ICOs, speaking of regulation
Gibraltar just announced the launch of a specific protocol to protect contributors in ICOs’ Projects based on the Rock. This so-called regulation is live since January 1st 2018. Beside the fact that Gibraltar-based companies dealing with data and assets transmitted on the blockchain will have to be licensed by the Financial Services Commission (CFSC), it’s the first time in Europe, a central power is trying to control the non-control. So a regulation for ICOs is good thing or bad thing? Let’s see.
Pros
As investor and advisor, well I can just applause since so much people were scammed during last year by so-called ICOs and by thieves using the crypto enthusiasm of last months. It’s so difficult nowadays to be 100% sure when we buy tokens to contribute in a serious project with real people and a real vision. Most of the ongoing ICO Projects and 2017 Projects are using the funds raised not to develop the product but to finance the marketing efforts to raise more funds. But more than everything else and as a veteran of both Online Gaming Regulations and Fintech in Europe, I’m aware of a need to segregate development allocated raised funds from marketing spendings. This is what the regulations in Europe for the Online Gaming did and did good and this is what the CySec did for the Forex industry too. It forced Forex companies to guarantee client’s invested money in a non-touchable bank account. Because let me ask the 100M$ question, when you contribute in an ICO, do you really think your investment will be used at 100% for the development? Com’on!
Cons
This is the easy part here. Regulation means control and a centralised control done in the best-case scenario by elected people but more usually done by technocrats. How dare they try to apply a central control on a decentralised technology built to fight the Jacobine vision of the power? I’m pissed here since I’m not that young anymore and I lived the shift the Internet lived a decade ago from a network where freedom was the moto to a in-jail Network controlled by WallStreet and where there is no more liberty of movement. I feel this regulation process at the end will try to impeach Blockchain.
And now?
We will have to wait for the Regulation’s directives and check if this is a true process to help people or another try from the Empire to control our lives and destroy any kind of true liberty on the Net. Welcome to the Matrix?
