What are crypto currencies? Trade goods, cash or shares? When it comes to the Bank for International settlements (BIS), the answer is clear.
So far, the regulatory authorities were divided on the question of the category in which crypto-currencies will fall. The Switzerland-based Bank for International settlements (BIS) has found your answer: crypto-currencies are to be regarded as securities.
So BIZ-consultant and Head of Research Hyun Song Shin on may 24, said at least. June, on the occasion of the annual BIZ-the General Assembly:
“If people pay to keep Tokens for the purpose of financial gain, then this should be considered as the value of paper and the same Documentation requirements and regulation, be the subject of such other securities being offered to investors in for-profit.”
The BIS has previously, on 16. June a business report critical of crypto-currencies. These could not grow with the transaction, demand and energy policy is inefficient, in the economic report. Also the BIZ for a “sound institutional Foundation of talks”, and this was in the “independent and accountable banks committed to Central”.
Similar tones of SEC and Bank of England
Similar announced in March already, the English Central Bank. Their boss, Mark Carney, urged against the US-American news channel CNBC:
“The time has come for the crypto Ecosystem needs to be measured to the same Standards as the Rest of the financial system.”
This corresponds approximately to the position of the American securities and exchange Commission. Also, this is considered the most tokens, which are sprung from an ICO, as a securities. Accordingly, for the same rules should apply as for conventional shares. An exception to crypto-currencies such as Bitcoin, which are already as a means of payment in the application form; likewise, Utility-Token schemes are excluded. This distinction is problematic because the boundary between Utility-Token, means of payment and store of Value is not in the crypto area. And if you moved, you must not be from inventory. Also the SEC Chairman Jay Clayton is aware of. In April, he said at Princeton University:
“Just because [a Token] today is a value system, that does not mean that he is there tomorrow – and Vice versa.”
You can think of the regulatory intentions, what’s not to like: If has only set a global consensus of the financial supervisions, you will not be able to escape the effects of an institutional set of rules.