Today the NeonExchange (NEX) tweeted that it will allow Chinese citizens to participate in their upcoming ICO. That would make the NEO-based NEX ICO token sale the first one in a long time to be legal for Chinese citizens to participate in. There is a possibility that this sets a precedent and offers a framework for future ICO's.
NEX
The Neon Exchange (NEX) is a NEO-based decentralized exchange project initiated by members of the community driven City of Zion group of developers. They are planning to create a multi-cryptocurrency exchange platform which will be based on the NEO blockchain, and the project has created quite some excitement within the NEO community.The NEX token acts as a share of the platform, and holders are entitled to a share of the profits from the platform's trading fees. Much like KucoinShares (KCS), the fees on the platform are collected in the currency that is being traded and token holders receive their rewards from those fees. Holding NEX token thus allows one to earn a large variety of cryptocurrencies passively, and earnings will depend entirely on the amount of trade volume that NEX will have.
CHINA COMPLIANT ICO
The news of today is that the NEX ICO will be the first China-compliant and legal ICO since the infamous China FUD from last year. This is most interesting because NEO is often spoken of as being a candidate for co-operating with the Chinese government in a regulatory compliant way, and some people expect that at some point there will be collaboration between the two.
(source: Twitter)
The fact that a NEO-based ICO will be the first regulatory compliant ICO in China is a very good sign that NEO's vision may very well become a reality. The NEX ICO could very well be the first of many China-compliant ICO's and perhaps even offer a framework for futures ones.
POSSIBLE LEGAL PRECEDENT & FRAMEWORK
Or perhaps City of Zion is one step ahead of this already. A while ago I wrote about their self-regulatory initiative in creating a template for 'good' ICO's on the NEO blockchain. At the time CoZ announced that only ICO's that follow the rules laid out in this template will be able to be tradeable on the NEX exchange. It only makes sense that the NEX ICO is built upon this template, and the fact that the Chinese government is willing to sign off on it might in fact mean that every ICO that is built on the CoZ template may be opened up to Chinese citizens. That is very bullish for NEO.On other hand the same tweet does say that US citizens are unfortunately still officially blocked from participating.
I am unfortunately not participating in the NEX ICO, due to lack of extra funds to invest. If you are investing in NEX, congratulations. I do believe that this token has a bright future ahead, as the project is ran by a dedicated and enthusiastic team with a lot of community support, but is also applying interesting rules to the token sale that limit the maximum amount of tokens per person to a relatively small amount of money to avoid centralization of wealth and power. It is likely to lead to a large amount of small to medium sized holders, as opposed to tokens being owned by whales looking to dump and manipulate the markets.
@pandorasbox I am wondering how about details of that successful template for ICO could be including ?! could the public read it?
Or is it a secret template only for NEX?
Josteem, most ICO will have a "White list" which explain every thing about the ICO when the presale, ICO start date, and when go to the first plateform. Also, will have a road map of their goals.
Thanks for your response! The ICO template was made publicly available a while ago. Here is the announcement for it which includes a link to the github where the template can be downloaded
Oh .. thatβs so nice ππΌ thanks for the link .. I will definitely download and read it ππΌ
Great news for Crypos ICO investors in China and around the world. This ICO could be huge with investors in China itching to participate in a new ICO.
Are you participating in this ICO?
Does not take much $ to participate. More difficult is whether you can even log in to buy the initial opening of ICO if it is too popular.
Yep but by the time ( weeks .. or months) until the ico is completed .. and getting listed on exchange ... you more probably find it was more useful to keep it in Eth and go grab some after the usual dump happening just after the listing !
Agree, sometimes the best time is to invest right after it goes to the internal or external exchange and every time it go onto the new exchange.
I'm not participating myself unfortunately - I didn't have any funds to spare and didn't want to give up my positions in other holdings I have. But if I had some extra fiat laying around I would have liked to participate.
And I agree that this may draw quite some attention from chinese investors. I hope NEO is as popular with them as it is with us!
I would be very cautious of this ICO being the 1st on supposeely approved by the Chines Government not allowing ICO for a while. All ICOs' are risky anyway....imo
thats really a great news. surely this ICO gonna kick ass and move too moon. lets grab some :)
Weβll wait and see π though patience always pays off lol
If you're on the whitelist, congrats! Otherwise you will have to wait for the tokens to be listed on exchanges - if any of them want to list it in the first place, considering it'll bring competition to them.
NEX ICO seems to have good chances to make it - not only but also in China!
I'll keep an eye on this one for sure.
Hope so , but I donβt trust the chinese news ... I am always wary about anything coming from China depending on either media or gov
Same here, I can not trust the Chinese government on their stands on Cryptocurrency and ICO. They have gone back and forth trying to control the media then of course the traders and investors.
You will not find any of those big guys here for example .. they are plotting together now manipulating the naive world / people like us who are just collecting the pennies here on steemit ! Damn to all of them lol π
Me too, I will be keeping a close eye on this if it hits any exchanges out there before NEX itself launches. I am careful though, many other DEX projects are launching and not all of them are drawing a lot of volume. NEX still has to prove itself but it does have a lot of advantages from the sound of it
Btw, are you one of the lucky ones in the NEX lottery?
No, I didn't have any funds to spare and didn't want to give up any of my existing positions when they were low. It's a shame, because I think it has potential, but no matter in the long run, I'm happy with my holds (except strat...)
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I had prepared my NEO to join in the token sale but sadly I wasn't picked in the lottery (hoping to get picked in Round 2).
I think NEX is really onto something here, we need a fast and safe decentralized exchange now that cryptocurrencies are becoming more and more mainstream.