作者:区块链    发布时间:2020-02-27 10:45    浏览:


The financial regulator has released the consultation paper in order to explain the rules that have been put in place to guide the usage of assets like unregulated and regulated tokens. Such assets would also include the tokens that are classified as securities. The primary concern of the paper was with the laying down a roadmap to explain how FCA plans to delineate its role within the crypto industry in the near future. It also outlined the obligations of crypto firms for the coming months.

From the first wave of payments to the second wave of equity financing, unique technology has been developed from the infrastructure level and up. The first wave, payment and transactions, gave birth to wallets and secondary market platforms. The second wave, equity financing, brought forth a digital version of investment banks to provide investment, underwriting, market making, refinancing and a package of services such as rating, research and other offerings to mirror the traditional financial services industry.Combining the efficiency of a new age of digital investment banks with regulated tokens leads into the third wave of blockchain in finance.



In China during March of this year,Yuan Dao et al. put forward the concept of “Tokenization” in Token is the Key to the Next Generation Internet Digital Economy. It is defined as encrypted digital proof of rights and ownership. “It’s to provide token holders with all kinds of rights and interests, such as tickets, points, contracts, certificates, securities, authority, qualification, so called tokenization. When it’s put on the blockchain for circulation or put on the market to trade, let the market find its price, while in the real economic life can be consumed.”



b) STs have programmable ownership. If Bitcoin is dubbed as the “programmable currency”, then STs can be dubbed “programmable ownership”. Any ownership assets can and will be tokenized.

In another life, he was a floor trader on the Philadelphia options exchange. That's where he developed an uncanny knack for reading the direction of the stock market.

Interestingly, the paper clarified that exchange assets like Bitcoin and Ethereum, which happen to be leading cryptocurrencies in the market, will not be regulated by the FCA. Only tokens and securities will face heightened control as Bitcoin and Ethereum are “usually decentralized and primarily used as a means of exchange.”

If all of these markets became tokenized, the potential size of the security token market would skyrocket.

I was on the phone with one of the best market timers I know.


The inflection point initiating new trends will appear only when blockchain-related assets are incorporated or opened to a larger, institutional market.

By Teeka Tiwari

UK’s FCA Releases Consultation Paper Regarding Crypto Guidelines

b. Financial innovation may just accumulate risks to the tail.

But that was over 18 months ago.


Author: 8 Decimal Capital Research, Ran Wei



This article is based on the recently published research conducted by our Chinese research team which received 800,000+ views across many Chinese media networks. The original article can be viewedhere.

Highly Secure Decentralized Payment Network


Asset Interoperability: The Internet is essentially a bunch of protocols that enable many different types of software to exchange and utilize information (TCP/IP, SMTP, FTP, SSH, HTTP). A standardized agreement on assets will facilitate interoperability between heterogeneous assets and different regulatory bodies.


Cryptocurrencies are the crypto asset that most folks are familiar with. So, we'll dive into this one first.


The most common cryptocurrencies is Bitcoin.


It was created to act as alternatives to fiat money.


Two frequent questions we get are why would anyone buy a cryptocurrency that's backed by nothing and can be created by anyone.


These aren't only fair questions, but smart ones.


Here's the thing to remember about money: It's whatever people mutually agree it is.


In the past, beads, cowrie shells, silver, gold, and of course paper, have all been used as money.


You'll notice that none of them have any intrinsic value.


At the end of the day, a sack of flour has more practical value than a $100 bill or even a bar of gold.


And yet, we value both far more than a sack of flour. That's the mutual agreement we've all come to.


When you think about it, it's not that rational.


How does a piece of green paper or a bar of yellow metal hold more value to a human than a sack of flour that can be used to feed a family for weeks?


Because we all agree it does.


In my opinion, paper currency may be the most irrational form of money in human history. At least you can decorate yourself with gold, silver, beads, and cowrie shells.


Not only that... There's a limit to how much gold, silver, and shells that can be found. There's no limit on the amount of paper money that can be created.


The closest thing to true money (outside of food) is gold. Gold meets several historical rules that we use to judge value.


It's prized for its beauty. It's difficult to find. It's expensive to extract. It's also a scarce resource.


But there are problems with gold, too.


We have to trust that the refineries that certify the gold's purity are telling the truth.


Gold is also difficult to transfer (think of carrying around bags of gold coins or chests of gold bars).


