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      "body": "2018 has been arguably one of the toughest years for capturing price gains in the Crypto market since the boom of late 2017, in one year we lost 80% of the total market cap, however, a completely opposite trend is obvious to folks who are actively working to develop the space. VC’s increased investments, start-ups, and existing companies are planting roots in the new financial ecosystem.\n![](https://cdn.steemitimages.com/DQmeGPum8HktGLnGfFbH1r7qRpojUkEWjxoZ1XcgMm4Ri6j/image.png)\nIt seems, feels and thought up that this new field is not going away and better yet it is expanding and growing to possibly merge with all other industries. Like the hardcore crypto fanatics will tell you “Crypto is here to consume the world”. So, we’ve seen the effects of the ICO the new freeing financial instrument that allows companies and project runners to raise funds with the promise to solve complex and until now “unsolvable” problems in the world, and on the other hand a tool for fraud and deception of the uneducated investor, giving crooks the ability to fiction a cause simply for the purpose of taking funds from their supporters while taking advantage of these early technologies steep learning curve to their advantage.  \n \nTaming the Wild West \n \nWhile this new innovative model for raising funds is groundbreaking on it’s on own, there is a clear need for regulatory actions in order to make this model sustainable long-term on all fronts. With the SEC cracking down on some bad apples, they are looking to protect investors from the many “Non-Kosher deals” out there and stop any dangerous activities that may lead to investors losing money/ terror funding/ money laundering etc. The SEC has also stated that they want to unburden companies with unnecessary regulation and reporting duties, thus making it easier for companies who want to set up shop in the US and raise funds from US investors. The goals according to Chairman Jay Clayton are to make thoughtful regulation that won’t hinder innovation, yet make sure Americans are safe from fraud and other bad practices the SEC is looking to enforce heavily. \n \n![](https://cdn.steemitimages.com/DQmUh9YGrCNnxskM76r47ccjZ9ACmVMeARYGTKGFgfL4eoA/image.png)\n \nA New Industry Emerges\n\nWe embark on a journey to another model for issuing Tokens and raising funds, the Security Token Offering seems to be all the noise of late. Security tokens are digital assets that grant the token owner claim over company rights, dividends, revenue and everything you could possibly get from conventional securities, only faster cheaper, and simpler and requires fewer if any intermediaries. It is also important to note that as an investor in a digital securities fund, for example, you receive an LPA ( Limited Partner Agreement), Private placement memorandum and a subscription agreement, so in terms of investor rights and documentation, there is little to no concern as the only thing that’s really new here is the far better ownership structure being offered. The digital securities issuance mania is about to go live, as we can read between the narrow lines of the rapid market development we can clearly see a few developments of note: \n \n- Companies and decentralized projects are not slowing down and more are constantly being created.\n \n- Jobs that never existed before are being created by the hundreds and more are coming.\n \n- Preparations for the next boom are underway as more and more platforms for issuing digital securities are being formed, all of which are making sure they are compliant with current securities laws.\n\n- Custody, Market surveillance and other investor protection services regulators and large investors need to feel more confident about the crypto market are rising and are taking the necessary steps to operate under the current standards and practices. \n \n- Exchanges like Tzero are on the verge of approval and operation start. Sharespost has been the first to receive regulatory approval so far, yet, the smartest, most active figures in the space are repeatably stating there are over 60 ATS’s they know of, are coming into the market. \n \nSo what is missing to jump-start the next boom?\n \nOne answer is players in the ecosystem starting to emerge and answer the call. Let’s breakdown the security tokens industry into six necessary categories:\n1. Issuers \n2. Custody & Trust \n3. Broker-dealers \n4. Trading \n5. Legal\n6. Compliance\n \nWith regulatory hardships on every turn it’s hard to see the industry go on the explosive run we foresee anytime soon, as the infrastructure is still being built and regulators are still holding licenses requests from players such as tZERO with no clue as to when that approval will happen.\n \nKey necessities for increased liquidity are high-frequency trading and derivatives markets, however before we have those, we need to understand what do the regulators need to see in order to allow these new players to operate. From the statements and reports, the SEC and other regulatory entities have made we can deduce that there is still much to be hashed out and thought of before setting any new standards ( which Chairman Jay Clayton has stated they are not going to do anytime soon) or amending any current laws. The main issues regulators want solved are ranging from Traceability of funds in international markets, Visibility and enforcement capabilities on the international level, no trusted central body that collects data on the actors operating in the space, the ability to freeze/restore accounts, wallets, tokens, and essentially the ability to control certain critical aspects of some networks. In addition, the SEC has mentioned the lack of surveillance in the crypto market as a major issue, and for the integration of services like SMARTS who is providing technological tools for market surveillance, real-time solutions, oversight, and keeping the security/safety standards that are required to protect investors from market manipulation. We can see Trading services such as Bitfinex integrates with Irisiums Surveillance platform on their exchange, and while the hardcore crypto users don’t like these kinds of actions, to say the least, these actions might be imperative for the healthy growth of the market and the massive opportunities true adoption will deliver.