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.
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.
Amsterdam has risen 13 spots to become the 39th most expensive city in the world to live for expats. This according to the Cost of Living Survey 2014 from the HR-company Mercer on Thursday.