And that makes it virtually useless as a practical medium of exchange in daily life.


What I mean is you can't buy a new car, house, or even a book with gold bars.


The FCA, which is the Financial Conduct Authority of the United Kingdom of Great Britain and Northern Ireland, has come out with a new consultation paper, in which it elaborates upon a fresh set of guidelines with respect to cryptocurrencies. The FCA has also explained how it seeks to go about regulating the use of cryptocurrencies under its jurisdiction.

The first wave started with payment & transactions when Bitcoin and other cryptocurrencies became popular payment tools. These new currencies disrupted the payments space, which previously only worked using traditional fiat currencies.

自那之后,比特币回升了 1,600%,以太币 (以太坊互连网的设想币State of Qatar 回升了 2,563%。

It is expected that the Anti Money Laundering (AML) rules will possibly double down on existing Know Your Customer (KYC) rules. This will involve a more stringent requirement for reporting of customer activity across cryptocurrency exchanges and other similar organisations. This would involve the introduction of a limit on the maximum sum that can change hands in the form of crypto transactions without attracting regulatory attention and monitoring.

a) A ST is a type of digital asset regulated by federal securities laws and regulations. Simply speaking, it lies at the intersection of digital assets and traditional financial products.

Like the internet before them, cryptocurrencies have the potential to reshape the economy... And they offer a rare opportunity for ordinary individuals to make life-changing gains.


Second, global investors always seek higher liquidity, rate of return and alpha.STs are expected to reduce the barrier to investment in global assets. The ease of investment will result in a potential liquidity premium. “The new security token market will support the ongoing trend of globalization,” says Kadeem Clarke, Investment Manager at 8 Decimal Capital, “with the flexibility of blockchain technology. Investors around the world will have an easier way to safely invest in the assets of foreign markets while maintaining liquidity.”

A few months before the call, I told him to load up on Bitcoin and a small under-the-radar idea called Ethereum.

该公文中强调的三个重点领域是欧洲缔盟第伍遍反洗钱指令的极端主要性。思索到该指令将对英国国内全数加密公司和集体的运转载生首要影响。纵然United Kingdom脱欧,United Kingdom仍将颇受相仿区域准则的影响。

Three Themes Driving the Value of Utility Coins

A key area that was emphasized upon in the paper was the immense importance of the EU Fifth Anti Money Laundering Directive. Considering that this directive would substantially impact the operations of all crypto firms and organizations within the UK. Despite Brexit, the UK will still be expected to play by similar regional rules.

Editors: 8 Decimal Capital Research,Kadeem Clarke, Brian Hough, Alec Pippas, Zoe Qian


The new FCA consultation paper comes in the heels of the FATF guidelines for crypto regulations and represents an increasing trend of bringing crypto under the ambit of regulatory surveillance.

As we continue to build the blockchain ecosystem, we see a high potential and yield for this new third wave of financial evolution.

I can't blame him for being skeptical.

One of the specific areas of blockchain technology that 8 Decimal Capital is quite bullish on is the Security Token space. There is an opportunity for Security Tokens to drastically change the traditional financial industry. Security Token Offerings are considered to be a new and improved Initial Coin Offering .

He laughed and called both ideas "dumb and worthless." He then compared them to one of the most infamous bubbles in history: the Dutch Tulip mania of the 1630s.

For startups, it often takes a long time to launch an IPO. It takes even more time for their stocks to be substantially liquid. However, STOs can enable startups to be listed on an exchange quickly, obtaining investments from all corners of the globe. Concerningly, startups often face a lot of uncertainties, both positive and negative. These uncertainties coupled with a highly liquid global market can cause volatility in token prices. Consider how Elon Musk’s one Tweet caused a plunge in the Tesla share price. Similar reactions to security token-funded project executives can become common.


Payments and transactions (Cryptocurrencies)

Since then, Bitcoin has risen 1,600% and ether (the coin for the Ethereum network) is up 2,563%.

a)ST 1.0 — The first generation of STs are regulated token products. In the US all securities must be registered with the SEC unless they qualify for exemption. Security tokens apply regulatory frameworks to digital tokens, mainly using exemptions (Regulation S, Regulation A+, and Regulation D). Regulation D and Regulation S exemptions, applicable to US securities, allow for raising funds without registering with the SEC. Reg D is covers private equity law, Reg S deals with US companies with overseas investors, and Reg A+ is equivalent to mini IPOs, requiring two years of audited financial information.