\n \nWhat can we expect in 2019?\n \n- Companies will start qualifying and getting approved by the SEC to embark on Reg A+ offerings that will drive a massive bull run for STs\n- Security Tokens exchanges are gonna start showing up out of the woodwork and receive regulatory approval as well, providing that 24/7 liquidity solution we need \n- Sovereign aspirations will cause more countries to adopt convenient regulations for entrepreneurs in the blockchain space to feel comfortable and willing to set up shop in their jurisdictions. \n \nBITSME has a list of great learning sources and educators in the Security Tokens industry we believe are crucial to check out and gain knowledge from: \n \nSecurity Token Academy (BITSME’s pick for best educators in the growing STO market )\nSTO Filter ( learn about new projects) \nStrategic Coin ( Market + Tokens research) \nThe Block ( The latest and greatest of the Crypto space) \nOneAlpha ( One of the top newsletters in the space) \n \nWe appreciate these folks amazing work, and hope more quality services like them will emerge in 2019.  \n\n ![](https://cdn.steemitimages.com/DQmQr34AHoVyYpgN9KrSbnKT79mwqAteF2AgQyHNjzWp4uq/image.png)\n\nBITSME is an Investment banking firm for blockchain based ventures who are looking to create something special and need the funds & knowledge & experience to succeed in their venture. experience executing ICO’s, STO’s, RICO’s to date, and provide extensive services, essentially from taking the raw idea and turning it to a true business using the solutions a decentralized system can provide. \n \nConclusions\n \nWe believe mass adoption will be reached only after we have the big institutional players Involved in the space, however, that will not happen if the regulators “checklist” is not addressed, governments & companies working together to achieve the best outcomes for investors and entrepreneurs. As it stands now we are not there yet, there is still a lot of work to be done for the massive wave of investments to flood into the space. With the rate of progress in the market it’s tough to know when we can overcome these hurdles to adoption. The linear thinkers ( which is the vast majority of folks) will say 4-6 years, however, the progression rate of the technologies and market generally speaking has been exponential since the moment Satoshi posted the Bitcoin Whitepaper, and the investments currently flowing to the space are designed to accelerate the progress even more. Given that, we can estimate with relative confidence that in the next 1-2 years, we will overcome the regulatory hardships through the growth of the technology, and market leaders taking on initiatives working closely with regulators to promote the safe use of these technologies.  \n\nTo learn more visit: www.bitsme.io",
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      "body": "We already got accustomed to the ICO industry and its ever-changing trends. As 2017 was all about DAPPS, 2018 so far has been mostly about Protocols and Exchanges, until the recent trend took off. Perhaps the most promising concept we’ve seen this year is the emergence of “Stable Coins”, these currencies attempt to resolve dire issues for the crypto market and more so for individuals who are in need of a stable currency. As their name suggests, Stable coins come to us with promises of stability and liquidity, however, will this concept of digital currencies backed by fiat currencies, digital assets and algorithms really end up being the \"holy grail\" of crypto?\n\n In this article, we will dive into what these Stable Coins are, why they are emerging and review where they stand today. In short term, these new Stable coins can create liquidity to exchanges, a gateway for traders to exit their crypto positions too. However, from a more holistic point of view, they can end up being a viable solution to issues preventing more retail & institutional investors from entering the crypto market as a whole.\n\n![0.jpg](https://cdn.steemitimages.com/DQma6cAb3nuDmg2B6JBhUxehgNNMK6ft14wwedJ9k8PrbXC/0.jpg)\n\nThroughout this year over 30 new stable coin projects emerged with some of them raising substantial financing rounds from respectable investors: Terra raising $32 million, SAGA with $30 million raised and Basis were able to raise a staggering $133 million!. Some of these tokens were created by liquidity providers & exchanges such as GUSD by Gemini, Tether, USDC by Circle, TrueUSD etc.\n\n\nBITSME is an investment banking firm helping cryptocurrency-based projects conduct successful TGE campaigns. BITSME encourages anyone to conduct in-depth checks and due-diligence before participating in any kind of trading of digital currencies. The following represents BITSME’s sole opinion and does not constitute a recommendation or investment advice of any kind. \n\nStable coins at the most basic level are just digital tokens backed by a certain currency, asset or system of algorithmic commends that ensure price stability. There are several types of Stable Coin concepts that are being developed to note and examples of projects already underway:\n\nFiat collateral - This is probably the most common concept in use today, having a digital currency backed by the US dollar 1 for 1 to peg the price, the idea is 1 token = $1 in 99% of these projects so far (Tether, TUSD etc.). The main issue in this method is the need for a 3rd party to act as custodian for the fiat money the token is backed by ( a bank or financial corporation with a legal framework in place that allows them to hold the fiat in a compliant fashion). This hurts the aim of a permissionless, censorship-resistant, borderless nature and most importantly a decentralized currency. Here we can see centralized powers with the ability to manipulate price and issuance and a centralized server that is just waiting to be hacked.