The first multibillion-dollar token sale may be just around the corner — if reports about the Telegram ICO are to be
believed, that is. Having just concluded a record-setting $850 million ICO presale, Telegram — the encrypted messaging
application created by Russian entrepreneur Pavel Durov — has sent prospective investors an email informing them that the
firm will hold a second private presale, according to a report in tech outlet The Verge. Citing anonymous sources, the
publication said that the second round of the Telegram ICO presale is expected to raise nearly as much as the first one,
netting the firm a total raise of more than $1.6 billion — all before the ICO even opens to the public. But although Telegram
does not appear to have any trouble attracting capital to its token sale, many traditional cryptoasset investors are
remaining on the sidelines. Pantera Capital, which was founded in 2013 and describes itself as the first US Bitcoin
investment firm, declined to participate in the Telegram ICO, citing reservations about the project’s lack of transparency.
In a press release published today, the Financial Market Supervisory Authority (FINMA) said there has been a sharp rise in the number of ICOs launching in Switzerland, resulting spike in inquiries about the regulations that apply to them. With the situation currently “partly unclear,” the new guidelines have been released to clarify the status of projects wishing to launch a token sale project within the country. “Creating transparency at this time is important given the dynamic market and the high level of demand,” the authority states. Notably, FINMA will determine the applicability of regulation to crypto tokens on a case-by-case basis, taking a similar stance to that of the U.S. Securities and Exchange Commission in guidance released last July. When assessing ICOs, FINMA said it will focus on the “economic function and purpose of the tokens,” with the “underlying purpose of the tokens and whether they are already tradeable or transferable” being primary factors in how they will be classified.
The Spanish government is reportedly preparing legislation that includes possible tax incentives to lure blockchain companies into the country. The People’s Party (PP) of Spain, the country’s ruling party, is weighing up legislation to specifically attract blockchain firms due to the technology’s potential in a number of industries including finance, education, and health, according to lawmaker Teodoro Garcia Egae. Speaking to Bloomberg, the lawmaker also pointed to ‘specific regulations’ that would make Spain a destination for entrepreneurs and firms to carry out initial coin offerings (ICOs) using blockchain(s).
The number of blockchain bills before the Arizona state legislature is growing, public records show. Arizona state representative Jeff Weninger introduced two measures focused on the tech last week, including one that would begin laying down ar regulatory framework for initial coin offerings (ICOs) conducted in the state. Two new bills introduced by the representative include “virtual coin,” “blockchain” and “virtual coin offering” as new terms to be included in the Arizona government’s list of definitions, particularly as they relate to securities and crowdfunding. Notably, the first bill defines “virtual coin” as “a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value.”
ICO Alert does not endorse or recommend participating in any initial coin offerings.
What is EBCoin?
EBCoin will bring significant improvements to the global duty-free market. The first area we are focused on is the sales tax refund process. Many countries now offer tax-refunds to tourists for shopping in their country, but the process involved to get that refund is very inefficient. That is the first area where we see blockchain technology solving a lot of problems, by automating and digitizing most of the process.
01. International currency exchange and tax refund service for global tourism
02. 1 ETH = 20,000 EBC = 1 EBC token
03. January 16, 2018 — February 13, 2018
04. 750,000,000 EBC total available / 1,500,000,000 EBC total supply
05. Strategic partnerships with 99Pocket, mPOS in Vietnam, and MC Payments in Singapore