[ANN]BANKERA – Building the Bank for the Blockchain Era

[Papartynas]

Now, we really need some good explanations. One of the largest news sites in Lithuania published this article today, which I took time to summarise and translate.

Questions for Bankera:
1. Have you registered the prospectus?

"The Bank of Lithuania has sent inquiries to Bankera regarding the ICO, whether the ICO follows the legal requirements established in Lithuanian law.

„According to the official position expressed by the Bank of Lithuania, in those cases when virtual currency coins contain features of securities, requirements stated in the Law on Securities are applicable, which include provisions regarding advertisments of the emmission of securities. Fines or other means could be applicable if the provisions of the Law are not followed" - stated  Vaidotas Cibas, Head of the Regulatory Market Surveillance Division of the Bank of Lithuania

On October 10, 2017 the Bank of Lithuanian approved its position "Regarding virtual currencies and initial coin offerings", states the press release. This position states, that in those cases, when ICO coins contain features of securities (e.g. grants property rights, share of the profit or a say in management,  interest, of the coins are to be redeemed ), and also there is an option to sell the coin and to trade it in a secondary market or at organized trading venues, the requirements of the Law on Securities must be applied. One of the main requirements is that before selling coins in our country the company has to prepare a prospectus and the prospectus must be approved by the Bank of Lithuania or relevant authority within the European Union.

Then some general information regarding the ICO.

According the features stated in the position and according to the information stated in Bankera business plan (white paper?) we come to conclusion that this ICO is covered by the regulations of the Law on Securities, therefore is considered a public offering, therefore it must follow established regulations. Law on Securities state, that should the persons organise and conduct public offering without the approval of the prospectus or the public offering and trading in the regulated market is prohibited, stopped or do not follow the the Law on Securities, a maximum fine could be applied, which may exceed the common nominal value of the publicly offered securities. The Regulator have a right to apply sanctions to the company and its directors and other persons responsible for the transgresion, including subjects which disseminate the advertismens of illegaly conducted ICO."
https://www.delfi.lt/verslas/verslas/lietuvos-bankas-ispeja-del-virtualiuju-zetonu-platinimo.d?id=77185697

[Pab]

It is why good move to have bank in Pacific Island
http://www.mondaq.com/guernsey/x/660858/fin+tech/Why+Offshore+For+Fintech
Fintech is changing the way banking and financial services businesses are operating at an incredible pace. There are many challenges and opportunities that face financial institutions, business, investors and start-ups. As with much new technology, the speed of change frequently outstrips the legal and regulatory landscape and fresh approaches are often required to adapt.

With this ever-changing landscape, securing the correct legal advice at the beginning of any new venture is key to ensuring correct and cost-effective compliance with law and regulation. The offshore space has long been recognised for its numerous flexible corporate structures, simple taxation, appropriate regulation, robust infrastructure and sophisticated legal systems. These are all factors which are critical to the successful development structures for Fintech businesses. Smaller jurisdictions allow regulators to be more agile when updating regulation and with the broad toolbox of

[jm1121]

US Residents cannot participate in the ICO?

[Ansault]

https://www.delfi.lt/verslas/verslas/lietuvos-bankas-ispeja-del-virtualiuju-zetonu-platinimo.d?id=77185697

Google translation

[Thadeous]

there should be also a counter for the days/hours/minutes for ICO to end  ... it is only 3 weeks from now, and if one want to use fiat, there is verification needed, and that takes usually 1,5 week ... so ... the 'bargain' is going to end soon ... 

GREAT .... they added a counter    only 12 days from now ...  ->  https://bankera.com/

Great that Bankera added it. The ICO counter definitely makes investment terms more clear.
But is it obvious for all ICOs to have one? Not sure where this rule comes from...

[neonomad]

Those weekly transactional revenue payments is a great idea. I'm sure it looks very attractive for investors.
The 24th week net transactional revenue share has been paid

Yep, that makes 24 weeks in a row for me   

Thanks Bankera!   

[cr$pto]

I noticed the real pairs in https://exchange.bankera.com/ exchange, does it mean that soon it will go live ? Do you already have a fee chart for trading/withdrawal ?

[thehook1]

hi there,
anyone here knows when and where the bankera tokens will be exchanged?
I hope not only on bankera exchange ( when it will be released).

[Bankera]

Now, we really need some good explanations. One of the largest news sites in Lithuania published this article today, which I took time to summarise and translate.

Questions for Bankera:
1. Have you registered the prospectus?

"The Bank of Lithuania has sent inquiries to Bankera regarding the ICO, whether the ICO follows the legal requirements established in Lithuanian law.