\n\nSaga (SGN): Saga is a fiat collateralize project where the tokens are pegged to Special Drawing Rights (XDR), an International Monetary Fund-issued token tied to an underlying basket of currencies which includes the EUR, USD, RMB, JPY, and GBP. We can see that this Stable Coin is fiat backed with a twist so to speak, as the majority of stable coins are pegged to the USD alone. In theory, this will ensure price stability even in tough market conditions of extreme volatility. The Saga Genesis team is not planning on doing a public ICO event, instead, they will offer accredited investors and institutions to purchase the tokens under the standard KYC & AML the SEC requires.\n\nPhysical asset collateral - With the above projects being backed by FIAT, other projects are aiming to harness the power of real-world assets such as Gold, Diamonds, Oil, Real-estate and pretty much any physical asset that can be stored relatively safely and tethered to a digital currency. ( DGX, Carats etc.)\n\nDigix (DGX): for example, every DGX token is equal to 1 gram of 99.99% LBMA approved gold, however, the production of gold is a linear curve, while in today's modern economy that needs to be an exponential one for the asset to be able to keep up with the growth of the economy, that is a part of why the gold standard is long gone. This approach can have enormous potential for a variety of industries, will the current projects withstand the test of time? That remains to be seen...\n\nCrypto collateral - This is the least favorable approach at the moment due to the volatility of crypto assets in our young market, a daily 20% shifts are normal, which pretty much defies the point of a Stable Coin since it is everything but stable! At a future time when the cryptocurrency market is more mature and less volatile by nature, these coins can be a viable option, however, will we really need them at that point?\n\nAlgorithm backed stable coins - The “Holy Grail” of Stable coins and consequently the crypto market. The reason being, these platforms are designed to function as a central bank, meaning the algorithms built in the platform act as the rulers executing predetermined commands that are tailor-made to manage price fluctuations in real time. The way this usually works is by manipulating the supply through minting more tokens as the price rises, the tricky part is maintaining price stability in a downtrend or a market crash. The issuing powers that be have to then sell Bonds that represent a claim to the Stable Coin at a later time ( if price dips to $0.90 instead of $1, in theory, you will be able to sell the tokens for the bonds and then buy the tokens back for their original $1 price in the future), this approach is called “seigniorage shares” and it was thought up by Robert Sams.\n\nThe BIG question for a project that uses this approach is, will the projects see sufficient adoption in order to maintain it’s pegged price. If the algorithms saw a price decline and you as a user bought bond tokens to avoid a loss, you have to have faith that the Stable Coin will regain its pegged price, which will not happen unless the network is robust enough to be able to correct itself through the price control mechanisms the developers implemented to it. If there aren't enough people using the network, it will fail miserably.\n\n Basis: This project raised over $133M in a private placement from Stanley Druckenmiller, Kevin Warsh, Foundation Capital, Wing VC, and many more investors & VCs that seem to believe Basis has what it takes to make the dream a reality! Basis coin is uncollateralized, fully decentralized and can be pegged to most assets/currencies, this gives it a huge advantage over other projects making trade-offs on the decentralized nature of their platforms. As we go into their algorithm backed currency concept the important fact to understand right away is that the Basis protocol is designed to expand and contract supply similarly to the way central banks buy and sell fiscal debt to stabilize purchasing power, the kicker is the way to maintain price stability when downward pressure is being applied on the market. Stability is maintained through incentives, the system has a built-in incentive structure that promotes stability, so users acting based on their profit motives is a key factor. The US monetary systems function under a very similar concept.\n\nOne of the reasons Basis hasn’t yet seen the hype we’ve grown accustomed to seeing in the space is the complexity of the project as it uses 3 separate tokens to overcome issues of demonetization of the “StableCoin” and vice versa ( Base coin, Base shares, Base bonds). Basis has an approach that’s much like the US monetary system, only without the rulers to mass it up like we’re seeing in many nations around the world, having their currency devalued massively every year, they aim to enter these markets and offer the people a stable solution to the currency chaos they’ve been forced to live with. We will cover Basis more extensively in the future as it functions under some fascinating yet somewhat complex algorithms and processes.