Chinese Handymen Can Falsify ICO for $600

ICO falsification specialists propose wide range of services - from whitepaper writing to the "team" providing
14 February 2018   148

Six months after the China ICO ban, professional copywriters continue to operate in the country, which are ready to compose white paper and provide related services that completely fabricate a tokensale campaign. This is reported by CoinDesk.

The People's Bank of China imposed a ban on the ICO in September last year, however, searches for ICO, blockchain, white paper still return dozens of results with announcements of craftsmen posted on the Taobao platform.

Presumably, some of them may be associated with recent fraudulent campaigns that provided information that did not correspond to reality.

One of these services offers services for writing white paper for the ICO for $ 600, but this is not limited to its possibilities.

We can falsify the education and professional background of these ICO teams. Harvard, Yale, Stanford, Cambridge, Apple, Google, you name it. And we will ensure their profile pictures remain unsearchable on the internet.

Chinese ICO Falsifier

With such campaigns ICO participants had to face more than once. So, for example, the organizers of ICO Benebit, who stole several million dollars in crypto currency, used photos taken from the site of the British school for boys on their website. 

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Swiss Regulators Published ICO Guidelines

The Swiss Financial Market Supervisory Authority FINMA published today initial coin offering (ICO) guidelines  
16 February 2018   133

The guidelines set out how it intends to apply financial market legislation in handling inquiries from ICO organizers. According to it, regulators will oversee and regulate ICOs anti-money laundering laws.

FINMA clarifies how token issuers should proceed in the country. The regulator also stated that there is a sharp increase in the number of Switzerland-based ICOs. This led to questions about applicable regulations.

The press release noted that financial market law and regulation aren’t applicable to all ICOs. Each case must be decided on its individual merits.

The regulations will be based on economic function and purpose of the tokens issued by the ICO organizer. Due to the fact that there is no generally recognized terminology for the classification of tokens in the world,  FINMA categorizes tokens into three types:

  • Payment tokens are synonymous with cryptocurrencies and have no further functions or links to other development projects.

  • Utility tokens are tokens which are intended to provide digital access to an application or service.

  • Asset tokens represent assets such as participation in real physical underlyings, companies, or earnings streams.  

FINMA will handle ICO inquiries according to three different categories, based on the type of tokens they’ll be issuing.

  • Payment ICOs (payment tokens), that issue tokens that are transferable and function as means of payment.

  • Utility ICOs (utility tokens), that will not qualify as securities, as long as their purpose is to confer digital access rights to an application or service. If a utility token functions as an investment in economic terms, it will be treated as a security.

  • Asset ICOs (asset tokens), that issue tokens that will be seen as securities. This means they’ll be treated like equities or bonds. These will be subject to strict requirements.

Our balanced approach to handling ICO projects and inquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.

Mark Branson