Nishiawakura to Launch First Municepal ICO in Japan

Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017
19 June 2018   1806

The authorities of the Japanese village of Nishyavakura from Okayama prefecture announced the start of the initial coin offering (ICO). Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017. This is reported by Bitcoin.com.

With the help of the ICO and its own crypto currency, the authorities hope to get money for "a sustainable regional economy in the future, providing the municipal authorities with new financial resources and developing the region with the help of starting investments."

1500 people lives in village, and 95% of area are occupied by woods. In the early 2000s, when all the municipalities of the country joined the city's districts, Nishyavakura managed to remain an economically independent village and since then the authorities have been seeking funds for its development.

In order to promote the creation of a sustainable region in the future, as a means for small local governments to secure new financing resources and to build up regions through upfront investment, tokens issuance, and the creation of virtual currencies, we will introduce fundraising through an ICO for the first time as a municipality in Japan.
 

Nishyavakura Statement

The local economy association will issue tokens called Nishiawakura Coin (NAC). The owners of coins will have the right to vote, which will allow them to participate in decision-making regarding enterprises in the village.

Malaysia to Regulate ICO and IEO

Rules says tokens can be distributed via venture capitalists and financial institutions without selling shares and without debt instruments
16 January 2020   136

In Malaysia, the procedure for initial coin offerings (ICO) and initial exchange offerings (IEO) has been established. The Malaysia Securities and Exchange Commission (SC) provided relevant guidance for participants in the digital asset industry.

According to the regulator, projects can distribute their tokens through venture capitalists and financial institutions without selling shares and without using debt instruments. It was also established the maximum limit on the amount of funds raised through ICO, which will be 100 million Malaysian ringgit or about $ 24.5 million. No special requirements for investors are provided, that is, both institutional and retail investors will be able to participate in such campaigns.

After the completion of sales, the regulator will monitor the spending of collected funds.

Digital tokens offering can provide another alternative fundraising avenue for early-stage entrepreneurs. This initiative supports Malaysia’s Shared Prosperity Vision 2030 (SPV2030) by supporting the growth of SMEs and micro businesses which are targeted to contribute 50% to Malaysia’s GDP. It also aligned with SPV2030’s aspiration to create 30% high technology Malaysian companies.

 

Datuk Syed Zaid Albar

Chairman of the SC

In addition, the rules for the functioning of IEO platforms were established. Such platforms, if they operate in the country, must independently register with the agency. In addition, they must carry out the necessary checks to verify the integrity of the issuer, as well as understand the capabilities and characteristics of the token they offer.

New regulations are expected to be established in Malaysia in the second half of this year. At the first stage, SC intends to cooperate with IEO platforms on the issue of identifying satisfactory issuers.