Denmark Says ICO Not a Security

The Danish Financial Services Authority (FSA) has announced that an Initial Coin Offering is not a security because, according to a rough translation:

“The reason is that, with the relevant token, neither economic nor decision-making rights follow the company or the company’s earnings.”

That sounds like a general statement that says there are no dividend rights and there are no voting rights, so it’s not a security.

The Danish FSA further found the ICO doesn’t fall under e-money rules as “the prerequisite for being covered by the rules for e-money is that the holders of them have a claim against the issuer, which is used as a means of payment.

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