In June, the largest initial coin offering (ICO) company announced their plans to launch a Facebook rival that would run on the EOS mainnet. However, plans have changed – “There’s no strong indication of what their plans are exactly, but if they are looking for a public EOSIO chain to integrate with Voice I expect Telos would be their top choice,” Douglas Horn, spokesman for Block.One wrote.
According to an announcement, the Spanish National Securities Market Commission (CNMV) has affirmed that it has not authorized any entity to operate ICO with the agency’s official sanction. It is reported, that CNMV underlined that any documentation sent to the potential ICO investors must have clarification that it has not “been subject to any type of review by the CNMV or any other administrative authority,” or to have some similar formulation.
It is reported, that the Monetary Authority of Singapore (MAS) didn’t let a local ICO launch a security token offering (STO) in the country. According to the report, under the current country rules, all STOs are obligated to comply with Singapore’s securities laws and must register with the MAS. The offering might fall under an exemption, if certain conditions are followed, including advertising restrictions. The issuer of the unnamed STO relied on this exemption to be able to launch an offering without registering with the MAS. Yet, the issuer has posted a promotional article to LinkedIn, breaking advertising prohibition. The issuer had to temporarily suspend STO after receiving a warning from MAS.
According to Rapee Sucharitakul, secretary general of the Thai Securities and Exchange Commission (SEC), at least one ICO portal will be certified in November this year. He also added that each ICO offering could be approved, and this might start already in December. This Confirmation indicates the final stages to formalize cryptocurrency markets in Thailand. Governing all forms of cryptocurrency entities from ICOs to exchanges and broader digital asset operators, the legislation require the SEC to verify those who are willing to operate in Thailand.
According to the Wellington Koo who is the chairman of Taiwan’s Financial Supervisory Commission, regulations for governing ICOs are currently being drafted with a view of simplifying the process for investors as well as making tokens just as liquid as stocks. The Taipei Times reported, that Koo has also said that the draft copy of the regulations will be ready by mid next year.
According to press release, Swiss online financial services provider, Swissquote is going to offer purchase and custodial services of ICO tokens for clients. Since 2016 Swissquote, has offered various cryptocurrency-related services to account holders, and now will also provide a new service by allowing ICO tokens purchase from industrial diamond manufacturer LakeDiamond.
According to the Royal Gazette report, Bermuda government has approved the first certification for an ICO under the new regulatory regime for crypto and blockchain business. As Minister of National Security has announced, the fintech company Uulala was awarded certification by the Bermudan government at the Bermuda Executive Forum in Miami.
The U.A.E. planning to enter new rules that would allow ICOs as a fundraising method for domestic companies. It is reported, that due to new rules firms would have an opportunity to raise capital via crypto token sales already in 2019. It is also indicated, that besides providing a legal basis for ICOs, there also might be a new law to increase the number of IPOs by allowing family owners to sell up to 100% of firms under their control.
A research done by Diar suggests that the remainder 62% of the funds raised were either transferred or withdrawn. The researchers suggest that that at the moment the ICO projects hold about 3.7% of the total ETH emissions. In April, this level reached 4.5%, which means that the “ICO-store” lost 20% in five months. However, most of the projects will continue to keep their funds in Ethereum, which means that the market will retain the excess supply of ETH, perhaps even for years.
South Korea’s Financial Supervisory Service (FSS) has proposed an international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation. Yoon Suk-heun, governor of FSS urged the need for international coordination, including information sharing among countries, in preparation for the risk of money laundering that could rise as new financial products or services emerge.