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Meet The People That Are Celebrating China’s ICO Ban

Jacob Wohl

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Recently, China enacted a ban on Initial Coin Offerings (ICO’s). China, who already had very strict regulation on fundraising, went after ICO’s as the country experienced a surge in the number of them taking place.

According to CoinTelegraph, a blockchain publication, the crime of ‘illegally absorbing public deposits’ carries a maximum penalty of 10 years of imprisonment.

Questions still remain over how strictly China will be in enforcing these new rules, or if exemptions to these rules will be able to be filed. Nonetheless, on this news, major cryptocurrencies experienced sell-offs, with bitcoin and ethereum down 7% and 12% respectively.

There’s one group of people that are happy to see a crack-down on Chinese ICO’s. Anybody using ICO’s to raise money, that is not subject to the new Chinese regulations, now views a global fundraising landscape with much less competition.

While the most sophisticated Chinese fundraisers and ICO investors will likely implement off-shore structures to continue business as usual, the herd of ICO fundraisers in China will likely be thinned.

Chinese state media firm Xinhua reported that Chinese companies have raised $383 million from 105,000 investors during the first half of the year. With a little bit less capital, and a lot less companies to accept that capital, Chinese capital will almost certainly flow to ICO’s in North America.

Chinese ICO despair is a point of celebration for North American fundraisers, who now have a lot less competition than they did just one month ago.

About the Author: Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

 

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Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

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