Sudan Gold Coin has been scaling new heights since its ICO has opened for public subscription. The latest feather in its crown is FINMA compliance. FINMA is a Swiss government body responsible for regulation of financial institutions. It regulates the affairs of a host of financial entities like banks, insurance companies, stock exchanges etc. Despite being a government institution, it has an independent existence and boasts of its own legal cell in Bern. In fact, it is independent from the federal administration and department of Finance of Switzerland. It reports directly to the parliament of Switzerland. FINMA can exercise supreme authority over financial institutions and their activities including collective investment schemes. The institution is responsible for combating money laundering and other financial irregularities. It can also enforce disclosure of participations in company board and investigate complaints regarding decisions taken by Takeover Board in listed companies.
The Relevance Of FINMA To Sudan Gold Coin
Being FINMA compliant means a lot to financial entities. The stamp of FINMA on the affairs of Sudan Gold Coin speaks of the viability of the project and propriety of the consequent transactions. The Sudan Gold Coin platform too has a number of applications in banking, insurance etc. This implies that FINMA compliance covers the affairs of SGC comprehensively. FINMA not only grants operating license to organizations and companies, but also monitors them to see that they are abiding by the conditions for granting license. It keeps a watch on the companies to see if they are abiding by the requisite laws, directives, ordinances and regulations. This makes the FINMA stamp a well- deserved stamp for any financial market.
The SGC project has ushered in a new dawn in financial market since it is a Cryptocurrency project and that too with a new concept. The very fact that it is a completely new financial project makes customers jittery about investing in it. This is where the FINMA compliance helps the project. It showcases that the SGC gold coin project is akin to any other financial project and it’s affairs are regulated by FINMA.
The Road So Far
That the project has caught the fancy of investors is evident from its sale proceeds. In the early bird sale of the Sudan Gold Coin token, one token had been sold for $1.3. However, in the first stage of the ICO the price of token has increased to $1.5. Again, in the second stage of the sale which ended on 31st December, 2018, the price of the same token has gone up to $1.7. The growth curve is unabated as the same token is being sold for $2.47 in the third stage of the ICO slated to last till 25th February, 2019. In view of increasing response of the investors, there has been a change in the initial roadmap of the project. Tokens have been sold on more than one occasion in view of the response of investors.
There have been important developments at every step of the ICO. After the early bird sale of tokens, the platform has developed modules for the Certificate generation and Authorization part of the smart contract system enabled by Blockchain.
After the first stage of the ICO, the platform was released for testing its features that include security, localization etc. after the second stage of the ICO, services to be paid by SGC tokens were released. The functional performance of these services in terms of security, single unit performance, localization etc was also tested. In the ongoing stage scheduled to end on 25th February, works of collection of analytical data and developing project technical support are going on. At this stage, the purpose is to support and hone various functionalities of the platform through bug elimination, introduction of minor features and collecting user statistics. This is essential for improving platform efficiency. The last stage before the sale of gold begins is building the gold mining plant. Land for the plant has already been granted to the project by the Sudanese Government through a Concession Agreement.
If the increasing demand of the cryptocoin backed tokens and FINMA compliance is any indication, investors can reap rich reward future. Nevertheless, the sooner investors realize this, the better it is for them since price of the tokens is on an upward spiral.
