Regulatory framework for ICO in Lithuania

Regulatory framework in Lithuania for ICOs

“Lithuania doesn’t have a track record of world-famous tech startups, and we didn’t have access to large VC funds. ICOs and crypto communities remove boundaries so that no matter where you are located, only the team, technology and idea matters.” – Vladas Jurkevičius, CEO of Lithuanian digital identity startup Safein.

One of the greatest things about cryptocurrency is that it gives nations a chance to compete on an even keel. It doesn’t matter what your GDP is, or how many nukes are locked in your bunker: on the internet, everyone’s equal. This has given countries that have traditionally lagged industrially and economically a chance to make amends. From tiny islands to humble nation states, a series of global outposts have made it known that they’re open for crypto business. This makes cryptocurrency a Great Leveler.

Lithuania has seized this opportunity by creating a favourable regulatory eco-system around crypto currencies along with a solid infrastructure of fast internet. Lithuania is excelling in issuing new digital currencies, or “Initial Coin Offerings” (ICOs) – over the past year, they have raised half a billion euros from ICOs and blockchain-based businesses. The influx of real cash for digital units has helped Lithuania’s economy to grow by 3.1% this year compared to the average 2.3% for the rest of the EU.

TenX(PAY) up by 50% in 24 hours on banking license rumours – trading @ $8 in Bithumb

$8 on Bithumb

Screen Shot 2018-07-16 at 4.09.35 PM — $1 on Bittrex

With the TenX(PAY) token up by almost 40% in 24 hours, rumours that are spreading say that the project might be very close to getting their banking license approved(mostly in Korea) – this will enable it to launch their own card without any hassle or dependency on a non-crypto service. The PAY token is trading on Korean exchange Bithumb at ~$8 whereas on Bittrex and the other exchanges at ~$1.

Another rumour that is going around is that it might be very close to getting listed on Binance, which will definitely give it a huge boost in volume.

Although there has been no such announcement from the TenX team on its official pages, these seem like the most plausible conclusions. Having said that, it might just be another case of pump & dump where the select few will make the buck and leave the rest drooling.

July 16, 2018

crypto.com sold for $10M?

crypto.com is rumoured to have been sold for $10M. The domain rights were held by Prof. Matt Blaze since 1993. Since this domain almost acts as a torch-bearer to the crypto industry it became extremely important to get into the right hands. Quite obviously, the professor received many proposals to buy the domain. But it was only when Hong Kong-based Monaco came into the picture, did the professor feel comfortable to part with the domain. Monaco is a crypto project best-known for developing a crypto debit card and has done a $25M ICO in 2017.

Sudden congestion of Ethereum network causes spike in gas prices

The congestion in the Ethereum network (20x spike in gas price) is caused primarily by a marketing campaign of Fcoin – a new digital assets exchange out of China. Fcoin is asking users to vote for tokens to be listed on theirs exchange. The top 20 tokens will get listed for free on Fcoin exchange. The condition for a vote to be counted is to transfer at least 1 unit of that token into the exchange, but, from a new, unique Ether address. Since top exchanges usually charge a lot for a token to be enlisted, ICO investors of tokens do not mind paying a high premium in gas price(comparatively still very low) for getting their token to the Top 20 free tokens list of Fcoin, hence causing a spike in gas prices.