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ICOs and Cryptocurrency

RUN AWAY. Should you gather your children and make for the hills…? (Envestors/Envestry)

According to leading corporate lawyer who would prefer to remain nameless, there are two types of ICOs:  “dodgy” and “not-quite-so-dodgy”.

In spite of this, we are seeing significant interest in ICOs and cryptocurrency (bitcoin, Ethereum and the new ones popping up every day https://coinmarketcap.com/).

This led to Envestors organising an ICOs and Cryptocurrency Roundtable with 12 experts.  We had contributions from CMS Nabarro, Smith & Williamson, Gabi Advisors, Qventures, Yellow Brick Capital, World Wide Generation, Outer Capital, World Wide Generation and Yovo.

 Attendees at the ICO Round Table:

  • John Finnemore, Corporate Partner, CMS Nabarro
  • Richard Skaife, Yovo (Yuza)
  • Greg Mihalcheon, Outer Capital
  • John Kingdon, Bladetec
  • Israr Chowdhury, Yellow Brick Group
  • Rus Newton, Global Advisors
  • David Mickler, Blockv
  • Neil McGrigor, Investor
  • Tony Samios, COO World Wide Generation
  • Envestors: Oliver Woolley, Jerry Plant, Agne Pakalniskyte, John Graham

 Key Discussion Points

  • Are ICOs a sensible investment for the generalist investor?  On the whole the answer was “no”. There are two types of ICOs:  “dodgy” and “not-quite-so-dodgy”,
  • What makes an ICO less “dodgy”?  A full vendor due diligence pack from a reputable lawyer and corporate finance firm to verify the people and facts behind the offer.  (Estimated legal fees of £10k to £20k),
  • Are ICOs regulated?  No, we’re talking “currency” rather than “security”.  However, it is likely to be only a matter of time before the FCA get involved,
  • Can ICOs be promoted internationally?  Not unless you have a Get-Out-of-Jail-Free card (esp the US).  Some territories more open than others,
  • Should we be very afraid? Putting ICOs to one side, crypto currencies and the underlying blockchain tech is without doubt here to stay with a probable disruptive impact on a wide range of societal, economic and regulatory processes,
  • Can Envestors® help? Potentially the Envestry™ platform can be used to promote ICOs in the UK provided that pledges are made in fiat currency and that a full legal vendor DD pack is provided (the platform is not setup for managing crypto currencies and smart contracts). The Envestry™ platform can be used for general book-building and promotional purposes within the UK regulatory environment.

 For an outline of the Round Table, please visit here.

 For further information, please contact: