 129 Australia 129 New Zealand 130 United Arab Emirates 131 About the authors 132 About the Blockchain Research Institute 135 Notes 136 REGULATORY FRAMEWORK FOR TOKEN SALES Foreword All fast-evolving technology presents a significant challenge to governments and regulatory bodies. Since the nature of legislation (at least, under traditional systems) is still slow, by the time that policymakers finish debating, drafting, discussing, redrafting, and enacting a law or regulation, it often ends up addressing an outdated version of the technology in question. In the case of blockchain—since it represents such a transformational change in many sectors of society—stifling innovation simply to maintain control is not in the best interest of elected officials because it is not in the best interest of the electorate. Even authoritarian regimes can impair their ability to keep up with the free world. Exacerbating this situation is blockchain’s enforcement of privacy, which some circles have viewed (unfairly, in my opinion) as a tool of money launderers and other ne’er-do-wells. This research project surveys the global landscape of regulatory frameworks and highlights the interesting decisions of various jurisdictions on the matter of blockchain-based token sales. It looks at initial coin offerings and explores how different regulators are categorizing these coins in their attempts to balance the protection of investors with the encouragement of innovators and entrepreneurs. Such an ambitious project required a team of legal scholars to investigate the rules and regulations of more than a dozen countries. The team included Gianna Abegg, Frank Bierwirth, Constance Choi, Francesco Dagnino, Primavera De Filippi, Nikita Divissenko, Marcus Funke, Nathan Kaiser, Xavier Lavayssière, Thomas Müller, Carla Reyes, Axel Schiemann, Benedikt Schuppli, Jiong Sheng, Max von Cube, and Jackie Yang. Anyone interested in this dynamic map of the ICO world should find this research riveting indeed. DON TAPSCOTT Co-Founder and Executive Chairman Blockchain Research Institute 5 © 2018 COALA + BLOCKCHAIN RESEARCH INSTITUTE REGULATORY FRAMEWORK FOR TOKEN SALES Idea in brief » This research examines the current regulatory landscape and recent legal developments concerning the regulation of blockchain-based token sales, commonly referred to as initial coin offerings (ICOs). » This complex and constantly evolving regulatory landscape poses serious legal and operational challenges to practitioners and companies that desire to utilize the mechanism of an ICO for its perceived benefits: as a powerful new mechanism for alternative funding of blockchain-based networks or applications, and as an accessible tool for community building and global engagement. » The goal of the report is to orient the reader in the current legal treatment of ICOs across a variety of key jurisdictions in North America, Asia, and Europe. » Through a comparative analysis of existing regulations, this report underlines the critical need for international cooperation in the nascent blockchain ecosystem to produce This research examines healthy policy and market
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