KodakCoin Token Sale Delayed

The company said it plans to verify the roughly 40,000 applications it’s received for investing in KODAKCoin
01 February 2018   928

Kodak’s ICO was supposed to begin last night but the company has announced the delay of the launch of its KODAKCoin token in order to give the company time to vet the surge of potential investors. The company said it plans to verify the roughly 40,000 applications it’s received for investing in KODAKCoin. Kodak expects this process to take several weeks.

According to the announcement, accredited investors are those persons whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million, or who had an individual income in excess of $200,000, or joint income with his or her spouse in excess of $300,000, in each of the two most recent years, and has a reasonable expectation of reaching the same income level in the current year.

KodakCoin will be offered to accredited investors from the U.S., UK, Canada and other select countries. Outside the U.S., it will be offered to select non-US persons in accordance with the applicable laws of each jurisdiction where such offers and sales occur.

The company also warned investors against fake KodakCoin ICO pages appearing on Facebook and other websites, and that investors would not be able to purchase tokens outside the company's official platform.

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Bermuda to Issue First ICO License

The first 'official' ICO that will be held at Bermuda is Uulala
19 October 2018   41

Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.

In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.

The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.

The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.

We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.

Oscar Garcia

CEO, Uulala

The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.