Initial Coin Offering on blockchain platforms has painted the world red for tech-startups across the world. A decentralised network that can allocate tokens to the users supporting an idea with money is both revolutionizing and awarding.
Profit-spinning Bitcoin turned out to be an ‘asset’ for early investors giving manifold returns in the year 2017. Investors and Cryptocurrency exchanges across the world capitalized on the opportunity spelling enormous returns for themselves leading to ascent of multiple online exchanges. Other cryptocurrencies such as Ethereum, Ripple and other ICOs promised even better results. (Ethereum grew by more than 88 times in 2017!)
While the ICOs landed millions of dollars in the hands of startups within a matter of days, ruling governments initially chose to keep an eye on the fastest fintech development ever that had the potential to raise millions of dollars within a very short period of time bitcoin revolution australia.
Countries all across the globe are mulling over to regulate cryptocurrencies
But the regulators turned cautious as the technology and its underlying effects gained popularity as ICOs started mulling funds worth billions of dollarsâ-âthat too on proposed plans written on whitepapers.
It was in late 2017 that the governments across the world seized the opportunity to intervene. While China banned cryptocurrencies altogether, the SEC (Securities and Exchange Commission) in the US, highlighted risks posed to vulnerable investors and has proposed to treat them as securities.