This new year has brought some good news for the Cryptoverse. While ICOs or initial coin offerings are facing some trouble in acceptance, Brazil and Australia surprisingly are accepting it with open arms. Not only that, Australia seems to be promoting ICOs too. By winning a legal battle against a bank in Brazil, a cryptocurrency exchange has marked its way into the country.
The Australian Treasury has given more than a hint of its acceptance of ICOs by producing an issue paper. This issues paper on ICOs lists not only the potential benefits of positioning the country but also how it could help capitalize the country on new ICO based opportunities. This seems to be a breather for cryptocurrency exchanges especially when countries like South Korea have decided to uphold its ICO ban.
The global financial center Singapore is one of the most benefited cities who are in favor of the ICO fundraisings, and now Australia certainly doesn’t want to be the one lacking behind in the race to establish itself as a hub for IT companies in favor of ICO fundraising. And that is precisely why in the issues paper by the Australian Treasury it has mentioned how other countries are establishing themselves as hubs for IT companies that raise funds by ICO and how they are the primary benefactor of the ICO bans across different countries.
The best thing that has come forward from this paper is that the author has remarked that many Australian companies are staying on rather than going out of the country in search of capital just because of ICO. They also mentioned how ICO is a more attractive option for startup how are yet not ready for IPO. Although the paper is at the consultation document stage, it is more than enough for crypto-enthusiasts that at least Australia is kind enough to consider working in favor of the ICO market.
At the same time, one more good news floated in the air of the crypto market in Brazil when a cryptocurrency exchange won its battle against a bank. Giving a tough fight the bank tried its best to close all doors for the cryptocurrency exchange but the judgment landed in favor of the cryptocurrency exchange.
As soon as the Sicoob bank denied processing any latter’s transactions of the Mercado Bitcoin exchange, the dispute landed in the courtroom. By winning the case, Mercado Bitcoin exchange came out of the courtroom with flying colors, and the bank was charged for breaking banking regulations and acting arbitrarily.