EU Lawmakers to Discuss ICO Legal 'Standard'

During the meeting, concrete decisions were not made, but the members of the European Parliament are invited to submit their comments before September 11
05 September 2018   1381

The members of the European Parliament discussed various proposals that could form the basis of the legal framework for regulating the ICOs, CoinDesk reports.

On Tuesday, September 4, the European Parliament's Interparty Group on Innovation Studies examined potential ICO-related potential benefits and challenges in preparing legislation for the field of crowdfunding.

In particular, the member of the European Parliament, Ashley Fox, proposed to limit the maximum possible amounts of investments attracted within the framework of token-loans by 8 million euros. Also, the legislator insisted on mandatory compliance with KYC / AML procedures (know your customer / counter money laundering).

If approved, these proposals can form the basis of the standard for token-calls. This, in turn, will allow ICO-projects to raise funds in any of the 28 EU member states.

Be assured, that as legislators we're trying to make ICOs more possible and more successful, that certainly is our objective.
 

Ashley Fox

Member, European Parliament

During the meeting of the group, the managing director of France Digitale, Nicolas Brien, announced the "urgent need" to make efforts to create a standard for the ICO. According to him, the market "needs legitimization", and in every jurisdiction.

Brien also stressed that especially bad things are in the UK, where "no bank" does not serve those who are associated with crypto-currencies.

Having the certainty, but also having that legitimization, I actually welcome having a European-wide proposal because it gives people the certainty to know. I think we need to be clear whether this is a utility token or a transferable security, or how the regulator regime looks at that, but I think this can be done because an ICO is another form of crowdfunding. It's different, but it is a form of crowdfunding.
 

Nicolas Brien

Managing director, France Digitale

The representative of the Office of Financial Regulation and Supervision of Great Britain, Laura Royle, noted that her agency "sees significant potential benefits" in a new form of financing.

Also, she said, ICO enables companies to raise funds from a wide range of investors, and also avoids the many costs of intermediaries. However, she believes, the main risks are associated with broad opportunities for fraud, lack of transparency and volatility of digital coins.

During the meeting, concrete decisions were not made, but the members of the European Parliament are invited to submit their comments before September 11, which will be considered during the next stage of the discussion.

Brave Browser Start Paying BAT For Ads Viewing

Brave browser ICO was launched in 2017 by the creator of the JavaScript programming language and ex-Mozilla CEO Brendan Eich; it raised $35M in 30 seconds
25 April 2019   73

Users of the new Brave browser desktop version will finally be able to participate in the Brave Ads program.

Brave is developed by the creator of the JavaScript programming language and ex-Mozilla CEO Brendan Eich and is positioned as something more than a “ad-blocking browser”. The implementation of this idea is based on Brave Ads.

Users who decide to take part in the program will be able to receive up to 70% of the profits generated by the advertisements shown to them, TechCrunch reports with reference to the company's statement. Awards will be paid in the form of own tokens of the Basic Attention Tokens project (BAT), which users, in turn, will be able to share with the creators of the content they like on the network.

By default, donations to BAT will be transferred to owners of sites that a user visits most often, however, developers plan to realize the possibility of exchanging tokens for awards, such as vouchers for restaurant visits or hotel accommodations. Also, earned advertising tokens can be exchanged for other cryptocurrencies and Fiat through exchanges. If desired, users can continue to use Brave without receiving a BAT.

A lot of users don’t want to cash out [when they receive BAT]. It’s not a huge amount of value for most people, so they may prefer to just use it to give back. And that’s the real idea: A browser with the user steering it is replacing the ad tech complex.
 

Brendan Eich

Founder, Brave

BAT can only be used to reward publishers. Soon with their help, users will be able to buy additional content and, possibly, some products. The ability to withdraw tokens will be realized after the introduction of the user identification system.