Digital currency services provider Spotcoin said it raised over $5 million even before its initial coin offering launched on Monday afternoon. The company, based in Tbilisi, Georgia, previously said it was considering expanding its Amsterdam, Netherlands operations after the ICO.
Expert digital currency exchange firm Spotcoin is primed and ready to launch its ICO. It’s just around the corner. That means it is now time to join the Spotcoin Whitelist. The ICO Whitelist opened on Monday October 8th at 18:00 (UTC+4), and with it, your chance to pass your KYC/AML process and be first in line to purchase SPOT on October 22nd.
The Dutch government and authority on financial markets AFM must come up with guidelines for ICOs if they want to keep developments in this technology in the Netherlands, Jan Robert Schutte, Amsterdam-based CEO of CryptoAcademy and ICO adviser, said at the Black Sea Blockchain Summit in Tbilisi, Georgia on Wednesday.
"As long as the AFM doesn't say anything - instead of providing guidelines for ICOs - the ICO projects will leave the Netherlands because of the lack of clarity." Schutte said.
Banning cryptocurrencies like Bitcoin is unfeasible, but the Dutch government wants to regulate the trade in cryptocurrency internationally to address the improper use of these digital coins, Minister Wopke Hoekstra of Finance wrote in a letter to parliament, NU.nl reports.
Hoekstra wants to bring cryptocurrencies into an "appropriate regulatory framework" without jeopardizing the technology's potential. He wants to make sure that the conversion of cryptocurrencies into regular money does not happen under the radar, for example.
Politicians, cryptocurrency companies and regulators appearing in parliament on Wednesday all agreed that clearer policy and regulations are needed around the developing cryptocurrency sphere.
The first investment round of ICO HeadStart, a recently established crypto company headed by former DSB bank boss Dirk Scheringa, is now closed. This pre-ICO raised a total of 11.5 million euros. The company will issue its own token and launch the actual ICO in February, RTL Z reports.
The Finance Ministers of France and Germany are calling for the world's top economic powers to debate Bitcoin and cryptocurrency regulation at the G20 summit in Argentina next year. The Netherlands does not form part of the G20 - the 20 largest economies in the world - but was invited to participate in the summit by host country Argentina.
Dutch FinTech company ICO HeadStart raised 10.2 million dollars in the first phase of an Initial Coin Offering (ICO) over the weekend. The goal of this so-called pre-ICO, which is running until December 12th, was 10 million dollars. The actual ICO, which is still to come, is expected to raise even more, Business Insider Nederland reports.
When it comes to Initial Coin Offerings or ICOs, peoples main concerns by far are how the field will be regulated and scams within the field, according to a survey among the 400 attendees to the ICO Event Amsterdam on Wednesday.
According to Lars van de Ven of the Dutch authority on financial markets AFM's FinTech department, the most logical thing to do at this time, is to let the ICO field self regulate. In this way, the industry can guarantee that ICOs will continue into the future in a more sustainable way, he said to NL Times.
The Netherlands seems to be an interesting option for companies arranging for a crypto currency token sale and initial coin offering, or ICO. Speaking to NL Times at the ICO Event Amsterdam on Wednesday, a number of ICO founders said they are interested in setting up shop in the country, and in bringing more jobs to the Netherlands. The event was attended by 400 people from a variety of industries, all interested in a burgeoning field that allowed organizations to raise over $3.6 billion in 2017 alone.
The Netherlands has an established tradition of being at the forefront of innovation, and it is following this same path when it comes to blockchain and ICO development, according to Emanuele Francioni, founder of Web 3 Ventures - a Netherlands' based incubator for new businesses developing services with blockchain.
The believed to be Dutch man behind an Ethereum-based startup called Confido, who disappeared last week with over 300 thousand euros in cryptocurrencies raised in an ICO, wants to refund his investors, according to a letter Amsterdam law firm Jonkers en Van Gemert posted on the startup's website.
Initial Coin Offerings are a very risky, but potentially very rewarding form of capital raising provided that it is allowed to develop properly, according to Edan Yago, CEO and founder of Epiphyte. And for this to happen, the Dutch government and authorities should let ICOs develop unhindered, without stymieing innovation by applying new regulations onto this young field. "They should stand to the side and allow ICOs to develop", Yago said to NL Times.
New digital cryptocurrency coins that some start-ups use as a form of investment fundraising are vulnerable to deception, fraud, and manipulation, the Dutch financial markets authority AFM cautioned. Investors in the Netherlands were formally warned by the authority, as well as the Dutch central bank, that they should avoid Initial Coin Offerings, or ICOs, as they are not unreliable.