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Author Topic: Why are ICO banned for some countries  (Read 167 times)
deathwish
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January 07, 2018, 05:06:35 AM
 #1

Why are ICOs banned for residents of some countries and how does the government know that if I bought the coins/tokens in an ICO or from an exchange ?

I'm so frustrated about it because I had the opportunity to invest in some great ICOs which are now doing so well.
I didn't take part in those ICOs as I did not want to break any laws and knew that regulations are coming in on the crypto any time. 

Any thoughts ??

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JackGr
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January 07, 2018, 07:15:24 AM
 #2

The main function of ICO is the first sale of the tokens. That is, to raise funds for the project through ICO. But at present, many projects are air projects. There is no real thing. So many countries will ban ICO. It is to prevent risk. Because often a fake project is often easily swindled through ICO.
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January 07, 2018, 10:21:59 AM
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The main function of ICO is the first sale of the tokens. That is, to raise funds for the project through ICO. But at present, many projects are air projects. There is no real thing. So many countries will ban ICO. It is to prevent risk. Because often a fake project is often easily swindled through ICO.


That's correct, they're just trying to avoid the possible law problems.
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January 07, 2018, 10:35:27 AM
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im guessing because of a high scam chance
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January 07, 2018, 11:56:16 AM
 #5

Because some countries think that the ico is nothing but useless, is a kind of pyramid selling, is a kind of deception, there is no actual thing is not in line with the development of the country, so prohibition
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January 07, 2018, 01:56:26 PM
 #6

Because the lack of regulation on ICO's it is a fertile ground for scammers. Some countries are more paternalistic then others so they impose bans and restrictions.
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January 07, 2018, 01:58:19 PM
 #7

Why are ICOs banned for residents of some countries and how does the government know that if I bought the coins/tokens in an ICO or from an exchange ?

I'm so frustrated about it because I had the opportunity to invest in some great ICOs which are now doing so well.
I didn't take part in those ICOs as I did not want to break any laws and knew that regulations are coming in on the crypto any time. 

Any thoughts ??


because of lack of regulations and scams that made the industry very dangerous
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January 07, 2018, 02:57:59 PM
 #8

Why are ICOs banned for residents of some countries and how does the government know that if I bought the coins/tokens in an ICO or from an exchange ?

I haven't heard of any specific ICOs being banned in some Countries - which ICOs are you referring to specifically?

The Country bans I'm aware of apply to all cryptocurrencies, so it's not specific to an ICO it's specific to the entire industry and related to using the currencies for transactions...not for holding cryptos.

Can you provide links to an article or your source?

mr.bitcoin2k17
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January 09, 2018, 08:21:54 AM
 #9

ICOs and cryptocurrencies are an unknown ground for governments. And they chose the easiest option - ban everything and later get to study this field. Let's hope regulation will be less strict and more sensible in the future Cool
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January 09, 2018, 03:42:48 PM
 #10

ICO need regulation. Too many risks involved and many countries don't want to take the risk, or is trying to protect their citizens. Everyone can start an ICO, even without revealing their identity. But a fully/permanent ban of ICO should not be encouraged, instead a regulation should take place to ensure a minimum of standard/requirement has been met before initiating an ICO.

lizardbtc
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January 09, 2018, 03:47:51 PM
 #11

ICO need regulation. Too many risks involved and many countries don't want to take the risk, or is trying to protect their citizens. Everyone can start an ICO, even without revealing their identity. But a fully/permanent ban of ICO should not be encouraged, instead a regulation should take place to ensure a minimum of standard/requirement has been met before initiating an ICO.

