DOCSLIB.ORG

Regulatory Framework for Token Sales

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Regulatory Framework for Token Sales 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
Load more

Recommended publications
  • Central Banking in a Digital Age: Stock-Taking and Preliminary Thoughts
    A p r i l 2 0 1 8 Over Central Banking in a Digital Age: Stock-Taking and Preliminary Thoughts Eswar Prasad ______________________________________________________________________ THIS PAPER IS ONLINE AT https://www.brookings.edu/research/how-will-fintech- and-digital-currencies-transform-central-banking ABOUT THE AUTHOR Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow in the Global Economy and Development Program at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. A CKNOWLEDGEMENT S I am grateful to Isha Agarwal, Ritesh Shinde, Kaiwen Wang, Ethan Wu, Eva Zhang, and Yujin Zhang for excellent research assistance. I also thank my colleagues at Brookings, especially David Wessel, for thoughtful comments and discussions. Central Banking in a Digital Age: Stock -Taking and Preliminary Thoughts 2 HUTCHINS CENTER ON FISCAL & MONETARY POLICY AT BROOKINGS 1. Introduction This note provides a broad overview of how technological changes are likely to affect the practice of central banking. While the advent of decentralized cryptocurrencies such as Bitcoin has dominated the headlines, a broader set of changes wrought by advances in technology are likely to eventually have a more profound and lasting impact on central banks. While it is premature to speak of disruption of traditional concepts of central banking, it is worth considering if the looming changes to money, financial markets, and payments systems will have significant repercussions for the operation of central banks and their ability to deliver on key objectives such as low inflation and financial stability.
    [Show full text]
  • Virtual Currencies in the Eurosystem: Challenges Ahead
    STUDY Requested by the ECON committee Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Policy Department for Economic, Scientific and Quality of Life Policies Authors: Rosa María LASTRA, Jason Grant ALLEN Directorate-General for Internal Policies EN PE 619.020 – July 2018 Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Abstract Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs. This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Rosa María LASTRA, Centre for Commercial Law Studies, Queen Mary University of London Jason Grant ALLEN, Humboldt-Universität zu Berlin Centre for British Studies, University of New South Wales Centre for Law Markets and Regulation ADMINISTRATOR RESPONSIBLE Dario PATERNOSTER EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support EP committees
    [Show full text]
  • Download the Guide
    A Guide to Brexit Terminology This glossary has been designed to explain some of the key terms used in relation to Brexit. At the end of the glossary are links to additional resources and originals of key documents. The Glossary is not designed to be an exhaustive list and the authors hope that you find the explanations of key terms helpful. The UK which voted to join the EU had a different constitution to the UK that voted to leave the EU. This is reflected by some of the terminology used in the glossary and the inclusion of reference to the legislatures in Scotland, Wales and Northern Ireland. A | B | C | D | E | F | G | H | I | J | K | L | M | N |O| P | Q | R | S | T | U | V | W | X | Y | Z | A to Z of Brexit terms February 01 2019 version pg. 1 Advisory The Brexit referendum is often described as ‘only advisory’. The referendum was authorised and conducted under the European Union Referendum Act 2015. It is advisory because Parliament is sovereign and because the Act contained no enabling legislation. Enabling provisions are ones which explicitly state that Parliament is legally bound to implement the outcome of the referendum. Hence, Parliament was not legally obliged to enact the outcome of the Brexit referendum. In contrast, for countries with codified constitutions, the outcome of a referendum ‘may’, in some instances bind both parliament and the government to implement its result. In Britain, however, with an uncodified constitution, it is possible for the government to promise in advance that it would respect the result, but that promise would be only political and not legally binding as parliament cannot be bound be a previous parliament; it can change its mind.
    [Show full text]
  • 5.Sustainability
    P2Pvalue More than 95% of the cases surveyed use centralized servers to store the users’ data. Over the whole population of cases this would be lower, as less than 88% has a centralized architecture allowing for central storage. Index infrastructure provision On a scale of 1 to 9, half of the cases have less than 3, and 84.1% of the cases are at the intermediate level of the index (between 4 and 5). None of the cases are at the highest range of the index. 5.Sustainability Regarding the question of profitability versus non profitability character of infrastructure provision, what results from the data on the legal type of infrastructure provision (see table above as part of infrastructure provision section) is that non-profit organizations make up the majority of cases (57%), something that makes sense with the voluntary dimension of the majority of CBPP experiences. Nevertheless, we consider it important to highlight that 28.9% of the cases are for profit organizations, something that is closely related to the diffusion of hybrid cases in CBPP. The data on the type of organization connected to the case (see table at section infrastructure provider) notes that 25.1% of the cases are businesses, which is the second type of most common organization. What we highlight about this data concerning the main strategies to achieve economic sustainability is the high level of importance that is given to the non- monetary contributions. For instance, 51% of respondents assign a value of 10 to non-monetary contributions. Instead, when we analyze all the other strategies of sustainability, the median is very low.
