ICO benefits the startup companies looking for capital to establish their business. With the blockchains technology, ICO ensures security. Changing the contract by third-party is nearly impossible as it involves spreadsheet design. If the platform involves buying and selling, scams are to be expected.
Hence, for the smooth functioning of mutual trading between creators and investors certain protocols are to be followed. The ICO schedule involves some major actions one such being- ICO registration. Let’s go through the set of rules:
Under the Data Protection Act 1998, every data controller like organization or sole trader, who is processing personal information, needs to register with the ICO. As a result, over half a million organizations are currently registered. Even the companies with the best crypto icons and million-worth coins are a part of this procedure.
A Data protection register is maintained and updated with the required set of data. This is done as you are expected to give the details of how your organization handles personal data about the concerned staff and customers. Once fed, these appear on the data protection public register.
You are also required to pay the fees until you are exempt. Failure to do so will surely result in fixed penalties. The annual fee lies between £40 and £2, 9000, depending on your business employees and the annual turnover.
The above measures are to be strictly followed under any conditions. Make sure to be updated not only with the latest trends but with such laws. Happy cryptocurrency-ing!
Copyright 2018 - Automobile WordPress Theme.