OmiseGO Untouched Network – China ICOs Regulation will Not be effecting OmiseGo
OmiseGo has publicly reported that the latest ICO market regulation going on in China will not be effecting its network. On a very welcoming Reddit post OMG made users and investors feel at ease making sure that the OmiseGo network will not be harmed in any way.
Based on the statement – China’s regulations and action taking development only target decentralized currencies concluding that it will not include the OMG network:
“The OMG network is currency-agnostic and the open-source, white-label digital wallet framework we provide will allow financial service companies to select what services they provide their end-users, in compliance with the regulations they must follow”.
The simple but yet effective transparent announcement that OmiseGo did, traders and investors felt at ease on being kept up to date as many praised OMG for assuring them to hold and keep OM’Going.
“Good news and great time to stock up on more OMG :)”
“This is why I’m strong in OMG. We believe”.
“Great communication, this makes me proud as an investor”
A no-hold falling has initiated for ICOs in Chinese crypto-market because of the announcement that their status is transformed into illegal offerings – the ICOs. After declaring a state-range ICO investigation, the PBoC (The People’s Bank of China) announced that it has been completed.
The tokens and offerings used in ICOs are in no declared way issued by the monetary authorities, there is no legal and monetary properties like indemnity or coercion found and no status the is equal to money – resulting with as a currency they should not be supplying and circulating in the market.
The already completed offerings will be penalized while any future ICO or activity related to the offerings will be punished.
Jehan Chu, Managing Partner at Kenetic Capital Ltd. in Hong Kong says:
“China, due to its size and as one of the most speculative IPO markets, needed to take a firmer action so this is somewhat in step with, maybe not to the same extent, what we’re starting to see in other jurisdictions — the short story is we all know regulations are coming.”