\n\nTerra: The Terra protocol team is building a decentralized platform that goes hand in hand with the Terra token, the platform can be used for other decentralized applications to be built and be supported by Terra's stability mechanisms as well as contribute to the stability of the network, forming a covenant of decentralized applications with Diversified asset classes to achieve stability. The Korean giant, Terra makes a guarantee of solvency, meaning they guarantee to maintain a reserve greater than the value of their economy, the idea is to have a reserve bigger than the circulating Supply it cannot be shorted because they can contract the supply all the way down to zero. The reserve derives its value by receiving dividends from network transaction fees, making it a decentralized alternative to Visa that backs its currency by its own dividend-bearing shares. Partnering with the Terra project is TMON a leading e-commerce platform in Korea that was founded and by the co-founder of Terra Daniel Shin. TMON has over 100,000 merchants and over nine million active customers and 3.5 billion annual transaction volume.\n\nTMON is serving as a strong partner for Terra and is guaranteeing strong adoption right from the get-go. We believe this project can become a major player due to the meticulously planned out model and capabilities to deliver in terms of adoption to the network from the millions of users already transacting on the TMON e-commerce platform. \n\nConclusion\n\nThe growth rate of stabilizing technologies is astonishing and while volatility is an encumbrance on traders it is a nightmare for people living under a totalitarian government that is demonetizing and devaluing the worth of their money. The ideal goal so to speak is not building a stable coin that allows traders to switch positions, it is to create a decentralized network that is open, border-less, neutral, censorship-resistant, fraud resistant and of course price stabled. Making sure this happens, will drive massive adoption from billions of people who are currently outside of the crypto market due to its volatile risks. Without committing to any advice it is safe to say the odds of an algorithm based Stable coins as Terra and Basis to win the jackpot are more favorable.",
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      "body": "In 2017, ICOs have raised over 5 billion dollars for hundreds of startups involving various implementations of Blockchain technology. According to Coinschedule, In 2018 ICO funding has already tripled raising over $15 billion up to June alone.\n\nIt is quite obvious by now, ICOs are going nowhere. While some skeptics hold their opinion it is just a new way to con naive investors, the truth is the phenomenon is enabling a whole new economic model, as soon as the market grows and matures.\n\nBlockchain – Decentralization & Transparency to the Masses\nBlockchain Technology solved a unique and difficult problem from the Game Theory, called the Byzantine Generals Problem: How do we create trust between two different parties (or more), with no central authority to oversee or mediate it?\n\nBitcoin was the first proof of concept we are able to do so, and it didn’t take the early adopters long to realize we can utilize the Blockchain, Bitcoin's technology, to create trust with no central authority in other markets and industries as well.\n\nOne thing that makes the Blockchain entrepreneurship and innovation so fascinating, is the process of becoming more transparent. If an ICO company wish to fund its project with investors money, it must not only create value and prove it is trustworthy, but must also remain transparent with its community, and usually have open source code.\n\nWhy are we talking about trust, you must be wondering? Well, most consumers love when middlemen bridge the trust gaps for them. For example, when you purchase a product through Amazon or eBay, they make sure the seller is trustworthy for you, they then contact the credit card company for you, and they basically do everything in their power so that you - as a user, will need to do as little as possible when you enter their website with buying intentions.\nThis process of bridging the trust described above, allegedly exists in the ICO markets as well.\n\nIntroducing Rating Agencies \nBefore we jump straight into ICO rating agencies, let's begin with understanding rating agencies' dubious history. Rating agencies are something investors & startups are very familiar with. That is probably because they pretty much control which stock you will buy. Their job is to assess and evaluate the risk of companies & governments making financial loans proposals to retail and commercial customers. Moody's, Fitch and Standard & Poor's (S&P) are the most familiar credit rating agencies nowadays. They control about 95% of the credit rating market worldwide.\n\nCredit rating agencies had a huge role in the global financial crisis, the subprime crisis, of 2008. According to the Financial Crisis Inquiry Report, the leading credit agencies were key enablers of the financial meltdown. They've attached their seal of approval (the highest one – AAA) to terrible investment opportunities, knowing it will lead investors into losing their money.  \"The crisis could not have happened without the rating agencies\" said the report.\n\nThis is just one showcase of the power of centralization. The rating agencies highly rated terrible investment opportunities because it made them money, and solely for that. \"The large rating agencies were catastrophically misleading yet enjoyed their most profitable years ever during the past decade.\" Said the commissioner of the U.S. Securities and Exchange Commission, Kathleen Casey.\n\n![file.png](https://cdn.steemitimages.com/DQmUmEsAa1CZoSepncSRNnFzxMc5WS8UMPW2ucJtb6wU7sJ/file.png)\n\nICO Rating Agencies & Trackers\nThe cryptocurrencies and ICO markets keep evolving, and rating agencies & trackers have become an imminent part of the growing ecosystem. ICOrating, ICObench, ICOdrop, and ICOMarks are just a few of many rating agencies and trackers established in the past year or two. Their job is to analytically asses ICOs using computer algorithms and experts. Each agency has their own rating system. Some rate an ICO on a scale from 1 to 5 (where 1 is the lowest and 5 is the highest), some rate it from A to E and some just write plain and simple what their rating is.