ICO regulation remains the grey area in crypto-scene despite recent ICO bans in China and South Korea along with other countries attempting to draw regulatory lines on cryptocurrencies and ICOs. However, there are projects that are ready to take the first step on their own.
Prediction Markets LTD, a London-based company that is developing a new decentralized prediction market platform based on Ethereum smart contracts, Moirai, has made a serious effort to become one of the first legally regulated ICOs in the market. The company has submitted several applications to acquire licenses required for providing gaming and software services in the UK. The company is expecting licenses to be obtained by the end of this year, right before the end of its public sale.
“…Considering the increasing number of similar projects in the crypto world, a license like this is sure to become a scarce asset in the near future. We felt that securing the license early on, will give us the competitive edge over our competitors and will give us more credibility moving forward. For us it’s a big step-forward towards making Moirai platform a truly global and public prediction market” said Moirai’s CEO, Gary Taylor. He then went on to say: “…now that we are a few steps ahead on this matter, we can fully focus on developing the final product and user base acquisition instead of worrying about such thing as license in the future when it’s time for our token to hit the market.”
Obtaining such license prior to product’s launch might turn out to be a very smart and worthwhile decision for Moirai and its potential investors, considering the examples of previous ICO projects who struggled to acquire licenses needed for their product’s final launch, and as a result negatively affecting the project’s market value.
Moirai’s Initial Coin Offering is scheduled on 30/11/2017, but early investors have an opportunity to purchase MOI tokens at a discounted price during its Pre-ICO on 28/10/2017 19:00 UTC.