Smile Expo

ICO in the UK: environment features, pitfalls, and prospects

Publication date: 25 sep 2017

ICO in the UK: environment features, pitfalls, and prospects

London can become an epicenter of the blockchain revolution in future: it is a European financial hub and one of technological innovation centers. On October 11, 2017, Smile-Expo will hold the event of a new series in the capital of Great Britain – ICO Event London. It is dedicated to the popular way of capital raising: cryptocurrency crowdsales. Participants will be able to discuss features of conducting ICOs in the UK and industry prospects.    

Over the past few years, Great Britain has made significant steps towards encouraging the blockchain and cryptocurrencies and their integration in businesses and government control. Given below are the most prominent events of this sector.    

  • The Department for Work and Pensions with the support of GovCoin Systems Limited has tested the blockchain platform for social assistance distribution. 
  • The country has developed the network of more than 30 bitcoin ATMs. 
  • The Bank of England has tested several blockchain-based solutions and considered the issue of its own digital currency.  
  • The Financial Services Authority (FSA) has created a sandbox for blockchain startups.  
  • Hargreaves Lansdown online broker has added cryptocurrency investments to the list of its services. It has simplified an access to bitcoin for common citizens.   
  • More than a half of British corporations said Jupiter Research’s survey that they were going to integrate blockchain solutions. 
  • Matt Hancock, the Minister of State for Digital, said that the government realized a huge blockchain potential in distribution of scholarships and grants.    

The United Kingdom treats bitcoin as a private asset and impose taxes on it. Many companies allow customers to pay for goods and services using digital gold.    

Despite the obvious acceptance of bitcoin and blockchain, UK regulators are suspicious of an ICO as a way of investments and capital raising. In September 2017, the Financial Services Authority (FSA) officially addressed citizens, stressing the absence of a legal framework in this area and great risks related to investments in ICOs. The country has not yet determined a legal status of digital tokens, although the FCA representatives have mentioned that they can be equated to stocks. In the nearest time, one expects the ultimate definition of the UK regulator’s attitude towards ICOs.           

Smile-Expo investigates the economy and fintech area of various countries, determining a high interest to decentralized technologies. Great Britain is a country with a great potential for investments in cryptocurrencies but with a range of legislation contradictions that could be pitfalls for businesspeople and investors.   

Therefore, the company is organizing ICO Event London, a specialized event for everyone interested in cryptocurrency crowdsales in businesses and investments. Participants will be able to find answers to critical industry questions.    

Smile-Expo is an organizer of Blockchain & Bitcoin Conferences, which have been taking place in Russia and Ukraine since 2014 and are currently reaching 11 countries. ICO Event is a new series of conferences, focusing on cryptocurrency crowdsales. ICO Event Amsterdam will be also held in 2017 (November 29). By the way, on September 22, Russia hosted the first event of the series – ICO Event Moscow, bringing together more than 300 participants and receiving high marks from guests.

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