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Although governments have started a dialogue on how to even approach and define cryptocurrencies and blockchain it may be some time before this is a uniformed approach.
Until a time where ICOs will have a clear set of laws to follow ICOs will need to try align themselves as best as possible to existing laws currently in place especially in regards to the processing and storing of personal data of investors data.
KYC/AML is becoming a typical requirement of fund raising and for the immediate future, more and more ICOs will need to follow laws such as the GDPR or risk being shut down or fined for non-compliance.
For ICOs, receiving a knock on the door by an enforcement agency can have the effect of destroying their reputation and good standing in the blockchain investment world.
Negative publicity, long delays, fines (up to 20 million euro) and potential criminal charges are all the result of avoiding the EU regulatory requirements of the GDPR.
Read more at: https://www.kycbench.com/the-future-of-ico/
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By Cynthia Pagangpang
TORONTO, Aug. 1, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has received the permits required to proceed with the extraction of the proposed 10,000-tonne underground bulk sample (the "Bulk Sample") at its 100%-owned Goldboro Gold Project ("Goldboro", or the "Project") in Nova Scotia, Canada. In connection with the Bulk Sample, Anaconda has engaged Cementation Canada Inc. ("Cementation") as the mining contractor to assist in the underground development and Bulk Sample extraction. Cementation is mobilizing to site today and will begin development work immediately. The Bulk Sample process is expected to take approximately four months with results to follow thereafter.
"The Bulk Sample is a key milestone in the development of the Goldboro Gold Project, the results of which will enable us to optimize the economics outlined in the Preliminary Economic Assessment, confirm mining and recovery methods and assess the mineral resource around the Bulk Sample. This work will move us closer to demonstrating the feasibility of building a mine at Goldboro. We are also extremely pleased to have Cementation, with its wealth of underground mining knowledge and focus on safety, as a key partner in extracting the Bulk Sample. We believe this has the potential to be a tremendous project for all stakeholders."