ICO is short for initial coin offering and it is a digital way of receding money in the form of cryptocurrency or bringing about the use of blockchain technology. It is something every business can apply for or initiate on their own but there are certain guidelines that need to be followed. But the heart of this article is to provide you with a general idea about why does an ICO company needs registration especially if the funds are rolling in digitally and they are bringing in the use of cryptocurrency, why then it needs to be registered?
Why there is a need for registration?
Back in 2014, this concept caught fire where various enterprises around the world started their own ICO projects and started rolling in heavy funding, the nature of the ICO process is just to raise funds for further product development whether it is AI, machine learning, or blockchain technology. But many ICOs require either AML or KYC which loosely translates into "anti-money laundering” and “know your customer”. You can only make a handful of deposits with the help of cryptocurrency running your own ICO game but to play at a bigger level you need to be associated with both AML and KYC systems.
A few years back there was a whole debacle relating to the ICO companies and their false notions regarding funding, some of them happened to be completely fraud and de facto was all over the place. Certain laws and compliances were built to make sure that anyone who steps into the game of ICO is properly registered and has a de facto certainty of being real. Doing so will definitely provide you with a savory edge with your competitors and other ICO projects that are in motion.
ICO friendly countries
There are various ICO friendly countries
out there where it is comparatively easier to register your ICO campaign and be a part of an already developing business. Singapore, Switzerland, and Cayman islands are perceived as the best possible places to register regarding the ICO.
Singapore is the hub for financial business taking place in all of Asia, it has markets that are evolving and playing the game at an elevated level. It is possibly the best place to register for an ICO. The taxation schemes that you might bump into are transparent and ask for lower taxes whereas the speed for registering your company is completely mind-blowing.
Switzerland on the other hand is famous for its money-making strategies and financial stability that it has been enjoying over the years. The country is extremely open for cryptocurrency oriented opportunities, if you are thinking about registering an ICO based project and happen to be in Europe then Switzerland is the best possible place for you.
Cayman Islands are as stable as any other mention within this article when it comes to freely registering your ICO project in there and rolling out operations without any political or geographical resistance. This offshore center is extremely popular among financial institutions thinking about running their own ICO project.