Liquidity and market depth: You can invest in illiquid assets through STs without fear of redemption, and the market depth will increase through the following:

I want to show you why cryptocurrencies are not like the Dutch Tulip Craze. In fact, we're still in the early days of the cryptocurrency boom.

STOs, on the other hand, are providing a new form of fundraising and financing with properties similar to an Initial Public Offering, or private equities.


STOs provide investors with more flexibility and efficiency, including the ability to issue security tokens or asset-backed IOUs which are legal in nature for providing investors with “access to shares of a company, a monthly dividend or a voice in the business decision-making process.”


图片 1


In the next article about security tokens, we will address these and other pressing questions on the security token industry.


According to Bengt Holmstrom,“everything that adds to liquidity in good times pushes risk into the tail.” Mainly, the core function of financial institutions as intermediaries is to configure the risk structure of each entity. During the 2008 financial crisis, many shadow intermediaries in the value chain of real estate appeared to be valuable with complex financial instruments. However, in reality, these complex instruments covered up liquidity, term, and credit risks which made risk pricing inaccurate and ultimately became a catalyst for the irrational rise in real estate asset prices.

What I'm about to share with you could be very valuable.

Payment and Transactions

"Are you still buying tulip bulbs, Tiwari?"

Understanding the regulations required to launch a security token to the market is paramount to the STO’s success. The chart above shows the process over the span of two years.

依赖大富翁对冲基金CEO Mike Novogratz 的布道,今后 5 年内一切密币市场将会巩固 25 倍。和后天比较,上升的幅度是 2400%。(并且Novogratz 不是叁个光说不练的人:他近来把温馨 十分一 的身家投入了密币资金财产。State of Qatar

Fractional Ownership: STs streamline the division of property ownership and reduce the entry threshold of high-risk investment products, such as real estate and high-end works of art.

那篇小说作者先是次看见是在作者的多少个Wechat群中,有相恋的人分享了普通话版。原版的翻译机翻味太重,大致到了震慑精晓的境界,所以本人要好寻找了Türkiye Cumhuriyeti语原稿并尝试翻译了全文。作者不是经济和区块链方面包车型地铁大方,仅仅是对这种新兴的技巧感兴趣,即使文中有任何不当和必要改良的地点,请一定告诉笔者!

[Blockchain is a public ledger of all cryptocurrency transactions executed. It's a shared network that can move value around and represent property ownership.]

Within the digital transformation of finance, three waves have emerged. The first with payments and transactions, the second with equity and financing, and the third wave is where tokenization and security token offerings offer a great amount of potential.


I.The First Wave:

英国FCA发布关于加密货币的指导文件。在1636年的尖峰期,一头郁金香球茎价值 141,762 欧元。到1637年,泡沫破裂了。

First, reduce investor risk and strengthen due diligence. In the context of the United States, enacting securities regulation and regulatory exemptions, such as Reg D or Reg S, is the first step towards compliance. In the ST 2.0 era, programmable compliance will be incorporated to facilitate KYC and AML provisions into smart contracts.

That means this asset class still has plenty of room to run... and there's still time for you to join the ride.

转自:八维研讨院(大伙儿号ID:八维区块链State of Qatar


Well-designed cryptocurrencies have many features that humans look for when measuring value. Let's talk about them now.


Cryptocurrencies like Bitcoin are pre-programmed to create a set amount of coins. Once this limit is reached, no new coins will be created. This creates scarcity.


For instance, the algorithm that governs Bitcoin will create no more than 21 million Bitcoins.


Think about this... There are 35 million millionaires in the world. That means if every millionaire wanted to own an entire Bitcoin, they wouldn't be able to.


There literally is not enough to go around.


Contrast that with paper money.


With paper money, there's no limit to how much can be created. However, gold is finite. That limits how much new gold can be refined each year.


You can see that cryptocurrencies actually have more in common with gold than with paper money.


Cryptocurrencies rely on a technology called the "blockchain."


This blockchain uses cryptography to secure transactions. These complex mathematical algorithms make counterfeiting cryptocurrencies almost impossible.


Now, compare that to cash.


It's estimated that almost a quarter-billion dollars of counterfeit paper money sloshes around the U.S. every year.

据推测,每年一次有近 25 亿英镑的伪钞在U.S.通商。

What about gold?


