Canada    FinTech Guide    Chapter 15    Dominican Republic


15. Initial Coin Offerings (ICOs)
Dominican Republic  Dominican Republic

Since there is a statutorily prohibition to issue, transact or operate using ICO, tokens, or any other form of electronic currency, such issue, transaction and operation is illegal in the Dominican Republic.



Legal Affairs


The issuance of currency is a monopoly of the Dominican State, therefore ICO and issuance of virtual currencies are considered as unlawful (articles 228 and 230 of the Dominican Constitution; article 25 of Law 183-02, Monetary and Finance Code).

In 29 June 2017, both the Monetary Board and the Central Bank of the Dominican Republic reiterated that local regulated financial institutions are not allowed to invest or perform operations using virtual currency.



Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018