This is exactly why it is banned in some countries like Chaina. Countries can't protect investors from investing into ICO, where most of them are just there for pure profit, even there are a lot of different ICOs that does the same thing! Imagine this why on earth would you create every new product to be simmiliar, I guess competition or its just a pure scheme to try and raise more funds at end. We've even saw cases in the past where ICO just dissapead with devs and you simply can't regulate it enough. This is a field where everybody is making new coins/tokens for their platform when it's not neccessary but they don't care as long as they can crowdfund their projects and investors don't care as long as they can dump their coins on the first exchange some ICO shows up in. Anyway there are good ICOs I don't say that all of them are bad... but 90% of them are.
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January 09, 2018, 07:55:17 PM
 #12

Some country banning bitcoin because they are only thinking the safety of their people and community.......
Some country might understand the significance of bitcoin but some of them are afraid on the other side,,, like bitcoin can help unemployed people that's one side, the other side is they are afraid that some people might use bitcoin with terrorism..... And that's the side some country are afraid of....

So let's understand their point of view also....
audaciousbeing
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January 09, 2018, 08:18:10 PM
 #13

Why are ICOs banned for residents of some countries and how does the government know that if I bought the coins/tokens in an ICO or from an exchange ?

I'm so frustrated about it because I had the opportunity to invest in some great ICOs which are now doing so well.
I didn't take part in those ICOs as I did not want to break any laws and knew that regulations are coming in on the crypto any time. 

Any thoughts ??


A lot of reasons would be given by the SEC or Tribunal or even Fraud Agencies of government as to why it is not right invest in ICO some will even go to the extent of saying they are protecting you but the truth of it is that why do you need protection to spend your money as you wish. Imagine the return you would have if you invested in those promising ICOs that are now doing well.

The fact is government are protecting themselves because they know if you are given the freedom you can decide to be investing in a project in another country which means taking money out of the home economy and with that your freedom means they have less control over you. How government will know if one engage in it, they might not know but the fear alone is going to keep people out and those who are bold enough to still go ahead are scared to brag about it for the fear of being a target.
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January 09, 2018, 08:32:53 PM
 #14

ICO just a way to gather money, we investor to bet for good gains. However every ppl can create an ICO a nice name, wonderful roadmap, copied whitepaper, upload someone photo, design a special website everythings...

Therefore 10 ICO i can see, would be 8 of it are scam, or just shit for pump n dump!

i got bet some wonderful and successful ico project - icx powr drgn

Chees

"TEU - bitcoin for shipping ICO: 15/Mar - 12/Apr"
HabBear
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January 09, 2018, 09:10:14 PM
 #15

Why are ICOs banned for residents of some countries and how does the government know that if I bought the coins/tokens in an ICO or from an exchange ?

The only country I'm aware of that has banned ICOs is China.

The reason they'd do this is because the believe their people could lose money investing in rubbish investments. That kind of turmoil, if it were to happen among many people, would strain the economy. While the impact could be severe the chances of it happening are really, really low.

I'm so frustrated about it because I had the opportunity to invest in some great ICOs which are now doing so well.
I didn't take part in those ICOs as I did not want to break any laws and knew that regulations are coming in on the crypto any time. 

Figure out the laws in your country and then make your moves. Where do you live?

You'll continue to regret the upside stories if you keep putting off the opportunity to get involved.

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January 09, 2018, 10:33:56 PM
 #16

ICO is the process raising of funds for a cryptocurrency in unregulated way. It is banned in some countries because they considered it illegal and because of fake cryptocurrency which is considered as a criminal activity.
Akitot
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January 09, 2018, 11:55:59 PM
 #17

As far AS I know banks and government can't control the use of bitcoin, let's say many reports stated that bitcoin was used to buy illegal weapons, used in money laundering, and some negative ways,  maybe they have decided to remove it room the system and avoid this from occurring again and since they have their own Fiat, maybe they will just use it instead rather than using this new methods of paying which is the bitcoin...
shaun98
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January 12, 2018, 02:20:02 PM
 #18

Since ICO's are all out there to raise money for their projects, there are also dishonest ones which don't actually have a product but simply want to scam investors. There are no real regulations for ICO's, so some countries block their citizens in participating to ensure they don't get scammed.

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January 12, 2018, 02:44:24 PM
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Government regulation or just to avoid complexity with possible regulation
Helium94
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January 12, 2018, 03:10:54 PM
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Some countries just going overboard to "protect" people. More nanny state imo.

And some countries just want to control things - China, for example.
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