\n\nHow are they analyzing and evaluating the startups? Well, according to ICObench's FAQ for example, their computer algorithm analysis is checking for information availability on four subjects, including team members and information about them, or their marketing and social media interactions. Their experts, on the other hand, are going deeper by analyzing the team's previous successes & failures, the status of the product, their business strategy and more. Eventually, they even review the projects' legal status.\n\nOthers even add parameters like hype score, assessing technical components and go even further with evaluating the potential role of the token within the system.\nWhen you scan their website, their methodology and how they emphasize their expertise, you truly feel like you're in good hands. Like they should earn your trust. But should they?\n\nTo trust, or not to trust?\nAlethena is a Blockchain-Asset Rating Agency located in Switzerland. Recently they have released a paper titled \"This Is How Easy It Is to Buy ICO Ratings – An Investigation\".  They decided, due to the non-transparency, dubious practices, and scams of the ICO projects, and because of the deceptive and dysfunctional behavior of ICO rating agencies firms, to launch an investigation on how the process is actually done – behind the scenes.\n\nIt unveils the methods of the ICO rating agencies. ICObench, for example, has a premium service in which, according to them, an ICO can pay for rating visibility. Is it only visibility? Obviously not. ICOs can pay not only for the location of the rating, but they even position the paying ICO's on the profile pages of their competitors! At the same time, these competitors will be blocked from appearing on the profile pages of paying ICOs. Meaning they deliberately include an ICO as \"Top Ranking\" (Sounds familiar?), and then shove it everywhere – so no matter what type of an investor you are, you will surely encounter it. \n\n![file (1).png](https://cdn.steemitimages.com/DQmWAFpHRetnBzGTSZwo5DWpgSvyRXaazibceNR4r7oHR91/file%20(1).png)\n\nImagine how many investors will mistakenly think the ICO, that has paid to be seen so much and on the top of the front page, is there because it deserves to be there? Well… A lot.\n\nUnfortunately, it gets even worse. Alethena has continued its investigation with understanding who are the experts these ICO rating agencies are working with. According to them, and to me as well, it has been a \"public secret\" in the crypto community that so-called expert ratings can often be purchased and are not independent at all. So Alethena went forward with their plan and registered an ICO on ICObench. Shortly after they did that, one \"Vagiz\" contacted them through Telegram with a great opportunity! Why don't you pay me, and I'll get the experts to rate you 5*?\n\n![file (2).png](https://cdn.steemitimages.com/DQmXEZdPoh1ZniZj7YxVEfwbhgbKmtyNhaNgbG9HZM15SXe/file%20(2).png)\n\nFor just $500 they could easily be ranked 5*, while having no one truly evaluate their ICO. Not only that, they even negotiated a better deal! Why not make it two ratings (from two different experts) for $800? A piece of cake.\n\n![file (3).png](https://cdn.steemitimages.com/DQmYKabYWaiNKtwFRWR7s4r3c6tyXTpckmx1DbwGicVoDyV/file%20(3).png)\n\nThe conversation went forward, they paid him 800$ and were actually included as a top-ranked ICO in a top place in ICObench, only through bribing their way up.  Later, another fellow expert contacted them and even offered a better deal. That's how easy it is.\n\n-Do Your Own Research\nSurely, we were discussing ICObench alone. However, it is pretty safe to say mostly all ICO rating agencies and trackers behave the same way. That is why you should always DYOR – Do Your Own Research. Sure, it isn’t easy. Of course, it requires time and knowledge but a proper investment is one we understand, know and even love.\n\n-Warren Buffet, Peter Thiel, and Peter Lynch, probably the most famous investors, are known to deeply understand the product, stock or even cryptocurrency they're investing in. They're doing it without the help of a rating agency.\n\nHow Do We Evaluate an ICO Then?\nFirst, check out our blog post on how to evaluate an ICO where you can find in-depth fundamentals.\nLong story short, you need to take the following into consideration:\n\n-Make a general first impression through the project's website and product maturity. Sometimes the first impression is so bad you can stop evaluating the ICO right there.\n-Study the project's Whitepaper, team and business strategy. This way you can understand their vision and how they intend on reaching it.\n-Consider the token allocation, and the ICO's soft & hard caps (regarding how much money they are trying to raise). A rational hard cap means the project actually took time to evaluate the funds necessary for their development. \n-Feel the hype: How big is the community? Is the ICO popular? Are people discussing the project on forums like Reddit or do you see the support of the Mega influencers backing the project.\n\nThese four criteria, written in plain language, makes it look easy. However, studying an ICO isn’t easy at all. It requires understanding the technology, it involves investigating the smallest details, and it takes time, lots of it. But to put in perspective – considering how small the market is, one good \"catch\" should be enough.\n\nConclusion\nThe ICO rating agencies & trackers industry is growing on a daily basis. Greed and the pursuit of easy profits are all over the place. 