London, UK – July 16, 2018 – The Financial Conduct Authority (FCA) earlier last week announced TokenMarket to join cohort four of the regulatory sandbox. This inclusion will allow TokenMarket to develop, test and measure the use case functionality of tokenising equity crowdfunding.
“We are extremely excited to start investigating the development our new TokenMarket funding platform within the sandbox’s innovative framework. The new industry demand for tokenising assets has been a key area of discussion in the emerging blockchain economy. Our funding platform once developed will aim to democratise, automate and innovate the SME funding as we know it.” Ransu Salovaara, CEO of TokenMarket
TokenMarket is looking at how it could develop a non-custodian decentralised platform for digitalised shares which enables the asset owner to have the custody and control of the assets they own. The asset, proof of its ownership and related transaction details will be stored on the blockchain network, with the rightful owner controlling them. TokenMarket’s proposal would place them in a role to facilitate and ensure share issuance, provide dividend payments, develop and maintain information systems for management of shares, cap tables, and shareholders. Payments would be made and completed on the tokenised blockchain platform. For any investors who will wish to contribute using fiat currency, those funds will be held in a reputable UK bank and thus converted to “£ Tokens” for use on the proposed platform. TokenMarket would follow practices to onboard investors such as existing KYC/AML processes from the pre-existing ICO business to the proposed platform, with additional accreditation checks as required in traditional crowdfunding.
With 69 applications for cohort four of the regulatory sandbox, only 29 firms have been given the go-ahead for initial testing. Testing will be conducted on a short-term and small-scale basis. Sandbox firms will work closely with the FCA to agreed upon testing parameters to build in the necessary robust consumer safeguards. With over 1200 applications throughout its cohorts the sandbox has supported over 500 firms to pursue new innovative projects within the FinTech industry.
For more information regarding the regulatory sandbox links are provided below:
TokenMarket is a premier ICO information portal, advisory firm and funding platform. It combines its market experience, resources and data assets to create a professionally tailored solution to execute ICO’s safely and securely, providing an end-to-end service for token creation, presale, and public sale. TokenMarket’s ICO advisory service has partnered over 30 token sales including Storj, Populous, Monaco, Civic, and Dent, raising over $300 million in total. TokenMarket will now start to develop and use DLT to facilitate the issuance of digital shares in private companies.
More information about TokenMarket: https://tokenmarket.net/