A recent ICO review highlights what Kanagasabai Haridas, recently said in context to the Initial Coin Offerings. An Audit & Assurance Partner in Deloitte Singapore, Haridas said that ICOs need to be carefully studied to find out the gaps.
Although the launch of Initial Coin Offerings has created exciting avenues for fundraising exercise, some experts fee that the existing regulations are not in sync with the new digital phenomenon. According to a recent estimate, ICOs could raise a fund amounting to a whopping 6.3 billion USD in the first three months of 2018.
Mr. Haridas opines that regulation should not be looked like “if but” or “when” as the existing market for ICOs is rife with news of scams and frauds. He feels that the MAS or Monetary Authority of Singapore that administers the Fintech Regulatory Sandbox could be an excellent avenue for the potential Initial Coin Offering to offer a safe haven for the businessmen to work closely with MAS. However, he also feels that there is a potential for the sandbox to be expanded and include lawyers and accountants.
He also feels that there is a possibility of fresh employment opportunities in fields like smart contracts auditing due to the emergence of Initial Coin Offerings. However, he mentioned that a study of the associated risks should be done with caution so that the gaps if any can be identified and practitioners should upgrade themselves accordingly, The Business Times reported.
ICO Review: ETH’s Price Volatility Attributed To ICO Sell Off By Some
Although Ethereum holds the second spot among the cryptocurrencies in terms of market cap, the price point of this digital currency has seen several ups and downs all through the last year. Some people believe that these price volatility changes are because Initial Coin Offerings are selling of their amounts in abundance to collect extra funds.
An ICO review done on a study conducted by Tokenanalyst and Bitmex Research mentions otherwise. About 222 ICO projects were reviewed that have raised a combined amount of 5.5 billion USD worth of Ethereum. These groups sold nearly the same amount indicating that such ICO selloffs may not be the cause of the recent dip of the cryptocurrency, Unhashed reported.
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