Australia became one of the countries that attracted ICO

nWalkout commentary: last year was a year of major breakthroughs in cryptocurrencies, and it was also a year many countries face squarely with this new thing and a clear attitude. Although some countries have taken strict measures to ban investment in cryptocurrencies, some countries also hold a more open and tolerant attitude. For example, Australia became the ideal ICO location for start-ups because its policy makers were willing to accept cryptocurrencies. However, whether such attraction can promote the development of a country’s economy depends on whether the government can control some of the negative effects of cryptocurrencies.n
nTranslation: Inan
Since the Chinese government banned the ICO last year, the field of cryptocurrencies has determined that other countries’ policymakers will also take similar regulatory actions.n
But this is not exactly the case.n
Although we have seen some government actions to try to regulate the ICO to a certain degree, the main attitude of governments toward it is embracing rather than rejecting it.n
InvestDigital ICO at the end of 2017 shows that Australia is one of the countries that has benefited from this willingness to accept.n
InvestDigital is a Chinese start-up that seeks to create and commercialize money management platforms for encrypted assets. Between Christmas and New Year 2017, the company raised $ 23 million through ICO, with backers like InBlockchain, Bixin and Queschain Capital.n
Last year, the Australian Securities and Investments Commission issued guidance on such products. The organization seems willing to accept this emerging industry, so its guidance is also positive and makes Australia an ideal location for start-ups to launch such products.n
That’s why InvestDigital decided to do this in Australia. Bill Fuggle, a partner at Baker McKenzie’s Australia office, acted as legal counsel for InvestDigital, stating:n
n”Australia’s position is no different from other advanced countries such as Japan, Switzerland, the United Kingdom and the United States. However, Australian regulators are more aware of cryptocurrencies and have devoted more resources to understanding this area.”n
nIt is unclear how this area will change in the future, but it is certain that the more tolerant areas of this new technology will attract the most ICO activity. Of course, this situation has both advantages and disadvantages. If a region can regulate the dark side of the sector through regulation while maintaining a relaxed environment in a balanced way, attracting blockchain companies can bring many benefits to the national economy.n
However, the benefits of attracting high-tech companies quickly disappear if policymakers in one area have no control over possible fraud and malicious operations in their ICO market.n

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