Cryptovalley's stumble
Not everything is well in the CryptoValley
Zug is defined by crypto fans, as the cryptovalley, given the increasing number of Blockchain companies that are settling there, probably due to low and zero taxes as well as the relatively approachable and open regulator entities.
Tezon Foundation, a non-profit foundation, which has raise 232mio USD in an ICO recently, is getting a round of lawsuits. The reason is that the purchase of “Tezzie” tokens as part of a charitable contribution, could leave investors with nothing if the project collapses.
Since the news reached Tezos, its chairman has resigned
Let's step-back for a second and try to understand the backdrop:
Switzerland ranks second just behind the U.S. in capital raised in ICOs, with most of the transactions done by foreigners to Switzerland.
This case has broad implications for Switzerland’s future as a launching pad for ICOs
- Will the judge accept the narrative?
The worry, for us Swiss Crypto fans, is the age of token entrepreneurs going to Switzerland to set up Swiss foundations over?
in my opinion, not!
In regards to Tezos, there will be a hearing on March 15 in San Francisco, in which Tezos investors are expected to consolidate their putative class-action lawsuits.
As the value of the ether and Bitcoin tokens which were used to invest in the ICO in July has surged, the plaintiffs think that the stakes for the Tezos project have risen to more than 1 billion USD
On February 22nd 2018, Tezos president stepped down and an entirely new board was appointed.
"This has solved the deadlocked situation and can now move forward"
The new president of Crypto Valley Association Oliver Bussman said
The issue is that the coming lawsuit will come as Swiss financial regulator (Finma) tries to temper some of the government’s enthusiasm for cryptocurrencies. The regulator has organized roundtable discussions with investors on how these guidelines will affect ICOs in Zug and Geneva on March 14 and 21 that are already fully booked
I believe it will all be constructive, new guidelines will keep out rogue entrepreneurs but will also provide more clarity and certainty for legitimate investors
and as said by Bussmann:
"They have to protect investors but they cannot shut out venture capital"
Sources:
Analisi sempre interessanti!
Non so perché, ma ultimamente i tuoi post non mi sono più apparsi. Pensavo non scrivessi più!
Farò più attenzione!
Grazie @eugin per feedback e commento. Ehh anche io devo dire. Ma il feed purtroppo spinge quelli "famosi". Con il tempo, pian pianino, anche noi saliremo i ranking di Trending posts
in my opinion i would think that finma will be open in this topic. That some form of regulation is needed is without a doubt but the country as such needs the income that will flow out of all this money moving here. They can only operate for so long as a PO box. at a certain point all these ICOs will have to have staff here and that will bring all the money as well.
I also do not think that you can take tezos as an example. there is a lot of things going and there is a lot of poohaha over this just because its 1 billion but in the grand scheme of things this is peanuts and there seems to be some movement again in the whole Tezzies debacle
I agree with your opinion on the fact that this age of ICO in Zug and by large Switzerland is not over by a long shot.
we are even organizing a small conference on crypto in Zug soon as well. I have faith that this will grow healthily.
Hi @felander appreciate your feedback and thorough comment. Agree with all you points.
One note on my side though. Im passionate of early-stage financing, ICOs are finally democratizing this field, im currently trying to find ways&time to specialize and hopefully one day become a player in this market. More experience and reading will hopefully shed some light and bring opportunities. Speak to you soon
right there with you, I am not to big in ICO but still have some. and I guess everyone wants to be a player on the market but for that you either have to have a big wallet or a lot of luck
Some regulation are needed of course... we just hope they will look for a sucessfull and long therm strategy
Ciao @airmatti yeah crossfinger. Thanks for commenting and reading. You are one my best followers. Ciao ciao
That's because you're one of my best informer :D