FCA Lets Fintech Co. TokenMarket Raise Funds In 'Sandbox'

Law360 (June 10, 2019, 6:03 PM EDT) -- Investment platform TokenMarket announced Monday that the U.K.'s Financial Conduct Authority has given it the go-ahead to raise funds in a security token offering using the regulator's "sandbox."

TokenMarket allows small- and medium-size businesses to raise money from investors through utility token offerings, and is now preparing to launch an offering of its own under the protections afforded by the FCA's cross-border regulatory testing ground for companies experimenting with new financial technology.

The funding platform's planned security token offering, or STO, which is similar to a standard securities offering but includes digital representations of ownership of assets or economic rights utilizing...

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