    [Show full text]
  • From Material Scarcity to Arti8cial Abundance – the Case of Fablabs and 3D Printing Technologies Primavera De Filippi, Peter Troxler
    From material scarcity to arti8cial abundance – The case of FabLabs and 3D printing technologies Primavera de Filippi, Peter Troxler To cite this version: Primavera de Filippi, Peter Troxler. From material scarcity to arti8cial abundance – The case of FabLabs and 3D printing technologies. van den Berg B. & van der Hof S. 3D Printing : Legal, philosophical and economic dimensions., T.M.C. Asser Instituut pp. 65-83, 2015. hal-01265229 HAL Id: hal-01265229 https://hal.archives-ouvertes.fr/hal-01265229 Submitted on 31 Jan 2016 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. Primavera De Filippi & Peter Troxler [4] From material scarcity to arti8cial abundance – The case of FabLabs and 3D printing technologies Primavera De Filippi & Peter Troxler 1. Introduction Digital media allowed for the emergence of new artistic practices and innovative modes of production. In particular, the advent of Internet and digital technologies drastically enhanced the ability for multiple au- thors to collaborate towards the creation of large-scale collaborative works, which stand in contrast to the traditional understanding that artistic production is essentially an individual activity. The signi6cance of these practices in the physical world is illustrated by the recent deployment of FabLabs (Fabrication Laboratories), that employ innovative technologies – such as, most notably, 3D printing, which is recently gaining the most interest – to encourage the development of new methods of artistic production based on participation and interaction between peers.
    [Show full text]
  • Research and Evaluations in Social, Administrative and Educational Sciences
    RESEARCH AND EVALUATIONS IN SOCIAL, ADMINISTRATIVE AND EDUCATIONAL SCIENCES EDITED BY Assist. Prof. Dr. Özlem KAYA AUTHORS Prof. Dr. Anil K. BERA Prof. Dr. Bülent GÜLOĞLU Assoc. Prof. Dr. Cevdet KIZIL Assoc. Prof. Dr. Ergun DEMIREL Assoc. Prof. Dr. Laura Sînziana CUCIUC ROMANESCU Assist. Prof. Dr. Ayhan BULUT Assist. Prof. Dr. Dilaysu ÇINAR Assist. Prof. Dr. Özlem KAYA Assist. Prof. Yılmaz DELİCE Dr. Abdullah TÜRK Dr. İlkay ERARSLAN Dr. Halil KÜÇÜKLER Dr. H. Vedat AKMAN Dr. Necip İhsan ARIKAN Dr. Osman DOĞAN Sevdenur KÜÇÜKLER RESEARCH AND EVALUATIONS IN SOCIAL, ADMINISTRATIVE AND EDUCATIONAL SCIENCES EDITED BY Assist. Prof. Dr. Özlem KAYA AUTHORS Prof. Dr. Anil K. BERA Prof. Dr. Bülent GÜLOĞLU Assoc. Prof. Dr. Cevdet KIZIL Assoc. Prof. Dr. Ergun DEMIREL Assoc. Prof. Dr. Laura Sînziana CUCIUC ROMANESCU Assist. Prof. Dr. Ayhan BULUT Assist. Prof. Dr. Dilaysu ÇINAR Assist. Prof. Dr. Özlem KAYA Assist. Prof. Yılmaz DELİCE Dr. Abdullah TÜRK Dr. İlkay ERARSLAN Dr. Halil KÜÇÜKLER Dr. H. Vedat AKMAN Dr. Necip İhsan ARIKAN Dr. Osman DOĞAN Sevdenur KÜÇÜKLER Copyright © 2021 by iksad publishing house All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including photocopying, recording or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. Institution of Economic Development and Social Researches Publications® (The Licence Number of Publicator: 2014/31220) TURKEY TR: +90 342 606 06 75 USA: +1 631 685 0 853 E mail: [email protected] www.iksadyayinevi.com It is responsibility of the author to abide by the publishing ethics rules.
