Categories: ICO

ASX Asks BPG to Provide More Details about Its ICO

Click here to view original web page at www.coinspeaker.com

As it has been recently revealed, the Australian Securities Exchange (ASX) is actively examining Byte Power Group (BPG) which is this very IT company that is listed on the platform and is trying to attract $15 million of investments to launch its cryptocurrency exchange.

On July 19, Byte Power Group received AUSTRAC registration approval and informed the ASX about its intentions to undertake a token generation event for Byte Power X Loyalty Tokens (BPX Tokens). Following this statement, the ASX issued a query letter to BPG requiring the company to provide more detailed information on its planned ICO. Today, the firm has revealed its statement with detailed replies to 17 questions that were asked by the ASX under its Listing Rule 18.7.

According to the published statement, BPG is going to generate 1 billion BPX Tokens. It is planned that 25% of them will be bought by private investors. The price of one token is US$0.06. The company has set a goal to raise $15 million which will be allocated for creation of the crypto exchange. Within this platform it will be possible not only to trade BPX Tokens but also to use them to pay transaction fees. The company is going to allocate 75% of its tokens for pre-registered users of its exchange, for pre-opening and marketing campaigns and for some special releases.

Special attention to BPG from the side of the ASX can be explained by the fact that it is the first publicly traded company in the country that is seeking to launch a cryptocurrency exchange via an ICO. That’s why early in August, BPG received the above mentioned letter with questions from the ASX’s compliance team. The main aim of this letter was to justify the legality of the company’s token generation event.

It’s worth mentioning that token sale has been already initiated. Currently, only private investors in Australia and Singapore have an opportunity to purchase BPX Tokens but it is believed that soon the company will start selling tokens to investors in Hong Kong. Nevertheless, still there is no information about the amount of the raised funds and the company’s plans to sell the rest 75% of their tokens to investors as well. In Australia and Singapore, the company has managed to receive confirmation about the status of its tokens that are not viewed as securities there.

As for other news from the ASX, it has become known that it postponed the earliest date for the launch of its new replacement for CHESS system. Let us remind that CHESS (Clearing House Electronic Subregister System) has been in use since the 1990s and now the ASX is going to replace it with the post-trade DLT-based platform. Though earlier, it was announced that this new system would be launched in the fourth quarter of 2020, the newly announced date is March-April 2021.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: crypto cryptocurrency invest

Recent Posts

  • Bitcoin Business

Robinhood App Encroaches on Banking Turf with High-Yield Money Tool

Popular stock market and crypto trading app Robinhood is going after legacy banks with the relaunch of a cash management… Read More

2 hours ago
  • Bitcoin Business

The blockchain/crypto week in quotes

“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.” US… Read More

2 hours ago
  • Bitcoin Business

Art and watch collectors: Here’s how blockchain can stamp out fakes

According to an OECD report on counterfeiting, the world trade in fake goods is worth upwards of S$624 billion a… Read More

2 hours ago
  • Bitcoin Business

Litecoin and the Miami Dolphins Join Hands Over Charity

Who would have known American football and cryptocurrency would go so well together? In a press release, The Miami Dolphins… Read More

8 hours ago
  • Bitcoin Business

Crypto News: Grayscale’s Record Inflows, Shell’s New Blockchain Investment

Increasing amounts of capital are flowing into the crypto and blockchain start-up markets. By following the money, investors can uncover… Read More

8 hours ago
  • Bitcoin Business

David Koepsell (YICB 07), Co-founder of Encrypgen, LLC and Blockchain in Healthcare Global

David Koepsell is the co-founder and chief executive officer of Encrypgen, a software company creating next-generation blockchain solutions for genomic… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More