Estonia has long been active in creating an environment that is conducive to cryptocurrency participation and innovation. The Estonian government has recently announced that they intend to develop their very own state-backed cryptocurrency as well as an official marketplace for crypto capital and digital assets. This move is likely to establish Estonia as a world leader in the industry.
The marketplace will be created by a group of several technology firms and organizations, including the Estonian government. The consortium's first order of business is to create an agency that will facilitate the marketplace.
The market’s operation will be handled by a for-profit firm, TokeEST OU, while the overseeing and regulation of the marketplace will be handled by a non-profit firm, TokeEST SA. The market itself will be run on the TokenEST platform, which will be created by TokenEST OU in collaboration with the Australian blockchain company, LaborX Pty Ltd.
According to Sergienko, Chronobank is excited to be part of the new initiative of creating regulations, relations, and labor laws which address the new wave of blockchain-related products and services. They added that they were excited that the Estonian government shared their views.
One of the consortium’s top priorities will be to conduct an extensive audit of Initial Coin Offerings (ICOs). The audit will seek to determine a framework for establishing an ICO’s legitimacy as well as determine which ICOs will be allowed to partake in the market.
TokenEST OU will launch its very own ICO in January 2018 in order to raise funds for this initiative. The ICO will attempt to raise the equivalent of $30 million.
The TokenEST platform has made a list of functions and goals for its new platform, these include:
TokenEST has garnered widespread political support in Estonia, and the government is a proud facilitator of the movement. Estonia is part of the European Union and Eurozone. The country borders Russia and Latvia and is situated on the Baltic Sea. In the last decade or so, Estonia gained a reputation for its tech-savvy and friendly attitude. The country has become known as the "Digital Republic" due to its focus and knowledge in all fields relating to technology. The country is one of the first to boast a chief information officer, as well as e-Estonia, an initiative to create an entirely digital society.
The marketplace will be created by a group of several technology firms and organizations, including the Estonian government. The consortium's first order of business is to create an agency that will facilitate the marketplace.
The market’s operation will be handled by a for-profit firm, TokeEST OU, while the overseeing and regulation of the marketplace will be handled by a non-profit firm, TokeEST SA. The market itself will be run on the TokenEST platform, which will be created by TokenEST OU in collaboration with the Australian blockchain company, LaborX Pty Ltd.
According to Sergienko, Chronobank is excited to be part of the new initiative of creating regulations, relations, and labor laws which address the new wave of blockchain-related products and services. They added that they were excited that the Estonian government shared their views.
One of the consortium’s top priorities will be to conduct an extensive audit of Initial Coin Offerings (ICOs). The audit will seek to determine a framework for establishing an ICO’s legitimacy as well as determine which ICOs will be allowed to partake in the market.
TokenEST OU will launch its very own ICO in January 2018 in order to raise funds for this initiative. The ICO will attempt to raise the equivalent of $30 million.
The TokenEST platform has made a list of functions and goals for its new platform, these include:
- Promoting Estonia as a prime location for all tech and blockchain-based startups.
- To create, launch, and facilitate an exchange that will ensure that digital assets maintain optimum liquidity.
- Providing aid to all startups to launch their own ICO on the TokenEST market.
- To make funding available to eligible projects and startups via the platform.
- Providing technical support and solution services to all blockchain firms.
- Providing consultation to all ICO startups.
- To establish Estonia as a world leader in the blockchain and cryptocurrency industry.
- To implement blockchain education in the Estonian school system, and provide educational programs to interested individuals.
TokenEST has garnered widespread political support in Estonia, and the government is a proud facilitator of the movement. Estonia is part of the European Union and Eurozone. The country borders Russia and Latvia and is situated on the Baltic Sea. In the last decade or so, Estonia gained a reputation for its tech-savvy and friendly attitude. The country has become known as the "Digital Republic" due to its focus and knowledge in all fields relating to technology. The country is one of the first to boast a chief information officer, as well as e-Estonia, an initiative to create an entirely digital society.