Why a commercial data marketplace and a securities exchange are different
A customer paying for permission to run a DataChip normally enters a commercial agreement for utility. An investor buying shares in a company accepts different risks and obtains different legal rights. Securities are subject to particular rules about issuance, disclosure, distribution, advice, dealing, resale, custody and marketplace activity.
In Canada, the B.C. Securities Commission administers relevant provincial securities law. Federal and national frameworks, including Canadian Securities Administrators instruments and the rules of CIRO where applicable, shape the requirements for dealers and markets. An alternative trading system and a recognized stock exchange are regulated institutional activities. A consultation letter or approved private primary securities offering does not itself authorize public secondary-market trading. [5] [6]
BTG's engineering dossier therefore separates a commercial marketplace for permitted data and software uses from any live investment-market function. The investment layer can be specified, simulated and independently examined while the required legal operating arrangements are pursued through the appropriate channels. That is a more credible foundation than assuming that describing a share as a 'bit' avoids securities law.