Tag: New Zealand

New Zealand FMA: All Cryptocurrencies Are Securities

Not long ago, the New Zealand Financial Markets Authority, also known as the FMA, published a commentary on initial coin offerings (ICOs) and digital currency services. In its statement, the financial regulator declared that the economic substance of a given ICO, alongside a few other characteristics, can determine whether it is a financial product or not. The report proceeded to explain how ICOs can variously fall under the scope of managed investment products, debt …
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