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      "body": "This is our second blog post of BITSME’s “Far East” guide. On the first piece of the series “Cryptocurrency regulatory realities and consequences” we painted the picture of the regulatory reality in China, Japan, and South Korea and its immediate effect on the ecosystem. Thankfully enough just two days after we published our last blog where we mentioned that South Korea is probably heading towards full regulation on ICOs, a series of bullish announcements went out to the press, pushing up BTC price up to 8,497$. Let’s hope this blog post will have a greater effect.\n\nWhile the first part of the guide was more theoretical, in this one we intend to dive into the unclear water of executing marketing campaigns and building oriental communities around your project in a very practical way. So let’s get right to it.\n\nBITSME is an investment banking firm helping cryptocurrency-based projects conduct successful TGE campaigns. Blessed with a variety of diversified clients, we had the opportunity of working with multiple service providers and partners. The following presented agencies and companies are far from being exhausting and many great ones remained out. On the same note, none of those mentioned below knew about it in advance or had anything to do with it.\n\n![photo_2018-08-01_15-22-48.jpg](https://cdn.steemitimages.com/DQmQ2BjDfa62fCDmhLaYorAPgBkBtsCxpm5VRhyAiXFAiNP/photo_2018-08-01_15-22-48.jpg)\n\nBITSME’s secret ingredients of running successful TGE campaigns in Asia \n\nTranslate all core materials into the local language - Kicking off with an obvious one you might say, but you will be surprised to know not everyone gets that. It feels almost intentionally but only a small portion of those communities have sufficient English skills to understand your vision and concept as described on your website, White paper, and blogs. \n\nAdditionally, we noticed that these Asian communities are making their decisions whether to contribute or provide projects with their services according to the projects will and plans for establishing their presence in those regions for the long term post ICO. Avoiding making the effort of localizing your basic materials might create a sense of alienation and foreignness keeping them away. \n\nChoosing the right translator is also an important task. In Japanese for example, you can have many different forms of translations for the same English word, translating Bitcoin in one way might be associated with Mt.Gox while others are associated with an alternative thrilling investment. Wrapping it up, as the translation work is basically your representative in those areas, make sure you chose a local translator and not skimp on few bucks that might cost much more down the road. The average cost of a good translator might vary between 0.1-0.15$ per word. \n \nUsing Local Virtual Branches - As hard as you may try, you will never be able to nail all the habits and local customs of each of the Asian markets. Although costly, local agencies are your best shot at getting the most out of your campaign, securing your brand awareness to its maximum. A Virtual Branch will basically act as an independent branch of your project, allowing you to maintain the main English campaign while it does the same in other languages interacting with local media outlets, social channels and local communication platform such as - KakaoTalk, Wechat, Naver, Line and others.\n\nOut of the variety of these service providers, we found BaseLayer (Japan), BitGosu (S.Korea) and Block72 (China) Token Advisors (Singapore) to be among the most prominent ones.  \n\nAttend several local meetups and Conferences - Creating relationships takes time and securing contributions in foreign territories depend above all on establishing high trust levels. During our visits to the far east, we found ourselves under maticolus and long due diligence. Only after seeing the same people and organizations several times we were able to break through and achieve some great results.\n\nPicking a single event to attend to in each country will probably not have any impact whatsoever. Instead you better off choosing fewer locations, planning your campaign in a way that enables you to return to the same places again and have follow-up meetings enhancing your chances of getting your deal. We at BITSME advise our portfolio projects to make to most out of each trip, and immediately after registering to a major event, secure several other smaller meetups sessions around that area. In fact, in most cases those small overlooked events are equally if not more productive than the big ones as the project usually ends up receiving much more attention from the audience.\n \nUse local influencers - Who is better to deliver your message than the guy from the local neighborhood? On boarding local influencers are key in order to establish yourself in a distinct community. Of course major influencers as Ian Balina or Crypto Daily we give you a major boost but you might get the same effect using one of the local stars which will probably cost you way less. \n\nYouTube might be the leading influencers platform on the west but in the far east other platforms often take the lead. Choosing the right influencer to work with begins with choosing the mainstream platform in that specific area. The most dominant platform in China is Wechat with starlets as Qushikuangren attracting thousands of followers. In Japan, the leading influencers platform is Twitter hosting several major influencers accounts such as Takafumi Horie and Yoichi Ochiai. South Koreans are absolutely insane about videos making YouTube the prominent platform there with few major accounts in the likes of Spunky from BitGosu and Soso Labs leading the rest of them.