Fake gold will never fool an expert. But counterfeit gold could be passed off to someone with an untrained eye.


Cryptocurrencies share two important criteria that give value to traditional assets: scarcity and irreproducibility (hard to counterfeit).


These are necessary to create value. But you need something else, too...


For a thing to have value, it needs one final thing: Some form of utility.


Even art (which some will argue is worth little more than the sum of its parts), creates massive utility by stirring deep emotions in the hearts of people that can appreciate it.


That emotional response is a very valuable form of utility. It's the reason people spend billions on art annually.


So, what type of utility do cryptocurrencies provide?


Unlike the transfer of gold or even cash, cryptocurrencies can transfer value almost instantly. And they can do it at very low costs.


On the Bitcoin network, you can send $50,000 for about $3. The receiver will get it in about 10 minutes.

在比特币互联网上,发送 50,000 法郎的手续费差不离是 3 日币。采取者在大约10分钟内就能够得到。

Compare that to a traditional wire transfer.


The fastest I've seen a wire hit is 24 hours. The cost to send a domestic wire can vary from $35 to $70. International wires can eat up 1%-15% of the total amount of money sent.

自家见过的最快的汇款到账是 24 时辰。本国电汇的支出从 35 美金到 70 英镑不等。国际电汇则大概扣除汇款总金额的1%-15%。

As far as sending gold, it takes 3-14 days domestically and is very expensive.

有关递送白银,本国需求 3 - 14 天,何况那几个高昂。

So, being able to quickly send money anywhere in the world is a very valuable utility that cryptocurrencies possess.


Over the years, both gold and cash have been either confiscated or severely restricted through capital controls.


Capital controls are government restrictions on your ability to access or move your money.


Even here in the U.S., we have capital controls. For instance, you can't just stroll through airport security with more than $10,000 in cash.


Unless you declare it, you're breaking the law.


Even though it's our money, the government insists we report when and where we're moving it. This is an outrageous demand that we accept because there are no alternatives.


That is until cryptocurrencies came around.


With cryptocurrencies, we are in complete control of our own funds. We can store them on our own devices free from government intervention.


If you store your cryptocurrencies properly, it is impossible for the government to confiscate or control them.


This is a truly liberating utility that is very valuable.


In response to the aforementioned global policy phenomenon, Tim Draper, a prominent American venture capitalist, said that the most exciting feature of Bitcoin is that it is a global currency.Governments will become public service providers that need to compete openly, rather than being monopolies of specific regions.

The blockchain is like an online public ledger. It's used to track cryptocurrency transactions.

b)ST 2.0 — The second generation of STs are ones that simplify the process used to verify assets and investors. This means to simplify the process of KYC (Know Your Customer) and AML (Anti-Money Laundering) filing using smart contracts. By integrating the regulatory rules of different countries into smart contracts, it will become more easier to conduct cross-border transactions.


Over 2017, I've been to conferences in Silicon Valley, Boston, Austin, Las Vegas, New York City, Berlin, London, and Copenhagen.

在 2017 年,笔者在硅谷,奥克兰,奥斯汀,奥马哈,London,柏林(Berlin卡塔尔(قطر‎,London和班加罗尔出席过会议。

During these conferences, I've met with hundreds of people. I've met crypto project founders, venture capitalists, government regulators, central bankers, Fortune 500 executives, hedge fund managers, and digital currency miners.


These are the three primary themes that are driving their research, development, and investment decisions:


Fat protocols






If you don't know what these terms mean, don't worry. I'll explain each for you right now.


What is a "fat protocol"?


I had to ask myself the same question.


I stumbled upon this theme at the Consensus 2017 event in New York City in late May. And I heard about fat protocols in more detail in Berlin.


Let's start with protocol. In the technology world, a protocol is a set of rules.


For instance, the internet is governed by two protocols: TCP and IP.


TCP stands for transmission control protocol. This is a set of rules that governs the exchange of packets of data over the internet.

TCP 代表传输调控公约。那是一组管理互联互连网多少包交换的规规矩矩。

IP stands for internet protocol. This is a set of rules that governs sending and receiving data at the internet address level.

IP 代表互连网球组织议。那是一组管理在网络地址级发送和接纳数据的法规。

IP by itself is something like the postal system. It allows you to address a package and drop it in the system, but there's no direct link between you and the recipient. TCP/IP, on the other hand, establishes a connection between two hosts, so they can send messages back and forth for a period of time.