    [Show full text]
  • Luciana De Paula Soares.Pdf
    UNIVERSIDADE NOVE DE JULHO FACULDADE DE DIREITO MESTRADO EM DIREITO LUCIANA DE PAULA SOARES CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL São Paulo 2021 LUCIANA DE PAULA SOARES CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL Dissertação de mestrado apresentada ao Programa de Pós-graduação em Direito da Universidade Nove de Julho - UNINOVE, como requisito parcial para obtenção do grau de Mestre em Direito. Orientador: Prof. Dr. Dr. h.c. João Maurício Adeodato São Paulo 2021 Soares, Luciana de Paula. Criptomoeda e Blockchain: o rigor das regras brasileiras frente ao mercado tradicional / Luciana de Paula Soares. 2021. 119 f. Dissertação (Mestrado) - Universidade Nove de Julho - UNINOVE, São Paulo, 2021. Orientador (a): Prof. Dr. João Maurício Adeodato. 1. Criptomoeda. 2. Blockchain. 3. Regulamentação. 4. Receita Federal do Brasil. 5. Banco Central do Brasil. I. Adeodato, João Maurício. II. Titulo. CDU 34 Luciana de Paula Soares CRIPTOMOEDA E BLOCKCHAIN: O RIGOR DAS Dissertação apresentada ao REGRAS BRASILEIRAS FRENTE AO MERCADO TRADICIONAL Programa Pós-Graduação Stricto Sensu Em Direito da Universidade Nove de Julho como parte das exigências para a obtenção do título de Mestre em Direito São Paulo, 04 de março de 2021. BANCA EXAMINADORA __________________________________ Prof. Dr. João Mauricio Leitão Adeodato Orientador UNINOVE ________________________________________ Prof. Dr. José Renato Nalini Examinador Interno UNINOVE ________________________________________ Profa. Dra. Alexandre Freire Pimentel Examinador Externo UNICAP AGRADECIMENTOS Agradeço primeiramente à minha família que sempre me apoiou nessa estrada sem fim e de inestimável valor, o estudo. Agradeço, ainda, a paciência dos meus filhos, ainda pequenos, em disponibilizar sua mãe para os livros em plena pandemia da Covid-19.
    [Show full text]
  • January 2017
    January 2017 ROCK TALK Issue 12 1 Contents Editorials 2 Varied Career in Law in Gibraltar 18 Chairman‟s Letter 3 News from GHT 20 Diary of Society Events 2019 4 Witham‟s Cemetery 22 Report of Events 5 Devon to Gibraltar and back 24 Annual Friends‟ visit to Gibraltar 5 Nelson‟s Table – Fact or Fiction? 27 News from the Rock (Gibraltar House) 8 Gibraltar Street Names 28 London Talks 9 Gifts from the Friends 30 Annual Seminar and AGM 10 GGPE 60th Anniversary 30 Christmas Party report 13 Out and About in Gibraltar 31 Friends‟ Donations and Projects 14 Minutes of AGM 33 Membership Secretary‟s Jottings 15 Membership Form 35 My Rock Book 16 Editorials A belated Happy New year to all members and developments, and is an interesting read. readers of this edition of Rock Talk. We wish you a prosperous 2019, and hope to 2019 promises to be an interesting year in so see you in Gibraltar at some point over the many respects but one in particular sticks out like year. a 'sore thumb'. As we pen this editorial, the British Brian & Liz Gonzalez Parliament is in turmoil and this coming Tuesday will determine the future of the United Kingdom Another busy year for the society has come and Gibraltar vis a vis our future relationship with and gone, with the full range of events and Europe. By the time you read this we will be in a support for heritage projects in Gibraltar. better (or worse) position as to this 'relationship'. This issue hopes to update the membership We hope that politicians of all political colours on the various activities, and includes unite to deliver what is best for the United Kingdom and Gibraltar.
    [Show full text]
  • Decoding the Dilemma of Cryptocurrency Regulation in Kenya
    DECODING THE DILEMMA OF CRYPTOCURRENCY REGULATION IN KENYA UNIVERSITY OF NAIROBI JACQUELINE WANJIKU WAIHENYA G62/8613/2017 TO BE SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF LAWS - SCHOOL OF LAW, UNIVERSITY OF NAIROBI [PUBLIC FINANCE AND FINANCIAL SERVICES LAW] NOVEMBER 2020 Declaration by the Student I JACQUELINE WANJIKU WAIHENYA declare that this is my original work and that the same has not been presented to any institution of higher learning for the award of a diploma, degree or post-graduate qualification or for consideration of any certification. It has been complemented by referenced sources duly acknowledged. Where text, data (including spoken words), graphics, pictures or tables have been borrowed from other sources, including the internet, these are specifically accredited and references cited using current OSCOLA systems and in accordance with anti-plagiarism regulations. Signed by:- NAME: REGISTRATION SIGNATURE: NUMBER JACQUELINE WANJIKU WAIHENYA G62/8613/2017 Date: Thursday, November 19, 2020 Supervisor: This Project has been submitted for been submitted for examination with my authority as University Supervisor. Approved Signed:……………………………………………….. Date:……………………… PROF. PATRICIA KAMERI MBOTE GRADUATE SCHOOL OF LAW UNIVERISTY OF NAIROBI ii DEDICATION: -dedicated to- Alexis, Nicolette, Lilian, William, Maureen, Remy, Ryley & Dave -My Family- You don’t choose your Family, They are God’s gift to you, as you are to them. -DESMOND TUTU iii ACKNOWLEDGEMENTS In the first instance I thank the Almighty God for establishing me to lengthen my cords and strengthen my stakes. I wish to express my most sincere appreciation and heartfelt thanks to my Supervisor, Prof.
