The ISA Cryptographic Currency Examination and Regulatory Commission submitted its final report to the Chairman of the Securities and Exchange Commission.
The committee made the following recommendations:
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Tailor made disclosure regime: disclosure requirements should be adapted to the unique features of the activity of these companies, based, among other things, on the experience that the ISA will accumulate as entrepreneurs considering an issuance of cryptoassets would approach the ISA, and learn from the experience of other regulators.
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Easing of restrictions through a regulatory sandbox: the ISA is a member of an inter-ministerial committee that recently recommended the establishment of a customized regulatory environment for firms that employ new technologies to offer financial products and services. We recommend allowing the use of this framework, when established, to experiment with the issuance of cryptoassets and to provide guidance to entrepreneurs in this field.
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Regulatory infrastructure for security token trading platform: adjustments to existing regulation should be considered, to create a regulatory infrastructure that is more suitable for the activity of this industry and optimally addresses the specific risks that the industry represents.
The committee also recommended to consider applying a model similar to the one adopted for crowdfunding regulation for projects involving cryptoassets that are deemed securities.