Telegram's ICO Received $3.8B Worth Applications

Russian media with reference to anonymous source reports on huge demand around unconfirmed Telegram ICO
22 January 2018   597

The web has information that the collection of applications for participation in the ICO of the Telegram has been completed. Initially, the organizers intend to raise $ 850 million, but the bids were eventually raised by $ 3.8 billion. This is reported by Russian media "Vedomosti".

According to "an employee of a venture fund familiar with ICO participants and a member of an investor syndicate who is going to invest in Telegram", the proposal caused an agiotage among investors. It is noted that those who could not invest at this stage intend to buy back shares from more successful funds in the future. Different interlocutors of the newspaper say about the premium reselling in 20-30%, and some believe that with $ 0.3 per token, the price may rise up to $ 3.5.

Approved by the owners of Telegram payments for pre-ICO should be held before February 1, Vedomosti's interlocutors added. The collected funds Telegram will spend on the future block-platform Telegram Open Network (TON).

In addition, on the evening of Sunday, January 21, Pavel Durov first mentioned the Gram Cryptocurrency in his Twitter.

It should be noted that Pavel Durov himself has not officially confirmed the information about the crowdsdale of the TON project, however, scammers have already appeared on the network offering users to buy the non-existent crypto currency of the Telegram messenger.

Earlier it became known that due to the excitement around the ICO of its project, TON Telegram was forced to turn down a number of investors. As an unnamed negotiator with the company's managers noted, Pavel Durov does not seek to attract Russian funds.

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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   156

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