New Zealand finally has an ICO launching within the country

14 Nov, 2018
by Ryan Boltman
News
New Zealand finally has an ICO launching within the country

New Zealand has been known as one of the most strictest countries in the world when it comes to cryptocurrencies. The country even passed a law allowing airport officials to access your crypto holdings to assess if you would be a danger to the country, and failing to provide this information could lead to a hefty fine as well as being barred from entry. 

New Zealand's first ICO will be underway as of the 23 November 2018. 

Issue Wire reports that Coingrid will be kicking off their ICO from 23 November until 23 January 2019. 

Coingrid describes itself as "NZ's friendliest cryptocurrency exchange" which plans to raise $3 million in Ethereum for the ICO. Coingrid have been communicating directly with local regulatory bodies in order to ensure there are no issues regarding the ICO. Most ICO projects based in New Zealand have registered their business overseas to avoid dealing with New Zealand's strict approach to cryptocurrencies, of which have yet to be adequately outlined in terms of laws and regulations.

Coingrid on the other hand, have reached out to the Financial Markets Authority (FMA) to ensure that they are aware of the ICO and that the FMA does not have any concerns surrounding the ICO. Coingrid is also a registered financial service provider in New Zealand and is looking to break the barrier between banks and cryptocurrencies in New Zealand. 

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