Not long ago, the New Zealand Financial Markets Authority, also known as the FMA, has published a commentary about initial coin offerings (ICOs) and digital currency services. In its statements, the financial regulator declared that the economic substance alongside with a few characteristics can determine whether an ICO is a financial product or not. The report goes ahead and explains how ICOs can actually fall under the scope of managed investment products, debt securities, derivatives, equity securities and more, therefore companies holding these crowdfunding campaigns may have to fulfill certain regulatory requirements. All tokens and digital currencies are securities The
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