FinTelegram was a proud partner of Crypto42 Token Investment Summit 2018 in Vienna which happened on April 16, 2018. It was a great event focused on regulation, accounting, taxation, and investors protection in the crypto-investment space. Experts from all over the world gathered to present and discuss their views and ideas with likeminded people. It was a sort of “regulatory crypto-happening” with the goal to make the crypto-space a safer place and advance the regulatory framework accordingly.
We learned a lot from experts of different jurisdictions and regulatory regimes. The legal panel headed by the German lawyer Nina SIEDLER was one of the event’s highlights. Lawyers and regulators from different countries discussed the state of token regulation in their jurisdiction. The U.S. lawyer Lily TESSLER provided her view on the regulatory framework in the United States.
The Austrian lawyer Ronald FRANKL from the law firm Lansky, Ganzger & Partner presented some insights into the OPTIOMENT scam and provided the conclusions one could draw from the new crypto-criminal cases. Just a few days before the event the Vietnam-based Pincoin scam exploded. The promoters of the Pincoin ICO cheated more than 32,000 investors and allegedly ran away with some USD 660 million.
Ronald labeled the hyped crypto-investment environment with a “Wonderland” approach. Investors obviously dream to become millionaires in the new crypto-environment and forget about their homework aka due diligence. They seem to believe that there is such a thing as a free lunch in the crypto-environment. The issue is that crypto’s make it much easier for scammers and bad actors to cheat investors and run away with the funds (which are in many cases not even deemed as money). Good news is that lawyers, enforcement agencies, and investors are learning quickly.
Bottom line, the Crypto42 event showed that the crypto-space is progressing. Even though no one could deny that the crypto-investment scene is crowded with bad actors and PONZI-operators, it became clear in the course of the event that the “bright side” of the crypto-space is fighting back in the very best interest of the blockchain future and its promise to decentralize economic structures and create a trustless environment. Unfortunately, it’s still a long way to go.
We as FinTelegram had great discussions with lawyers, regulators and investors. It was FinTelegram’s first official approach and I am more than happy to tell you, our readers, that our mission to fight for an honest online-investment environment has been highly appreciated. We have been promised support by almost all people we spoke with at the summit.