The Central Bank of Lithuania announced last week about exploring the local activities of the ICO project after determining that the token is considered to be a security.
In a statement on 15 February, the representatives of Lietuvos Bankas noted that they began to communicate with the blockchain company Bankera
regarding the sale of tokens, which at that time has collected over 80 million euros. On the official website
ICO confirms that the project has received more than 100 million euros in the initial placement of tokens, which should be completed next week.
Meanwhile, the Central Bank believes that the sale of the tokens constitutes an offer of securities in accordance with the laws of the country. Lietuvos Bankas said:
«In the framework of the ICO applies its own cryptocurrency company, and the project has already attracted more than 80 million euros. Given the characteristics of the project and on the basis of information provided by the business plan Bankera, we can conclude that the ICO is subject to the securities Act, that is considered to be a public offer and, therefore, must be in accordance with established requirements.»
The Central Bank suggested that the results of learning activities they can take further action in respect of the campaign and issued a warning about is ICO.
«The Bank of Lithuania draws media attention to the requirements of legal acts relating to the distribution and promotion of instruments that has characteristics of securities, and reminds that the Law on advertising prohibits advertising activities, which violates requirements of legal acts,» — said in the Central Bank.
This event happened a few months later, after Lithuania last fall released
a statement by the ICO and cryptocurrencies. Then did many other countries. This wave of applications followed by the clarification Commission on the securities and exchange Commission (SEC) in July, when the regulator said that the securities laws will apply to some ICO. Recently the financial regulator of Switzerland, FINMA published
new recommendations for the ICO. According to them some tokens are considered securities.