Cryptocurrencies, Estonia, Financial Services, Internet
International Internet Magazine. Baltic States news & analytics
Tuesday, 23.04.2024, 10:09
Company mining cryptocurrency in territory of VKG in Estonia postpones ICO
The ICO was scheduled to go public on Monday morning.
Owners of the company were planning to raise 11 mln dollars with the ICO. Hermes Brambat, board member and person
at the helm of Nordcoin, told the
newspaper that the coin offering will very likely be postponed indefinitely as
the Financial Supervision Authority is saying neither "no" nor
"yes" to them.
"We are in constant communication with the Financial
Supervision Authority and expectant after submitting supplements of the first
legal analysis. The Financial Supervision Authority is refusing to give
concrete answers and only goes as far as giving very general explanations and
guidelines regarding the organization of the offering. We are currently
analyzing our legal position and will make a final decision regarding the
conducting of an ICO or alternatives in the next few days," Brambat
said on Thursday.
"Currently on the table is the possibility that we will
continue activity with our original business model, that is with the support of
the personal investments of the founders of the company. But it will be
determined in more detail from the response that is supposed to come in the
next few days," he said.
The Financial Supervision Authority told the publication
that the institution cannot comment on affairs concerning specific enterprises.
"But we can say that every potential ICO organizer must first assess
whether their offer can be qualified as a public offering of securities or not.
If this is a public offering of securities, a prospectus regarding that must be
registered with the Financial Supervision Authority," Livia Vosman, head of public relations
at the Financial Supervision Authority, said.
Altogether 50% of
Nordcoin is owned by Brambat through HB Holdings
OU, the other 50% is owned by Jur
Keha OU, on the management board of which is Joel Mitt, the other person at
the helm of Nordcoin. Owners of Jur Keha are Alice Mitt, Kristjan Novitski and Ove Musting.