No wonder Bitcoin is undergoing price fluctuations in the backdrop of extreme crypto dealings across the globe. On Monday, the Chinese officials to ban ICO proceedings and asking companies who have undertaken the same route to return back the money of investors. This caused the Bitcoin price to stumble down the ladder amidst wide speculation regarding the future outcome of this cryptocurrency form.
Just when the cryptocurrency enthusiasts were trying to gulp down, a latest cryptocurrency news came another shocker in the form of Autorite des marches financiers (AMF), the financial regulator of Quebec which seems quite smitten by the Bitcoin phenomenon and wants to know the same in an up, close and personal level. AMF, which has given the token sale platform Impak Finance the security tag is trying to become well-versed with the Blockchain use case.
AMF has also accepted Impak Finance as a part of its regulatory sandbox. With this news, Impak Finance is all set to become the premier Canada based regulated ICO platform. As per news reports, AMF is also ready to bend some rules for ushering in the Bitcoin powered revolution for the greater good of its economy in the long run. Sophie Jean of AMF disclosed that Impak Finance will no longer need registration as a securities dealer if certain terms and conditions like proper KYC records are maintained. AMF has also waived its requirement of issuing a prospectus which is usually a must for security categorization.
The regulatory responsibility of this Canadian token will rest on AMF with the other provinces honouring the decision through Canadian securities passport system. This system will spread out the access of the start-up amongst Canadian territory.
Canadian Securities Administration recently flashed a green signal to kickstart fintech projects which cannot be confined within legal territory. ICO’s or Initial Coin Offerings which is increasingly being used as a fundraising medium for fostering cryptocurreny transactions fits the fintech bill perfectly. Impak’s token will continue their trial run for two years following which the same shall be evaluated by stakeholders. Absence of investor complaints shall propel the agency to extend relief for a greater time span.
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