TokenMarket Receives FCA Approval to Launch Security Token Offering (STO) in the UK

TokenMarket Receives FCA Approval to Launch Security Token Offering (STO) in the UK

On June 10th 2019, TokenMarket announced its approval to launch an upcoming Security Token Offering (STO). The approval was granted by the Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body.

TokenMarket Receives Regulatory Approval for its Security Token Offering (STO)

TokenMarket is an investment platform which has helped more than 30 blockchain companies raise over £240 through utility token offerings.

Now, the enterprise has received FCA approval to launch its own STO in a regulatory sandbox.

The launch date has yet to be announced, but is expected to be made public soon.

Once the STO is launched, TokenMarket plans to subsequently launch STOs for other businesses as well.

TokenMarket’s Security Token Offering (STO) Explained

According to Ryan Hanley, Managing  Director of TokenMarket,

“We are delighted to announce the FCA’s approval for our STO, with the launch expected imminently. We look forward to exiting the sandbox, completing our fund raise and tokenised equity issuance, and then cracking on with launching STOs for other ambitious businesses.”

In fact, once TokenMarket successfully completes its STO and exits the regulatory sandbox, three companies are already lined-up to launch London-based STOs. These include:

  • DOVU – a token and wallet marketplace
  • Almond – a free app that enables users to reduce their carbon footprint and rewards sustainable consumption
  • Cryotech Nordic – the world’s leading provider of cryotherapy cabins

First however, TokenMarket must successfully complete its own STO, which will feature tokenized equity shares.

To date, security tokens have already experienced the successful tokenization of equity, real estate, investment funds, and fine art.

What do you think of TokenMarket’s upcoming STO? How will this impact STOs in the UK? Let us know what you think in the comments section below.

Image courtesy of PRNewsWire.