IP 自身就像是邮政系统同样。它让你提供二个打包之处,并将其放置系统中,但你和收件人里面从未间接的关系。其他方面,TCP / IP 在七个主机之间创设连接,所以它们能够在一段时间内来回发送音信。

Nobody owns TCP/IP. But imagine if someone did. How valuable would the protocols be?

没人具备 TCP/IP。但是想象一下,倘若有人具备了吧?那得有多大价值?

Think about this...


According to a Harvard Business Review article, more than half the world's most valuable public companies have built business models on TCP/IP.

听他们说“新加坡国立商业评论”的小说,世界上最有价值的上市集团中,有八分之四之上,其商业形式都创立在 TCP/ IP 之上。

That's $5.4 trillion dollars in value traced right back to TCP/IP.

那是 $5.4 万亿法郎的价值,和 TCP / IP 直接相关。

Think of the biggest names in the internet space: Amazon, Google, Facebook, Priceline, eBay, Netflix, Uber, etc... They are applications, not protocols.

观念网络领域的大腕:亚马逊,Google,照片墙,Priceline,eBay,Netflix,Uber 等。它们是接受,还不是协商。

In short:


Applications (or "apps") are computer programs that run specific tasks. They include simple desktop apps like calculators, clocks, and word processors to mobile apps like media players, games, instant messengers, and maps.


Google's YouTube, Facebook's Messenger, and Microsoft Word are examples of popular web applications. Companies own their applications.

谷歌(Google卡塔尔 的 YouTube,Twitter 的 Messenger,和 Microsoft Word 是风靡的 Web 应用程序的例证。公司持有其应用程序。

Protocols are the rules computers use to communicate with each other. TCP and IP are examples of widely used protocols. Unlike applications, no one owns computer or internet protocols.

协商则是Computer之间用来互相仿信的平整。TCP 和 IP 正是被普及利用的情商的例证。不像应用程序,未有人对计算机或互连网球组织议具备全体权。

For instance, the Ethereum platform has created a protocol for the issuance of crypto tokens (among many other things).


Ethereum has created rules that make it easy to launch and manage digital tokens. That's why more than 50% of new tokens coming to market are using the Ethereum platform.

以太坊制定了那一个法则,能够轻巧运营和拘周详字令牌。那便是为何抢先 二分一的新令牌正在利用以太坊平台。

As more projects are launched on the Ethereum network, the demand for ether tokens increases.


Said another way, the more the protocol is used, the more valuable the ether tokens become.


These protocols are called "fat" because most of the economic value and profits will be captured at the protocol level.


All the tokens launched on the Ethereum platform are only worth $6.8 billion. But the Ethereum platform itself is now worth $34 billion.

在以太坊平台上临盆的具备令牌只值 68 亿澳元。但以太坊平台作者未来价值 340 亿英镑。

Even as more and more companies go "public" on the Ethereum platform, we think Ethereum will be more valuable than the applications that end up running on it.

纵使越来越多的厂家在 Ethereum 平台上“挂牌”,大家感到以太坊将比最终运转的应用程序更有价值。

The reason is that the more the protocol is used, the more demand is generated for the underlying protocol token. That's how utility coins like ether gain their value.


Hundreds of new blockchain ledgers are emerging. On top of that, there are hundreds of established centralized ledgers and payment networks.


These established payment channels are used by banks and payment providers. We're talking about giants like JPMorgan, PayPal, Visa, and MasterCard.

这个已创造的花销路子由银行和支付提供商使用,比如上投摩根,PayPal,Visa 和万事曼彻斯特那样的要员。

As the world migrates from a centralized to a decentralized model, how do you get these different networks to communicate with one another?


This is a huge problem. That's why we think the next boom will be in companies that allow different ledgers to "talk" to each other.


Imagine there's an English speaker, German speaker, and French speaker in the same room. And no one speaker understands any other speaker. This is the problem right now with blockchains and payment networks.


They all "speak" different languages.


But what if somebody could create a technology that would allow these different languages to understand one another?


In the tech world, this is called "interoperability."

在科技(science and technology卡塔尔(قطر‎领域,那被称为“互通性”。

The Difference Between Financial Ledgers and Blockchain Ledgers


Today's financial system requires a lot of overlap. Financial institutions spend a lot of time and money maintaining their systems and even more time and money making sure their systems agree with other systems on common facts.


