Telegram to Refund Investors If ICO Flops

Another pack of hot news regarding potentially biggest ICO in the history
27 February 2018   1023

The organizers of ICO Telegram sent potential investors another set of documents, in which they told about their further plans. This  is reported by Business Insider.

One of them says that after the completion of the first part of the campaign, during which Telegram has already managed to raise $ 850 million, the project is going to launch the second part, which should start in late February and, if successful, could bring the organizers another $ 1.7 billion. The second part of the campaign, in turn, will be divided into 2 stages. Thus, the popular messenger in total expects to collect $ 2.55 billion - an unprecedented amount for this type of fund-raising.

In one of the documents, the company writes that it will return money to investors if the product is not launched by October 2019, but in another it makes an important clarification: 

There can be no assurance that the Issuer or Telegram will have sufficient funds to make payments of any Termination Amount (as defined in the Purchase Agreements) as and when required under the terms of the Purchase Agreements. Neither Telegram nor the Issuer has any fiduciary or other obligation to use the funds generated by the token sale for the benefit of the purchasers…

Documents for Telegram ICO Participants

Joe Deepascal, who takes part in ICO Telegram together with his company BitBull Capital, considers the amount of funds that Telegram has already attracted and is still going to attract, incredible.

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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   63

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.