hi all,
i have seen this ico launch on another forum and i asked a few question which i don't think its clearly addressed.
REcoin is supposedly 100% backed by real-estate less of cost, etc. and they are 100% compliance with US laws and regulation which i found it puzzling.
By virtual of backing the coin with real estate constitute this coin as a securities (howey test) and as such this coin would be regulated by SEC and offering to US citizen and some other countries such as Singapore would strictly be disallowed.
Exchanges that are registered in US would be extremely hesitant to onboard the altcoins for trading becoz exchanges need to be regulated to facilitate trading of securities which is coin is obviously positioned to be.
I am very surprised with their "result" thus far, $1,000,000 collected? that's amazing for them!!
Maybe the team could clarify further how they would like to address the regulatory side of the business? I like the idea but not the implementation and hopefully we get some clarity.....
First of all, one should understand that REcoin project, as an idea, was born several years ago.
The serious work over the concept started more than a year ago. The concept was developed in full compliance with laws of USA and four other countries, which where chosen as the basis for purchasing and functioning of REcoin's fund. Thus it gives the project some flexibility and even the ability to adapt for the changes in law that are yet to come. A lot of time and resources were spent on consultations with lawyers and financial specialists, but in June-August significant changes had ocurred in a law field of USA and other countries. So, there are some points we would like to furhter enlighten.
1. SEC has given more than concrete explanations about ICO and those tokens, that go under the term securities.
The Howey Test is the main point here. It should be passed by all the coins, that are issued under ICOs or other projects.
2. The REcoin tockens are not "securities". We have drawn our concept absolutely clear on that in technickal and marketing whitepapers. We do not GUARANTEE, and do not PROMICE, the direct deductions to the token holders.
3. As for the exchanges, now is quite a difficult moment not only for the REcoin, but for other projects and coins as well. You can ony observe what's happening with a big exchanges, i hope you get this line... But we hope that when the REcoin token will be completely formed, (from the technica point of view) and will be placed on a big exchanges, the situation will be more clear.