Estonia Planning A Crowdfunded Initial Coin Offering

Notwithstanding the European Central Bank’s “veto” of the use of national crypto-currencies, Estonia (of all countries) will apparently launch its own Initial Coin Offering.

The TokenEST ICO will run on the Ethereum blockchain and is intended to raise US$30 million. Estonia will partner with Chronobank to run the crowdfunding effort (voluntary taxation?).

The government cautions that the offering is for “tokens” (estcoins) not currency but the tokens will trade.

The funds will be used to support Estonia’s “e-residency” program which allows anyone to become a “virtual” citizen of Estonia and use banking and other services in the country.

By normalizing and regulating crypto-currency, Estonia thinks that it will become the leader in this marketplace.

https://venturebeat.com/2017/12/19/estonia-wants-its-own-cryptocurrency-called-estcoin-in-bid-to-become-global-ico-hub/

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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