By way of background, Initial Coin Offerings (“ICOs”) are a method of raising funds by the issuance of digital tokens or digital coins in a virtual currency. The operators of the ICO may explain that the proceeds are to be used to fund the development of a project which might itself be a form of digital service or associated software.
Although no such schemes have been noted to have been launched in Guernsey, the Commission is aware of recent warnings by other financial services regulators on the subject of ICOs. (See links below).
The Commission has issued its own guidance in response to Frequently Asked Questions on the subject which is available here.