According to a joint report from consulting firm PwC and the Swiss Crypto Valley Association, the industry’s ICO is thriving, despite the collapse in the cryptocurrency market.
According to the report, from January to may 2018 the volume of the ICO already twice exceeded the number of all the ICO held in 2017.
Since the beginning of the year, we recorded 537 ICO, totaling over 13.7 billion dollars. For comparison, in 2017 was carried out in total 552 ICO, and the volume was just over $ 7 billion. In addition, the average amount of money collected during the ICO has doubled from 12.8 million USD (last year) to more than 25.5 million U.S. dollars this year.
Of particular note are ICO and EOS Telegram, which reached billions of marks. Telegram has attracted 1.7 billion U.S. dollars, and EOS was able to collect 4.1 billion U.S. dollars.
According to the report, the US, Singapore and Switzerland lead the list of countries where ICO, mainly due to the progress in regulation. Switzerland joined the three leaders largely due to the “crypto valley”, which is located in the city of Zug, where great attention is paid blockchain and FINTECH startups. Small countries and even individual cities such as Hong Kong, Gibraltar, Malta or Liechtenstein, have also achieved some success by copying the models of Singapore and Switzerland.
As for regulation, the authors identified three different approaches which currently prevail:
The US uses a centralized system in which all tokens offered during the ICO, are traded as securities. In Europe, on the other hand, is dominated by differential regulation. For example, FINMA klassificeret tokens into three subtypes: asset, form of payment and token-based utility that are not actually investments, but allow the buyer to get direct access to the product or service ICO project. Finally, in Asia, the regulation of very diverse and even there are cases of strict ban on the holding of ICO (China).
Regulators and traditional financial institutions are still skeptical about ICO. General Director adena Friedman Nasdaq recently announced that ICO pose “serious risks” for retail investors due to shortcomings in regulation. Earlier this month, SEC Chairman J. Clayton confirmed the position of the Agency that ICO are securities and should be regulated as such.