# kaal:claim:3117224-021

**Claim.** The UK Financial Conduct Authority takes the position that ICOs may be regulated as securities depending on the aspects and rights the coin holder obtains through holding the coin, assessed case by case.

**Type.** condition  **Support.** evidenced

**Holds when.**

- United Kingdom

**Source quote.**

> The FCA has taken the position that ICO's may be regulated as securities depending on the different aspects and rights the coin holder obtains through holding the coin.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), IV. Regulatory Responses, page 12

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Topics.** securities-law, systemic-risk, tokenomics

**Keywords.** united-kingdom, fca, securities-law, token-classification

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