\n\nPlaying safe with Syndicates - With the market in a severe stagnation in recent months, it is often very easy to be tempted to take every offer and contribution opportunity. Just like in the rest of the globe, Syndicates role is becoming more important as they practically transferred into the community investments pipelines. Although there are lots of advantages playing along with those pools, their legal status is problematic and there is more to that. Recently there have been few cases where good projects provided allocations for Asian syndicates that kept the majority of the bonus for themselves offering their community worse terms than they could have received by contributing individually through the TGE sale site. Needless to say that when dealing with big allocations, these kinds of situations can lead to a total chaos. \n\nAnother thing to bare in mind is that in some cases, big crypto funds or VCs will be reluctant to join if they will find out many pools are in as well, as they perceive these kinds of contributions as non sophisticated ones that may cause a massive dump right after the sale.\n\n\nThat’s it for now! If you enjoy our blog post and want to receive additional information and constant market insights, make sure to subscribe our mailing list and join our official community channels on Telegram and Discord .",
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      "body": "After spending an overall of 21 days in South Korea, Japan and China, we decided to share with you all the latest happening on these countries buzzing cryptocurrency scene. In this two-part blog post, we will share with you our insights regarding the regulatory aspects and the best ways to market your project and brand in the far east. \n\n2018 will be recognized among few other things as the year we poked the bear. With 1,354 ICOs since the beginning of the year raising a mind-blowing amount of almost 8 Billion USD, regulators in the likes of the SEC had no choice other than releasing some inclusive announcements referring to all ICOs as securities offering and even actively prosecuting some of them.\n\nUsually, when we consider participating in an ICO we naturally pay better attention to the obvious mainstream factors such as: the initial price of the tokens, having all-stars names in the team and advisory board, the magnitude of hype around the project and several other factors. Perhaps one of the biggest parameters missing in that amateurish due diligence is the regulatory compliance. As regulatory compliance is mostly defined with a complex and threatening legal jargon and terms it is often overlooked.\n\nOne of the first actions a project conducting an ICO have to address is the design and nature of its token either as a utility that serves a specific purpose on its designated platform or as a security, requiring an entire set of applications and registration duties used in the traditional securities markets. As this specific point is worthy for its own blog, let me just say that in the current market conditions we become accustomed to, practically all ICOs are in fact securities offer. In order to avoid being labeled as a security under the SEC guidelines, one must actively prevent any exchanges listing, bounty campaigns and have a product its token holders can use as soon as the public sale is live. Unless the aforesaid takes place it is likely that what you are selling is basically an investment contract, one of the U.S securities definitions.\n\nGoing back to the ICO participants perspective, making sure a certain project is compliant with its jurisdiction regulator, is critical to make sure hell won’t break loose sometime after the sale causing the entire operation to cease business or suffer great sanctions basically killing the token’s actual use. \n\nHoping to mitigate that risk, during the past 6 months pretty much every ICO had closed its doors to US participants to avoid the SEC governance. Although this act is far from being enough as the restrictions mentioned above apply on the secondary markets as well, blocking American citizens from your ICO might drastically lower your exposure placing you in the bottom part of the SEC subpoenas queue. \n\nSo, blocking US citizens from participating in your ICO might be a smart thing to do right now but where will you get your hard cap filled from? With that exact question in mind, we traveled to Shanghai, Seoul and Tokyo and got back with some interesting answers. So, without further ado here is BITSME’s 2 Satoshis about the current regulatory guidelines in the far east and their immediate consequences:  \n\n\nBITSME is an investment banking firm helping cryptocurrency-based projects to conduct successful TGE campaigns. In this ever-changing environment, it is simply a must to be always on top of the regulatory guidelines. Being a market in its first steps, no fixed framework exists requiring us to be constantly vigilant doing our best to keep up with the latest requirements and statements of the relevant regulators we might be subject to.\n\n![39947A9200000578-0-image-a-11_1477057617359.jpg](https://cdn.steemitimages.com/DQmZwnFSeX6yTWN1H87GtMJ6po317SFYw1dVTN7XvM8kCEj/39947A9200000578-0-image-a-11_1477057617359.jpg)\n\nPeople's Republic of China \n\nBack on September 2017, the PBOC (People bank of China) installed a comprehensive ban on all ICO related activities prohibiting any company from conducting an ICO on Chinese soil along with restricting Chinese based exchanges from trading ICO coins and even demanding several ongoing ICOs to return all the collected funds to their original contributors. The PBOC sanctions came after over 500 Million USD were raised in China over 2017, 1/5 of the entire ICO market, with most of them turning out to be exit scams. This drastic prohibition caused all Chinese exchanges to incorporate new entities overseas to gradually stream all operations outside the country. See Binance’s move to Malta and Houbi expansion to Korea. The PBOC widely communicated ban led to the significant BTC drop back in September from 4,800$ to 3,160$ in few days. That deep lasted only for a short period ending in the most famous BTC rally reaching ATH of 19,880$ at December 2017.