Blocklancer not affected by China ICO regulation

As you may know, China imposed a temporary ban of ICOs. We will address some important questions there. Most important is that Blocklancer is not affected by the Chinese regulations.

The ban is not a law

At the moment the ban of ICOs is not a law.

Caixin, a local financial magazine and Chinese regulators (People’s Bank of China & China Securities Regulatory Commission) are deciding at the moment, how to handle ICOs in the future. There are reports that a permanent suspension is possible.

But right now there are no regulations put in place, therefore we can assume that the ban of ICOs is temporary and could be lifted within reasonable time.

The Blocklancer tokensale and platform is not affected by the ban

Blocklancer is not located in China and we do not have any business relations with Chinese entities at the moment. Blocklancer is based in Austria and is 100% compliant with the legislative framework of Austria and the EU.

Blocklancer is not affected, because our token cannot be seen as a financial instrument or security. We are actively developing a cryptoeconomic freelancing platform and the token plays an essential role in our environment. Moreover our platform will be rolled out soon. Blocklancer is NO scam and therefore is not a target for any authorities.

Regulation can be good in the long run (if done right)

If done right, regulation can be good for the whole ICO market. It is no secret that there are lots of scam projects around. Some people even argue that 90% of ICOs are scam. Even Caixin quotes a source that said “90% of ICO projects are suspected of illegal fund-raising and intentional fraud”. Moreover there are also concerns that ICOs are used to fund terrorism.

If regulations are done right, the investors of ICOs can be protected. This would also lower to hurdle and ICOs could reach a broader audience. Moreover scam projects can be filtered out sooner and therefore there is more room for legit projects that are actively developing innovative projects that can improve many aspects of the current industries and services. Blocklancer is avant-garde in this perspective, because we are solving real world problems with the disruptive power of the Blockchain technology.