Cryptocurrencies, Estonia, Financial Services, Internet

The ICO was scheduled to go public on Monday morning. Owners of the company were planning to raise 11 mln dollars with the ICO. Hermes Brambat, board member and person at the helm of Nordcoin, told the newspaper that the coin offering will very likely be postponed indefinitely as the Financial Supervision Authority is saying neither "no" nor "yes" to them.

"We are in constant communication with the Financial Supervision Authority and expectant after submitting supplements of the first legal analysis. The Financial Supervision Authority is refusing to give concrete answers and only goes as far as giving very general explanations and guidelines regarding the organization of the offering. We are currently analyzing our legal position and will make a final decision regarding the conducting of an ICO or alternatives in the next few days," Brambat said on Thursday.

"Currently on the table is the possibility that we will continue activity with our original business model, that is with the support of the personal investments of the founders of the company. But it will be determined in more detail from the response that is supposed to come in the next few days," he said.

The Financial Supervision Authority told the publication that the institution cannot comment on affairs concerning specific enterprises. "But we can say that every potential ICO organizer must first assess whether their offer can be qualified as a public offering of securities or not. If this is a public offering of securities, a prospectus regarding that must be registered with the Financial Supervision Authority," Livia Vosman, head of public relations at the Financial Supervision Authority, said.

Altogether 50% of Nordcoin is owned by Brambat through HB Holdings OU, the other 50% is owned by Jur Keha OU, on the management board of which is Joel Mitt, the other person at the helm of Nordcoin. Owners of Jur Keha are Alice Mitt, Kristjan Novitski and Ove Musting.