On the 11th February, 2019, Lex Futurus Group LLC., a global law firm in full stack blockchain law practice made a PowerPoint slide presentation to the Securities and Exchange Commission (SEC) Nigeria on the early Internet centralisation, decentralisation and distribution through the blockchain computer basic infrastructure, asset regulation, market participants education, and the ways to go about the Securities and Exchange Commission (SEC) Nigeria’s contemplated regulation for Initial Coin Offerings, (ICOs), Security Token Offerings (STOs), Distributed Ledger Technology (DLT) fintechs, asset wallet service providers, and other mission-critical stakeholder activities in the emerging blockchain capital market infrastructure use case space, to protect investors, maintain and preserve market integrity, fair and orderly market, solve the shared pain-points, instil investor confidence, and among others.
Boulevard A. Aladetoyinbo, ESQ, a Distributed Ledger Technology (DLT)/blockchain lawyer, whose law practice, research and writing interests revolves around the programmable behaviour of cryptosecurities issued, traded, cleared and settled on the blockchain smart contracts, made the presentation on behalf of Lex Futurus Group LLC., through its consultancy arm Lex Futurus Blockchain Regtech and Law Limited, incorporated in the Companies House, the United Kingdom (UK). The global law firm, which has certified blockchain lawyers who collaborated across jurisdictions spanning Africa, Asia and Europe, would welcome a United States doctoral research student into its fold as a Partner/Consultant soon.
Earlier in September, 2018, the UK consultancy arm of the firm submitted to the Securities and Exchange Commission (SEC) Nigeria, an Initial Coin Offering (ICO) Regulatory Framework Proposal, which among others, detailed regulatory views, new regulations, laws, policies, and happenings in regard to sovereign government actions and national securities regulator approaches all over the world. Some of these are either prohibitive, permissive or intermediate. Countries are waking to the distributed ledger technology revolution reality, and are thus making it a competition point to outdo one another in the blockchain technology adoption arms race. They are quite both active and involved in enforcement actions, issuing warnings and notices, making rules, guides, regulations, guidances, and thus mainstreaming and helping the distributed ledger technology revolution to remain on course, and thus focussed.
The title slide: “Legal Issues in Regulation of Cryptosecurities (Smart Securities) and Crypto-utilities captures the soul of the Frankenstein monster in the space, which is taxonomisation. The presentation plumbed the depth of token taxons, as the overall token taxonomy presents to the securities commissions, boards and authorities across the world greatest challenge ever.
Legacy securities, cryptosecurities (regulable) and cryptoutilities (non-regulable) emerge as the natural ultimate taxonomies that will eventually gain popularity, practice, and thus become mainstreamed. On the active security token issuance and trading platforms, in literature, research, reports and other relevant suitable materials, credence is led upon this steady crystallisation and removal of uncertainties. Overtime, the payment token, asset token and utility token classification systems, which emerged from the Swiss ICO Guide, taking partly its precision from the Swiss statute-law known as Financial Market Infrastructure Act (FMIA) has created an almost customary international standard, to which international organisations presently working on internationally acceptable standards for blockchain, Distributed Ledger Technologies (DLTs) and smart contracts may eventually have a recourse.
The legacy securities are equity securities, whose instances are shares and stocks, and debt securities having instances as bonds. There are financial derivatives markets of all sorts like forwards, swaps, futures, et al, built atop the legacy fiat currency investment product capital market infrastructure. Cryptocurrency investment market infrastructure is about the financialisation of cryptocurrency market investment products, through series of iterated token mechanisms. So, there is a need for crystallisation and better understanding of the new crypto-asset class, which, following from the human societal evolution and capital market dynamics, would best be called cryptosecurities.
The roles and responsibilities of the Securities and Exchange Commission (SEC) Nigeria in this accelerated speed rate revolution cannot be over-emphasised. It is therefore both incumbent and imperative, that the capital market regulator does the needful, as the rest of the world is already leaving it behind.
Lex Futurus Blockchain Regtech and Law Limited
Kemp House, 160 City Road, London,
EC1V 2NX, United Kingdom.
00 44 7973 63 3495, +234 80 6834 9439
Work email: email@example.com
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