ICO News for 6 Sep 2017
China bans initial coin offerings calling them 'illegal fundraising'
Chinese regulators have launched a crackdown on individuals and firms raising funds by offering their own digital currencies.
The People's Bank of China has declared initial coin offerings (ICOs) illegal and wants them to "cease immediately".
A growing number of tech companies are opting to sell digital "tokens" because they are quick, easy and unregulated.
The ban saw sharp falls in the two leading crypto-currencies, with bitcoin tumbling $200 on Monday.
Full story at http://bbc.in/2gJ79Xt
Source: BBC News
Looking at Legal Issues of ICO Terms and Conditions: Do’s and Don’ts
There are mixed views on if a company rolling out their offering should generate their own terms for the Initial Coin Offering phase alone.
To answer this question, one must keep in mind that an ICO phase is not only the most potentially lucrative, it is also the most dangerous. We have seen a couple of examples where ICO's have not been structured properly and the responsible party has received more than one Subpoena (or summons - depending on where you are from) from multiple jurisdictions.
The ICO is a totally separate phase of Coin life cycle and you should treat it like that from every aspect including marketing, compliance, budget and strategy. This article aims to provide useful tips that might help develop ICO terms and conditions.
Full story at http://bit.ly/2gIhraq
Source: CoinTelegraph
ICO - Scam or Great Investment
China has come out strongly against Initial Coin Offerings and while there are many theories around why, I have to ask, "Is it a bad thing?" I mean let's face it, there are many 'pump and dump' alt coins out there. Those that are made solely to be sold through an ICO, then for the developers to take the money raised and run.
If cryptocurrencies are to take their rightful place in the world they need to be trusted. Not only by the people who use them but by governments too. One of the problems with ICOs is that just like stocks and bonds, they're a gamble. The phrase "Caveat Emptor" is perhaps more relevant to ICOs than almost anything else.
The alt coin space is unregulated and, is a very good way (at this moment in time) to raise money and then just disappear. China is worried about the risk to its people and worried it will upset the social order. Of course as a disruptive technology alt coins and blockchain are designed to upset the social order.
Full story at http://bit.ly/2gJH4I4
Source: Steemit
China Halts 60 ICOs As Companies Cancel Sales Awaiting Legislation
ICOs are delaying or cancelling sales in China as regulators warn of impending legislative moves to formalize - or ban - the market.
Documents seen by Cointelegraph show up to 60 planned token distributions will now remain on the drawing board, as operators await regulatory responses.
According to local news outlet Caixin, several government commissions have “studied” ICOs over the previous month, the most recent of which has heightened rhetoric, suggesting a full ban was “not impossible.”
"90 percent of ICO projects are suspected of illegal fund-raising and intentional fraud,” a source told the publication.
The prospect of a heavy-handed response from Chinese authorities has appeared to make markets nervous. Bitcoin’s price has fallen around $600 since Saturday, and the majority of altcoin markets have repeated the trend.
Full story at http://bit.ly/2wArPoq
Source: CoinTelegraph
3 Question To Ask Before Investing In An ICO
There appears to be an ICO frenzy across the Blockchain industry. Everywhere you look, a new product is created with a corresponding ICO launch.
While there are genuine products and judiciously executed ICOs, there have been reports of insincere setups that only succeed in reaping the masses of their wealth.
Full story at http://bit.ly/2uLYhD5
Source: CoinTelegraph
China Outlaws ICOs: Financial Regulators Order Halt on Token Trading
China has officially outlawed ICOs.
In a joint statement issued by seven financial regulators today, the world's most populous nation outlined why it believes that nascent fundraising mechanism is illegal under domestic law. Authorities backing the statement include the People's Bank of China, the Central Network Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission.
A translation of the statement reads:
"ICO financing refers to the activity of an entity raising virtual currencies, such as bitcoin or ethereum, through illegally selling and distributing tokens. In essence, it is a kind of non-approved illegal open fund raising behavior, suspected of illegal sale tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities."
Full story at http://bit.ly/2gIhfIe
Source: CoinDesk
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This is a really well put together post. I really like how you section out your update into bite sized sections. Very clean and easy to read. Keeps it interesting.
Thank you.
Hi! @sydesjokes I have upvoted this post and the last one and I am going to upvote the following one too, but I have not commented anything in the last one because you had like an argument or something similar... I am a bit worried... because for few Steems I get around here I do not want to get into trouble...
That is ok. Just an internet scammer that that bullies and harasses people. You were right to avoid them.
Thanks so much for your hard work.
This news made me to almost sell my Neo but i was patient and it is up and kicking again!
Upvoted!
In this lobby, will there be T.P.? For my bunghole?