Yes. It has been a troublesome time for the bulls and the faithful. The memory of 10-20% daily increases continuously day after day seem like a long time ago. However, what has happened to ICOs since the beginning of the year.
We have all read that over 80% of all ICOs have failed or been delayed after crowdfunding. Of course the downward turn of the market has affected the bottom line of many of these “ICO start-ups” but also government involvement has started to trickle into the industry and news about ICOs being closed down are slowly becoming more and more common.
From government regulatory bodies in America to the European Union seeking recommendations from its member states, blockchain/cryptocurrency regulation seems to be ‘around the corner’. This puts many ICOs in a tough position. Sure, there are many laws already in place dictating how crowd funding and storage of personal data must follow however until there is a clear unified approach to the blockchain/cryptocurrency ‘problem’, it is still up to the ICOs to ensure that they follow the current laws in place.
We often hear this term ‘unregulated’ however there are still certain laws that apply now that affect all industries and all sectors. The main law that needs to be followed by any company/enterprise/ ICO that processes or stores personal information of any EU citizen and that law is the GDPR.
The GDPR is especially important because when it comes to personal data this regulation applies to all EU citizens. With recent memory of facebook immorally selling users data the EU has taken a strict approach to force companies to not allow data to be used for any other purpose accept for that in which the individual has agreed to.
KYCbench has positioned itself to help the blockchain/cryptocurrency ecosystem by providing regulatory coherence and understanding through its service.
Read more at: https://www.kycbench.com/what-has-happened-with-icos-this-year/
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Topic: What has happened with ICOs this year? (Read 74 times)
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