„According to the official position expressed by the Bank of Lithuania, in those cases when virtual currency coins contain features of securities, requirements stated in the Law on Securities are applicable, which include provisions regarding advertisments of the emmission of securities. Fines or other means could be applicable if the provisions of the Law are not followed" - stated  Vaidotas Cibas, Head of the Regulatory Market Surveillance Division of the Bank of Lithuania

On October 10, 2017 the Bank of Lithuanian approved its position "Regarding virtual currencies and initial coin offerings", states the press release. This position states, that in those cases, when ICO coins contain features of securities (e.g. grants property rights, share of the profit or a say in management,  interest, of the coins are to be redeemed ), and also there is an option to sell the coin and to trade it in a secondary market or at organized trading venues, the requirements of the Law on Securities must be applied. One of the main requirements is that before selling coins in our country the company has to prepare a prospectus and the prospectus must be approved by the Bank of Lithuania or relevant authority within the European Union.

Then some general information regarding the ICO.

According the features stated in the position and according to the information stated in Bankera business plan (white paper?) we come to conclusion that this ICO is covered by the regulations of the Law on Securities, therefore is considered a public offering, therefore it must follow established regulations. Law on Securities state, that should the persons organise and conduct public offering without the approval of the prospectus or the public offering and trading in the regulated market is prohibited, stopped or do not follow the the Law on Securities, a maximum fine could be applied, which may exceed the common nominal value of the publicly offered securities. The Regulator have a right to apply sanctions to the company and its directors and other persons responsible for the transgresion, including subjects which disseminate the advertismens of illegaly conducted ICO."
https://www.delfi.lt/verslas/verslas/lietuvos-bankas-ispeja-del-virtualiuju-zetonu-platinimo.d?id=77185697

Hello,

We do not need to register any prospectus because we have never promoted Bankera in the Lithuanian territory. Also, our law company is in process to answer all relevant questions.
What you read in the article is basically a warning for news agencies; they should not promote ICO's in Lithuania.

[Bankera]

US Residents cannot participate in the ICO?

Due to local regulation, our services are not available for US residents at the moment.

[Thadeous]

I noticed the real pairs in https://exchange.bankera.com/ exchange, does it mean that soon it will go live ? Do you already have a fee chart for trading/withdrawal ?

That's interesting news about Bankera Exchange. Check more here: Bankera Launches its own Cryptocurrency Exchange Platform

[Bankera]

I noticed the real pairs in https://exchange.bankera.com/ exchange, does it mean that soon it will go live ? Do you already have a fee chart for trading/withdrawal ?

We are still on the demo phase but we will announce it on our channels once we have more details ready.

[Bankera]

hi there,
anyone here knows when and where the bankera tokens will be exchanged?
I hope not only on bankera exchange ( when it will be released).

Hello,

It will be after the ICO. Later on we will announce the dates and also the names of external exchanges - in addition to SpectroCoin and our own platform.

[Bankera]

Those weekly transactional revenue payments is a great idea. I'm sure it looks very attractive for investors.
The 24th week net transactional revenue share has been paid

Yep, that makes 24 weeks in a row for me   

Thanks Bankera!   

Great! Thank you for your support!

[TJwildcard66]

How do you think that the US citizen cannot participate this ICO, even thouth they have high quality of investment environment and a high volume of money?  Do not you think it is a chance loss?
I mean, you have another idea for raising money for expansion of Bankera?  for example, listing on the NY stock exchange and ｍake peace of mind that does not come about new ways of thinking.

[Papartynas]

[/quote]

Hello,

We do not need to register any prospectus because we have never promoted Bankera in the Lithuanian territory. Also, our law company is in process to answer all relevant questions.
What you read in the article is basically a warning for news agencies; they should not promote ICO's in Lithuania.
[/quote]

Well you should have consulted a lawyer, as Spectrocoin and Bankera are (1) physically operating in Lithuania (2) have given interviews in Lithuanian press regarding the ICO (Verslo žinios if I remember) (3) owners are incredibly naive if they believe that they will be able to get away with "the ICO is not intended for the sale in Lithuania". Because if Bankera/spectro will take this thread of reasoning, the Bank of Lithuania might take the line of shutting your offices down for selling securities without the prospectus and the possibility that the funds will be stolen (and they already have the know how of doing it over the weekend like with SNoras/Ūkio banks and certain Credit Unions). So if you are not taking the legal requirements seriously, then there will be no bank here, as banking does not exist outside of the Law.

[linkbelka]

What are expectations for price with so big cap?

[Ansault]

Contribution size exceeded average first time since february 4th. Volume is still well below average, but managed to eke out a new 12-day high today. 57% of ICO tokens have been sold so far. At this pace, about 62% of the tokens will be sold by the end of the ICO.

https://i.imgur.com/9TQeyWp.png
https://i.imgur.com/Dz3QPv2.png
https://i.imgur.com/ojMWrav.png

[cryptozeal!]

I wonder if anyone has done fundamental analysis on this project. Project lacks hype but seems solid if there is an effort to address real-world banking problems.

[domuscoins]

Great project!