Canada Support For Token Sale
Impak Finance is a platform for investment has been accepted into the regulatory sandbox by AMF (Autorite des marches Financiers. The AMF as a regulator for financial institution is trying to understand blockchain use case. Impak coins become the first regulated ICO and the first project in Canada to launch in the AMF’s sandbox.
Patrick Theoret is a director in the financial division at AMF and believes that bending certain rules for sales and relieving Impak from security issuers is the best strategy in approaching novel tech.
In Canada, AMF will be the regulator of the token, while other provinces will follow the Canadian security passport system. This will enable compliance to the principle regulator with access to startups in all markets in the country.
The sandbox is a jumpstart for fintech projects which do not fit in the legacy framework.
Impak president, Paul Allard said that they had a straightforward decision in joining the sand box. Since Impak Coin is determined by AMF, the decision was necessary. Impak Coin is the major factor in the Impak’s platform.
Representative from AMF said that the Impak Coin is serving as a test for a new kind of business.
Impak’s token has only been approved as a test case that will run for two years. After that a decision will be reached on how to precede ICO projects including Impak. Patrick Theoret add that the agency would extend the relief if the occurred no problems or complains from any investors.
AMF officials emphasized that it was crucial to go through the process of approval, regulatory sandbox has enabled them to understand the business model which is different from the one they are used to.
Officials from the AMF said this developments sends a signal on how Canadians are responding to the block-chain technology.