Barry E James interviews Sam Robinson, Regulation Partner At CMS
18:11
| Season | Episode | Duration | Published |
|---|---|---|---|
| #1 | #24 | 18:11 | 5th July 2018 |
It's entirely possible to run an ICO for a Utility token in the UK
In a surprising clear and illuminating interview with an ex FCA member and regulation lawyer we clear away the fog of war created by the SEC around the different types of tokens.
This week’s fascinating interviewee is regulation lawyer Sam Robinson, who brings eighteen years’ experience starting with the FSA, and now specialising in FinTech, for the world’s 6th largest law firm (by lawyer headcount, and 6th largest in the UK, by revenue).
Just the person, then, to clarify the difference between Utility, Payment and Security Tokens, how that definition is made, whether each needs to be regulated, and why.
He explains how there are some genuine Utility Tokens in the UK - even though the SEC states there’s no such thing; but that the excitement about issuing Security Tokens is growing by the month, bringing as it does a way to stand out among ICOs - even if the rules are more burdensome.
So, Sam brings clarity; both to the definitions and need for regulation, especially as Security Tokens are basically the same as any other share offering; and to his own clients’ ICOs through his work their Whitepapers and defining their offerings.
And he explains why many secondary exchanges are wary of getting involved with listing Tokens, which might bring them inadvertently under regulatory requirements themselves, if they list Utility Tokens that turn out to be Securities.
His closing thoughts?
Participants need to keep up-to-date on the latest regulation in different jurisdictions, especially in the UK where Utility and Payment Tokens are not regulated, but Security Tokens will be.
And those looking to get involved need to do the same research as any investor in any type of business, reading business plans and looking at teams and advisors carefully. Many ICOs are at the proof-of-concept stage, and you must be your own judge.
And, finally, that the industry is interesting, changing and developing – fast!
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