\n\nCurrently, all banns and restrictions in China remain the same. Conducting an ICO is still illegal in China as well as foreign projects offering Chinese citizens to participate. For that reason, the best practice for now for a raising project is to add the Chinese citizens to the prestigious ban club with their fellow Americans. So, does that mean no ICO activity takes place in China? NOT AT ALL. Apparently, some forces are too strong to control. Same as all the exchanges moved to other jurisdictions, so does the crypto funds, marketing agencies and individual investors. Most of the Chinese crypto funds have established sibling funds in Korea acting on their behalf. Meeting with funds in Korea will verify our last point although no official statement will ever be given on the matter. The bottom line is that although dealing with direct Chinese entities is forbidden, reality bound has led local companies to turn their skins and continue their operations under a structure of foreign entities.\n\nJapan\n\nTo many of us, Japan has always been the pioneer accepting Bitcoin as an official currency. Many of the legal and tax opinions in the world both for individuals and major corporations, rely on the Japanese law recognizing Bitcoin as a common currency just like the JPY. As a country known for its advanced Fintech industry, Japanese banks were the first to utilize XRP to settle their internal transactions in a giant consortium of 61 banks! In fact, the Japanese embrace of cryptocurrencies is so extraordinary that at the beginning of 2018 it was it announced that Japan's largest bank and the fourth largest bank in the world Mitsubishi UFJ Financial Group is about to launch its own new exchange!\n\nHowever, despite the favorable attitude toward Bitcoin and Rippel, it appears that regarding ICOs, the Japanese regulator takes the opposite view, and some would even say a hostile one. This can explain why while Japan is perhaps the leading country in the field of cryptocurrencies, you can count on one hand the number of Japanese ICOs. Apart from few small ones and most of Cardno’s staff, there are no other Japanese representatives in that space.\n\nThe absence of Japanese representation can be mainly explained due to the fact that in order to promote the sale of cryptocurrencies or the performance of any associated transaction in Japan, a government license is required which is extremely difficult to obtain. This is a critical fact since it means even foreign projects that as part of their advertising efforts decide to translate their website into Japanese may violate the law and be subject to the Japanese FSA prosecution! Therefore, it is recommended to always use a local licensed agency to translate your site in a way that will not constitute as public solicitation, avoiding legal exposures that may endanger your entire campaign. If that’s not enough, due to the increasing number of hacks in Japanese exchanges, both reported as the Coincheck hack and rumors about others, the FSA has tightened its license requirements sending out last month official letters to all current license holders calling them to step up their compliance enforcing stricter rules and regulation on their ongoing operations and reporting duties.\n\nSouth Korea\n\nSouth Korea was, is, and unless something special is going to happen, will remain one of the leading regions for cryptocurrencies. With few local exchanges, South Korea is responsible for approximately 10% of the entire daily crypto trading volume worldwide. Although being a very common topic on the general agenda, to date there is no official legal statue for ICOs or even cryptocurrencies in general in South Korea, allowing ICO companies the freedom of operating in the grey zone. In fact, even the mysterious death of a high ranked officer in charge of cryptocurrency regulation did not interfere with the positive attitude towards crypto-based ventures. As a direct results of the South Korea legislators approach, we are currently witnessing a massive inflation of South Korean projects. \n\nThis reality is about to change and luckily this time in a good way! On June 13th South Korea held its local elections. When we asked people in Seoul “who is going to win?” we always got the same reply “those who will convince the young generation”. A short visit to South Korea demonstrates how Koreans like to be associated with the general stream and to be like each other. With the electoral power in possession of the same generation constantly keeping itself busy with cryptocurrencies, it is not surprising that only two weeks after the elections ended the Korean government started a classification process to acknowledge crypto exchange as a formal industry followed by additional legislation initiative to establish cryptocurrencies legal status and creating a legal framework for initiating such currencies in South Korea.\n\nAfter being one of the world’s most embracing countries for cryptocurrencies South Korea is now continuing its positive attitude and is even embarking on far-reaching steps to establish a full cryptocurrency legal framework within its territory.\n\n\nConclusion\n\nOur main goal in the journey to the far east was to identify the best environment for our projects to establish themselves and build their brand awareness. While all three countries above share the top on the list of desired places to be well recognized while conducting your ICO campaign, we discovered that while the Chinese money is still unbeatable, Japan is the leading country regarding putting the technology to use with South Korea having the most favorable conditions for promoting and branding your TGE. The main question remains: How to launch a successful ICO campaign in China, Japan and South Korea? , and you can read all about it in our next blog post, Stay tuned!\n\nEnd of part 1 of 2",
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