A recent report reveals that Singapore attracts more ICOs than any other country. This confirms that the ICO industry is currently experiencing a paradigm shift.
On September, 27 Elementus released a report that showed that Singapore tops the list of countries with the highest ICOs. Second, on the list is the US while the UK is showing signs of regression. In addition, Russia is struggling to keep up with the progress it made in 2017. And Switzerland is hardly moving on the charts.
The figures posted by Elementus confirms that the USA’s crackdown on ICO has reduced the number of ICOs hosted in the country. In addition, the report reveals that Singapore hosted more ICOs than the US for the first time in August. Singapore hosted 17 ICOs which heavily contributed to the $1.5 billion raised by the global ICO industry in August. Surprisingly, the amount raised in August is slightly more than the funds raised last year November.
Is The ICO Industry Maturing?
Therefore, Elementus argues that the ICO industry is not showing any sign of collapse, rather it is maturing with time. In addition, the post noted that the ICOs without working products are finding it hard to raise funds. As such, people are paying more attention to the details of ICO’s whitepaper.
The US Clamps Down On ICOs
However, Elementus’ sentiment is not mirrored by nations that are planning on clamping down on fundraising campaigns. In the US, the security and exchange commission (SEC) is presently scrutinizing fundraising campaigns. In September, SEC fined an ICO $550,000 because its token could be classified as a security. However, the crackdown in the US seems to be favoring Singapore and some other nations that embrace the idea of ICOs.
Clearly, the regulations and policies play a major role in the future of ICOs and cryptocurrencies in general.