After the ban
ICO in China, blockchain startups continue to search for the initial placement of tokens in other Asian countries. In particular, most companies choose Hong Kong and Singapore for these purposes, according to the South China Morning Post.
In the first quarter of this year worldwide via the ICO has collected 6.3 billion – more than the whole of 2017. Over 1.7 billion dollars responsibly ICO Telegram, and the total number ICO also exceeded the level of 2017. Despite the bad start of the cryptocurrency market this year, the demand for token-ICO was not injured.
the conduct of the ICO in September 2017, increased the number of primary placements of tokens in nearby jurisdictions such as Singapore and China. Hong Kong from the beginning has helped companies from Beijing to circumvent the ban and re-registered in Hong Kong to conduct ICO. However, in the case of Singapore, the popularity of ICO in the country is not yet recognized as official entities of the industry.
«We can’t say that Singapore became the centre of ICO – we still have a lot of work in this area, but we really are seeing increased activity from September of last year,» — said the head of the Association of cryptocurrency and blockchain Singapore ill of Anson (Anson Zeall).
According to the South China Morning Post Singapore to 2017 ranked third in the world by number of funds raised via the ICO, behind only the United States and Switzerland. Hong Kong and Russia have also burst into the top of the list. This increase in publications is associated with restrictive policies of China and the government of South Korea that followed the Chinese authorities also banned
the holding of ICO.
One of the reasons why industry ICO blooms in Singapore – the issuers of tokens are faced with less risk of attracting attention from legislators in the country, as Singapore is configured to using the blockchain startups, and not to create obstacles for them.
To conduct the ICO in Singapore, the company must register its business in the country and to hire a lawyer who can bill for services in the area of $ 200,000. However, this does not stop the blockchain startups, as noted by Daisy Woo (Daisy Wu), Director of public relations of Beijing startup Xender. She said that her company is one of the many who made a choice in favor of Singapore «wants to conduct its business in a safe place.»
Singapore authorities are conducting an active policy in the field of cryptocurrency and blockchain. In March, the Central Bank of Singapore stated that it is considering new rules on the protection of cryptocurrency investors, and in February the regulator announced that it plans to ban cryptocurrency trading.