    [Show full text]
  • De Filippi & Tréguer
    May 2014 Expanding the Internet Commons : The Subversive Potential of Wireless Community Networks by Primavera De Filippi1 and Félix Tréguer2 “Freedom is fostered when the means of communication are dispersed, decentralized, and easily available, as are printing presses and microcomputers. Central control is more likely when the means of communication are concentrated, monopolized, and scarce, as are great networks,” wrote professor Ithiel de Sola Pool (1984), an American political scientist and legal analyst of communications technologies. Beyond highlighting historical and technical trends in technology, Sola Pool also understood that there was nothing deterministic about how technologies evolve. While control over printing presses and microcomputers can, as it turns out, be highly centralized, the deployment and management of telecommunication networks can, eventually, undergo a process of decentralization. The outcome ultimately depends on political, technical, economic, institutional and legal arrangements shaping both the development of communications tools and their use. Often, when it comes to politics – and Internet policy is obviously no exception – the antagonism between freedom and control essentially comes down to the trade-off between centralization or decentralization. In the past year, the ongoing controversy regarding the massive surveillance undertaken by the US National Security Agency (NSA) and its allied organizations has encouraged a growing number of technology activists to deploy decentralized and free software3 alternatives to the centralized online services known to collaborate with the NSA. This trend can be likened to what happened repeatedly in the history of the Internet. The rise of the personal computer and the widespread adoption of the Internet network came out of a need to democratize computing technologies by taking them out of the hands of technocracy – decentralizing both the use of computers and the control of communication technologies.
    [Show full text]
  • Virtual Currencies: International Actions and Regulations Last
    Virtual Currencies: International Actions and Regulations Last Updated: January 8, 2021 No Legal Advice or Attorney-Client Relationship: This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Recipient should not act upon this information without seeking advice from a lawyer licensed in his/her own state or country. For questions or comments regarding this chart, please contact [email protected]. Developments Over Time Country Current Summary Date Occurrence Sources 2/20/2020 The Financial Services Regulatory Authority has updated and Guidance expanded its guidance through amendments to its cryptoasset regulatory framework. The amendments change the terminology used in the framework from “crypto asset” to “virtual asset,” a change that aligns with those descriptions used by the Financial Action Task Force (FATF) (see Issuers and intermediaries of virtual Financial Action Task Force (below)). The FATF currencies and “security” tokens may be recommendations are an international standard for regulation Abu Dhabi subject to regulation—depending upon of crypto assets including KYC requirements, anti-money the nature of the product and service. laundering and fraud prevention rules, and sanctions and screening controls. The amendments also overhaul regulations to move the applicable rules from a singular category to those respective to the underlying activities. This means that such assets can be regulated according to their idiosyncratic natures and not as a monolithic class. 29032535.40 10/09/2017 The Financial Services Regulatory Authority (FSRA) of Abu Supplementary Dhabi issued guidance on the regulation of initial coin/token Guidance – Regulation offerings (ICO) and digital currency as supplemental of Initial Coin/Token guidance to the existing 2015 Financial Services and Markets Offerings and Virtual Regulations (FSMR).
    [Show full text]
  • And Blockchain Solutions Cryptocurrency
    www.AlternateTaxSolutions.com Cryptocurrency and Blockchain Solutions December 2018 Alternate Tax Solutions www.AlternateTaxSolutions.com (401) 949‐5200 Cryptocurrency & Blockchain Solutions Background The IRS has a new focus on cryptocurrency, and it is resulting in extensive attention to transactions, which could result in significant back taxes, penalties, and interest charges for not reporting taxable transactions using bitcoin and similar currencies. The IRS has audited and obtained information from Coinbase as a result of a lawsuit. They were able to obtain much information on transactions flowing through the company’s system involving fifteen million clients in their wallets. According to the IRS, only 847 taxpayers reported cryptocurrency transactions on their tax returns in 2015. Just recently, the IRS cryptocurrency task force has announced their recent mailings to taxpayers for unreported income and tax assessment deficiencies, and they will continue to process deficiency notices when their agents identify and quantify transactions of specific taxpayers involved in these transactions. The court ordered Coinbase to turn over the records and information on more than 15,000 taxpayers involving transactions which exceeded $20,000 in the aggregate. The Treasury Department believes it now has the legal precedence to obtain the information from other “wallet” companies. Starting in 2018, new Treasury regulations have been promulgated requiring companies to provide and file form 8946 to report crypto-currency transactions like the brokers’ 1099-B forms received for stock transaction. Within the next six months, the IRS will be aggressively contacting millions of taxpayers who neglected to report these transactions. The accounting profession will need to identify and verify this activity and the basis of each transactions.
    [Show full text]