Financial watchdog in Spain sends out warning again unregulated Ethereum ICO scheme

Fibo Quantum

  • The Comisión Nacional del Mercado de Valores warned the public against AlyCoin. 
  • It has provided customers with financial services in violation of the second paragraph of Article 17 of the Securities Markets Law.

 

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin.

The Comisión Nacional del Mercado de Valores has sent out a warning to the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs).

It is detailed that AlyCoin purportedly been providing its customers with financial services in violation of the second paragraph of Article 17 of the Securities Markets Law.#

AlyCoin describes itself as an independent token based on Ethereum. The company’s ICO phase is scheduled to take place from Dec. 24, 2018, to Dec. 24, 2019, in which time AlyCoin is planning to distribute 35 million tokens in lots of 5 million each with a starting price of $0.10 per token in the first lot. The company further claims to be ready to release over 82 million tokens to the market.