Regulatory TREND. 10 Requirements for a Initial Coin Offering in NJ

New Jersey Financial Services Commission has 10 requirements for Jersey ICO issuers:

• Be incorporated as a Jersey company.
• Receive consent under the COBO from JFSC before any action is taken (the consent process is detailed further in the Guidance Note).
• Comply with JFSC’s Sound Business Practice Policy.
• Apply relevant anti-money laundering and other such requirements to ICO purchasers.
• Appoint and maintain a trust company business (“TCSP”).
• Appoint and maintain a Jersey resident director.
• Be subject to an ongoing audit requirement.
• Implement procedures and processes to mitigate and manage the risk of retail investors investing inappropriately in the ICO, and to ensure that retail investors understand the risks involved.
• Prepared and submit an Information Memorandum such as a white paper or prospectus.
• Ensure that marketing materials are fair and not misleading.

NJFSC | The Application Process for Issuers of Initial Coin Offerings (ICOs)