{"id":41513,"date":"2018-11-10T12:57:00","date_gmt":"2018-11-10T11:57:00","guid":{"rendered":"https:\/\/www.fma.gv.at\/?p=41513"},"modified":"2022-12-22T11:43:23","modified_gmt":"2022-12-22T10:43:23","slug":"fma-focus-initial-coin-offerings","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/fma-focus-initial-coin-offerings\/","title":{"rendered":"FMA Focus Initial Coin Offerings"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p>Financing arrangements conducted through &ldquo;Initial Coin Offerings&rdquo; (ICOs) are as a rule constructed in such a way that they are not subject to any form or regulation, and they are also not subject to supervision. Investors and consumers do not enjoy a comparable degree of protection as they would with regulated products or products issued by supervised entities.<\/p><p>Under certain circumstances, an ICO may however constitute a financial service requiring a licence, or may fall within the scope of another supervisory law with regard to investor protection. This must however be checked on a case-by-case basis. Information can be found on the FMA website at: <a href=\"https:\/\/www.fma.gv.at\/en\/?page_id=12162\">FinTech Navigator<\/a><\/p><p>Generally ICOs are always of a highly speculative nature, and accordingly are considered to be risky financial transactions. The material risks associated with investments in an ICO for wholesale investors and consumers are listed.<\/p><h2>Further information:<\/h2><p>\n<div id=\"reference-6a3abaf5193e2\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fa-solid fa-download fa-fw\" aria-hidden=\"true\"><\/span>Download<\/h3><p><\/p><p>\n<a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=3072&nonce=5d126ae8b0b8ae21\" class=\"internal single-document-reference piwik_download\">FMA Focus on Initial Coin Offerings (ICOs) (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>228,2 KB, <span class=\"sr-only\">Language: <\/span>English)<\/a>\n<\/p><p><\/div><p>\n<div id=\"reference-6a3abaf523405\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fa-solid fa-puzzle-piece fa-fw\" aria-hidden=\"true\"><\/span>Related Topics<\/h3><p><\/p><p><a href=\"https:\/\/www.fma.gv.at\/en\/?page_id=12162\">Business Models found in ICOs<\/a><\/p><p><\/div><p>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The risks of investing in an Initial Coin Offering<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[86],"tags":[],"class_list":["post-41513","post","type-post","status-publish","format-standard","hentry","category-information-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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