According to a report conducted by PwC Strategy and the Crypto Valley Association 537 Initial Coin Offerings (ICOs) raised over $13.7 billion dollars. Apparently during the first five months of this year, ICOs grew exponentially.
Daniel Diemers, PwC Strategy& FIntech Leader Switzerland and Head of Blockchain EMEA, said that the report will keep doing its work and tracking the changes and developments that take place in the industry.
Since November 2017, several Initial Coin Offerings where able to enter the top 15, breaking records and expectations from the community. For example, we have EOS with $4 billion dollars or the Telegram Open Network with $1.7 billion dollars.
The main places where Initial Coin Offerings are located are the United States, SIngapore and Switzerland. After them, the study finds the United Kingdom and Hong Kong. Some experts believe that the amount is crowding out traditional VC funding, something that is able to change the way VC/PE work.
Oliver Bussmann, Crypto Valley Association president, commented about that:
“To my mind, Switzerland is the standard bearer in terms of establishing a regulatory environment for the digital economy.”
The document explains that there will be important changes and discussions in the world of cryptocurrencies. United States will be aided by the clear legal framework, something similar to what Switzerland is doing and the United Kingdom. The British Virgin Islands have been working very well because they hosted EOS and the Telegram Open Network.
The most important ICOs as of today have been:
Regulations around the world are expanding. ICOs have been criticized because there have been several scams in the community. Countries are working very hard in order to solve the problem of uncertainty and how to create a proper legal framework. If the regulations are too hard, it is possible to not let innovation prosper.
South Korea decided to ban Initial Coin Offerings but now, the country may be allowing some ICOs to operate in the country again under certain regulations.