/Sept 9th, 2017/ For immediate Release
TokenStub has initiated a formal pause to their initial coin offering (ICO) and refunded all backers amongst a quickly changing global landscape surrounding ICO compliancy. The ticketing industry innovator made this decision in order to ensure that all participants can partake in a clearly defined environment while remaining compliant with government lawmakers.
This announcement comes after regulators in China imposed a blanket ban on all ICOs last weekend whereby ICOs are now required to refund all participants' contributions. South Korea, Hong Kong and the United States have also announced heavy restrictions on ICOs in the past several weeks.
TokenStub CEO Sean McHale stated that "It did not seem right to generate support for an international platform which could not allow American or Chinese participants. We felt the appropriate move was to suspend the ICO and work with each country's government to ensure compliance. We want to launch this platform properly and allow everyone to be involved in this groundbreaking technology."
TokenStub has not set a date for the relaunch of the ICO, but has indicated that it will occur within the next 3 months. In the meantime, the company will maintain its focus on self-funded R&D so that wallets and ticket marketplace demos will be available when the ICO relaunches.
McHale went on to say "if the cryptocurrency boom is anything like the dot com boom of the 90s, we must position ourselves as an Amazon or a Google where we not only survive dramatic market changes, but rather, we continue along our path to industry disruption."