Now that Japan is planning to release guidelines that are favorable to the cryptocurrency business, it is an opportunity to launch an ICO over there. ICO, called Initial Coin Offering, is a way by which new projects sell their crypto tokens against cryptocurrencies like the Ethereum and Bitcoin.
An ICO is like a crowd funding platform, whereby a company offers something in exchange for a sum of money which is then used for different investments. However, in this case, what is being offered in exchange by the company is a virtual currency.
If your startup wants to launch an ICO in Japan, there are some things you need to know. It is important to know that you need a company and also a website which will act as medium through which the virtual currency can be promoted. You may even need a platform where people can discuss about it, a form of chat room.
One thing about the ICO market in Japan is that it keeps developing. Both large companies and smaller businesses are using the token sales to get funds. You need to meet with registration agents in the country who can help you to open an ICO if you have little idea of how to do it.
There are some steps that need to be understood and followed before launching an ICO.
One of the things you need to understand is the White Paper. A White Paper is what thoroughly describes a problem and also provide solutions to that problem. Any ICO without this white-paper is certain to be a scam
Another thing is the terms and conditions which people rarely read because they believe it is too long and takes too much time. Your startup needs a functional and succinct terms and conditions, preferably overseen by a legal adviser.
You should also decide on the type of token you wish to use. You have the choices of Ethereum, Bitcoin and others to launch ICOs. You need the help of people who share your dream and believe in your ideas. The people must also be experts and be those that other people can count on. You also need to be in the right frame of mind.
You need to know that sometimes, ICOs can be a risky gamble. You could do a lot of marketing and be sincere in your opinions and still not get a single investor. There is a big competition out there, especially in Japan. In order to stand out from the other competitors, you need to be creative and come up with tactics and strategies that can help.
Handle your communication with a high level of professionalism.