ICO News for 9 Sep 2017
Russia’s Blockchain Venture Fund Wants to Invest $1bln in ICO Projects
A Russian Blockchain venture fund known as FinShi Capital has announced it will invest in ICO-related projects “worth up to $1 bln.”
In a press release issued today, the “syndicate of venture funds” announced it had raised $1.3 mln during its pre-ICO campaign, and aims to generate another $50 mln in its ICO proper in October.
Targeted investors are members of Russia’s ‘Silicon Valley’ Skolkovo, and the project already has the blessing of the newly-created Russian Blockchain and Cryptocurrency Association (RABIK), co-founded by Putin advisor Herman Klimenko.
“The fund will come up with ICO (sic) for both its own business ventures as well as encourage Skolkovo residents to organize ICO (sic),” the release states.
“[...] The fund is backed by ‘miners’ and crypto asset owners of the Russian Association of crypto assets and Blockchain, Created with the intention of supporting the potential ICO investors.”
Full story at http://bit.ly/2f6MGIw
Source: CoinTelegraph
While China is Getting Tough With ICOs, Canada Voices Support For Token Sale
Financial regulators in Canada are giving the digital currencies and initial coin offering (ICO) activities a big break. Among the regulators is Quebec’s Autorite des Marches Financiers (AMF), which intends to give the Blockchain use case a chance, if not altogether encourage it.
To show its support to ICOs, the AMF has determined that the token sale conducted by socially responsible enterprises investment startup Impak Finance is a security. The regulator also accepted the company into its regulatory sandbox.
The AMF has also relieved Impak Finance some of the requirements that it usually required from securities for protection purposes so that the ICO will materialize.
According to AMF corporate finance division director Patrick Theoret, the move is a test case to determine whether there will be investor protection issues that will emerge from the ICO:
"It’s in the spirit of the sandbox that we are willing to alleviate some of the requirements on, sort of, a test case basis. It's a test run to see whether there are investor protection [issues] with the relief that we grant."
Full story at http://bit.ly/2f6MHMA
Source: CoinTelegraph
Cryptocurrency boom stalls as regulators focus on ICOs
The latest cryptocurrency boom is beginning to stall as regulators worldwide turn their attention to the “initial coin offerings”, which have driven a precipitous rise in the sector’s market value reaching a high of $177bn (£136bn).
The total value of the hundreds of tracked cryptocurrencies has fallen by more than 18% to $145bn since Friday’s high, according to analytics site CoinMarketCap. The collapse seems to have been triggered by a ruling from the Chinese central bank that declared it illegal to raise money through launching new cryptocurrencies.
An initial coin offering (ICO) is a relatively recent innovation for cryptocurrency developers, and involves selling a number of cryptographic tokens to investors at the launch of the project. These tokens can represent almost anything, from another attempt to make a Bitcoin analogue to exclusive access to an app or service. They have been responsible for some big funding rounds: adblocking browser Braveraised $35m for its ICO, while an ICO for service designed to help ICOs raised more than $150m.
ICOs have even become popular enough for celebrities including Floyd Mayweather and Paris Hilton to jump on board. The hotel heiress has actually been involved in the area for more than a year, having met with the COO of prominent blockchain firm Ethereum in 2016.
Full story at http://bit.ly/2f6DfJc
Source: The Guardian
ICOs Are Here To Stay After China As Blockchain CEOs Say ‘No Going Back’
Blockchain CEOs are defiant in the wake of China’s complete ban on ICOs, saying there is “no going back” on advancements.
Despite Chinese regulators enforcing a halt on the country’s $400 mln ICO industry Monday, a selection of Blockchain figures responded that they are “bullish” about the future and a more “mature” ICO ecosystem.
“Some governments and incumbents will try to shut down this movement and come to unreasonable extremes in order to do so. However, thanks to the Internet and cryptography, there’s no going back,” Luis Cuende, co-founder of business management platform Aragon said.
“Eventually, some other governments will embrace token sales and crypto in general, creating jurisdictional competition, and forcing the incumbents to be reasonable...I’m very bullish about everything that’s happening, and not surprised at all.”
Full story at http://bit.ly/2f2BUmv
Source: CoinTelegraph
Singapore Becomes Favored ICO Destination for Blockchain Companies
The city-state of Singapore is slowly becoming a favored destination for Blockchain startup companies looking to launch an Initial Coin Offering (ICO). The country has long been a center for startups due to such factors as tax-friendly regulations, light-touch rules, and state funding. The state has already hosted a number of successful ICOs in the past.
The Singapore government, through its central bank, the Monetary Authority of Singapore (MAS), has launched several programs to support the financial technology (fintech) industry. One of the initiatives is the allocation of S$225 million ($166 million) for the development of fintech projects and applications.
Moreover, the central bank has also introduced a tokenized version of the Singapore dollar under the so-called “Project Ubin” to show its warm welcome to crypto-assets. The token is available on an Ethereum-based Blockchain. The project aims to create a functional alternative to the country’s interbank payments network via tokenization and Blockchain technology.
Meanwhile, the MAS has also moved to regulate digital currencies with an aim to protect ICO activities. The MAS also wants to maintain the reputation of Singapore as a financial hub and to prevent money laundering. With proper regulation, investors are protected and more people can participate in ICOs.
Full story at http://bit.ly/2eYj3cq
Source: CoinTelegraph
China ICO Ban: Impact on the Global ICO Market
People’s Bank of China, the central bank of the country, has officially declared initial coin offerings (ICOs) as an illegal method of raising money. In an official statement, the PBoC announced that organizations and individuals are no longer permitted to conduct ICO campaigns and token sales.
Blockchain projects and startups that have recently completed their ICO campaigns were requested by PBoC to refund bitcoin and Ethereum raised during their ICOs to protect investors. CnLedger, a local bitcoin and cryptocurrency news source, wrote:
“PBoC bans ICOs. From now on, no organizations and persons in China are allowed to raise funds via ICOs. Fund-raising platforms are not allowed to provide trading and exchange services. Raised funds should be ‘cleared up’ and refunded to protect investors.”
Full story at http://bit.ly/2gIhjHY
Source: CryptoCoinsNews
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Thanks for the update
China will allow ICO's next year but they will have some interesting guidelines and governance and I'm sure there will be financial gains in tax for them. Will be interesting to see if other countries follow them. However, cryptos are here to stay.
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