Arsenal Football Club Signs Partnership with CashBet Coin

The partnership makes Arsenal “the first major team in world football to officially partner with a cryptocurrency”, CashBet said in a statement
25 January 2018   460

CashBet announced on Wednesday that it has signed a sponsorship deal with Premier League football club Arsenal FC ahead of the Initial Coin Offering (ICO) of its new cryptocurrency, CashBet Coin designed specifically for its iGaming platform.

We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.

 

Vinai Venkatesham

Arsenal’s chief commercial officer

Under the partnership, CashBet Coin will be advertised at Arsenal’s Emirates Stadium, and CashBet can use Arsenal’s brand to promote the new tokens.

Arsenal Signs Partnership with CashBet Coin

According to its website, California-based CashBet sells software that helps gaming companies accept bets using cryptocurrencies. CashBet plans to raise $40 million to $70 million in a sale of CashBet Coins.

The ICO presale started on January 24, 2018 at 5:00PM GMT and will end on February 20 at 5:00PM GMT, followed by the public sale beginning on March 20 at 5:00PM GMT and continuing until April 27 at 5:00PM GMT.

CashBet will issue 430,000,000 CashBet Coin tokens. Each coin is initially priced at 50 U.S. cents and meant to be used on CashBet’s gaming sites and mobile apps.

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Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   133

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.

Mark Branson

FINMA CEO