How Are Governments Reacting To ICOs

We all know that governments are usually the quickest to pay attention and react to things that earn people money and especially ones that are not regulated. From epidemics to terrorism, nuclear energy, world war, there have been so many things that the governments were able to control and ones that made them itchy.

However, when it comes to the blockchain technology and the initial coin offerings (ICOs), governments are standing with their hands tied. Still, every government has something to say, whether it’s a small country or a big one. From Russia to China, Korea and even Canada, their messages are clear.

Generally speaking, most of the nations want to stand united on cryptocurrencies. However, they know that their hands are tied while digital currencies are disrupting many industries as we know them.

While China decided to give a blanket ban on ICOs and exchanges and deny everything that its nation has to do with the crypto world, Russia has ordered that certain legislation must be implemented on ICOs in order to put them in line with the traditional securities financings (which are basically the ICOs of stock).

Canada, on the other hand, has been one of the most active governments and has come out with some definitive results. The Canadians are about to get a live laboratory that will see ICOs as new experiments as well as numerous token crowdfunding programs and crypto investment funds. This is the reason why many crypto traders applaud to Canada and its efforts to regulate cryptocurrencies.

Last but not least is Switzerland, where the blockchain situation is baffling. The Swiss haven’t regulated anything yet. However, as one of the most financially stable countries in the world, everyone is waiting for their move. As of September this year, the Switzerland’s Financial Market Supervisory Authority (FINMA) announced that they are actively investing the ICO procedures and that the transactions may come under existing regulatory legislation.

At this point, everything leads to a bright future for cryptocurrencies – one where most of the governments stay unite and take action towards them. So, what’s 2018 bringing?