This is done so that there is no single point of control or single point of failure. The solution is decentralization. It eliminates single points of failure and the necessity for each institution to duplicate the data.


Imagine a version of eBay or PayPal that can work with virtually any digital or fiat payment system. That's the goal of interoperability.

想像八个大致能够与其他数字或法定付款系统通用的 eBay 或 PayPal。那就是互通性的目的。

Here's the key takeaway: The utility coins that are building in easy-to-use interoperability will be the ones that become highly valuable.


While in Berlin, I met a group of executives from drug giant Merck.


These folks oversee Merck's European innovation group. They are tasked with identifying and getting management "buy-in" on implementing innovative technology.


They have a terrific grasp of the blockchain. They know it could potentially save Merck millions of dollars in costs.

她俩对区块链通晓得十三分好。他们知晓那可能为 Merck 节省数百万日币的本钱。

The problem is none of the current blockchain platforms scale. Meaning they just can't operate at the speed and level of complexity Merck requires. This is a common complaint. I've heard it from executives in London, Boston, Silicon Valley, New York City, and now Berlin.


The two most popular blockchains, Bitcoin and Ethereum, can only handle seven and 15 transactions per second, respectively. Like the old 56k telephone modems of the '90s, that's awful. But it would be a mistake to think that it will stay that way forever.

比特币和以太坊是四个最受接待的区块链,但比特币每秒只可以管理7个交易,以太坊每秒拾伍个,就像是90时期的 56k 电话调制解调器雷同,这太不好了。但认为它会恒久保持这种艺术是漏洞超多的。

Just as those modems eventually transformed into the high-speed internet we enjoy today, it's only a question of time before Bitcoin and Ethereum crack the scaling problem.


The future for cryptocurrencies and utility coins is bright.


As more people look to take control of their money, they'll turn to cryptocurrencies like Bitcoin and others.


As I track the developments in fat protocols, interoperability, and scaling, I'm seeing more and more widespread adoption of utility coins like ether and many others.


But remember: These are still very early days.


We'll see massive volatility ahead. It's unavoidable. The key to thriving in the chaos of the early days of a new technology is to remain rational.


Friends, hear me when I tell you that it is irrational to expect the crypto market to be stable.


Any market this new is highly unstable. The way we manage and profit from that instability is to use small position sizes. With crypto assets, we rely on asymmetric risk.


With crypto we can swing for the fences without putting the rest of our existing wealth at risk. This is a rare opportunity for ordinary people to make life-changing gains without having to take life-changing risk.


That means we risk a small amount of money for a massive potential payoff. This strategy is working well for my readers.


The best part is this trend is just beginning. Right now, the entire crypto market is valued at about $195 billion. Novogratz, the hedge fund billionaire I mentioned earlier, sees the entire market growing to $5 trillion. That's 2,400+% upside ahead.

最佳的一部分是以此主旋律才刚刚最早。这几天,整个密币市镇股票总值约为 1946亿欧元。小编刚刚提到的对冲资本大富豪 Novogratz 感觉,全县镇将会拉长到 5 万亿美金。这象征现在将有超越 2400% 的上涨空间。

That means we have many more opportunities in front of us to make life-changing gains.


So get out there. At the very least, buy some Bitcoin and Ethereum.


Remember, you don't have to own a whole Bitcoin. You can own just a fraction of a coin.


And as all these developments unfold – along with others like them – I'm confident that one day you'll be grateful you took action.

趁着事态渐渐进步 — 和其余相关的风云联合 — 笔者有信念,在几最近的某一天,你会因为前几日选用了走路而多谢自个儿。



  1. 新版中删去了和 monero 相关的剧情,仅仅谈起了比特币和以太坊;

  2. 多少个商酌到的脚下股票总值和起降的数字有了比相当大转移;

  3. 原版中有一部分切实的报恩数字被删去了。

However, technology is by no means omnipotent.The free flow of global trade and capital depends not only on technical factors but more on international politics, financial policies and institutional arrangements. For financial innovation, improved efficiency is less prioritized than controlling risks, such as:

steemit.com · November 12, 2017

b)Does this token pass the Howey Test?

Think of cryptocurrencies as the digital equivalent of traditional fiat currencies such as dollars, euros, and pounds.