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Spanish Securities Regulator Adds 23 Forex and Cryptocurrency Exchanges to Warning...

The Spanish National Securities Market Commission has added 23 unauthorized forex and cryptocurrency entities to its warning list. The Spanish National Securities Market Commission (CNMV) has added 23 unauthorized forex and cryptocurrency entities to its warning list on Jan. 14. Among the companies added to the list is Blonde Bear OÜ, also referred to as Black Parrot Ltd., which claims to be a forex and cryptocurrency exchange operator but reportedly operates in Spain without a license. The company, which operated on the and domains, has also been flagged by the Polish Financial Supervision Authority for operating in Poland without the required license. Another company added to the CNMV’s warning list is Dax300, also known as Brown Fox Ltd., for operating in Spain without a license. This company is involved in the trading of contracts for difference (CFD) tracking cryptocurrencies, commodities and forex. As Cointelegraph reported in December last year, Spain w..

Winklevoss Twins Believe Stablecoins, Tokenized Securities Are Future of Crypto Innovation

Tyler and Cameron Winklevoss have said stablecoins and tokenized securities will usher in a bright future for the digital currency space. Tyler and Cameron Winklevoss, Bitcoin (BTC) bulls and founders of the cryptocurrency trading platform Gemini, have said stablecoins and tokenized securities will usher in a bright future for the digital currency space. The twins made their remarks during an interview on Fortune's crypto-focused news segment The Ledger on Jan 14. The twins’ air time comes as part of a push for coverage of their recent ad campaign, which has sparked some controversy in crypto circles over its attempt to remold crypto’s image with an emphasis on robust regulation and compliance-driven market practices. Cameron Winklevoss steered the conversation beyond regulatory matters and onto what he said Gemini considers to be an important new development for digital assets: stablecoins and tokenized securities. Noting that much of the twins’ focus and work to date has been o..

2018 Sees 550% Uptick in Exempt ICO Securities Offerings Filed With...

2018 witnessed a significant uptick in the number of ICOs authorized by the United States Securities and Exchange Commission to sell securities to large-scale investors. 2018 witnessed a significant uptick in the number of initial coin offerings (ICOs) authorized by the United States Securities and Exchange Commission (SEC) to sell securities to large-scale investors, according to financial news channel MarketWatch, Jan. 11. MarketWatch reportedly compiled its data for 2018 by searching the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system for keywords such as “coin,” “ICO,” “token,” “initial coin offering” and “saft.” Their research reportedly found 287 results for evidently ICO-related fundraisings that were accepted by the agency to offer securities under what is known as a Form D exemption. Form D is essentially a short registration form in which a company discloses essential information for prospective investors in its securities issuance. The form is notabl..

Colorado Considers Bill Giving Cryptocurrencies Limited Exemptions From Securities Laws

The bipartisan project to exempt crypto from securities laws is currently sitting before the Colorado State Senate’s Finance Committee. A new bill to exempt cryptocurrencies from some securities laws is currently under consideration by the Colorado Senate, documents released on Jan. 4 confirm. A bipartisan effort sponsored at Senate level by Republican Jack Tate and Democrat Steve Fenberg, the “Colorado Digital Token Act” aims to offer limited extra freedoms for cryptocurrencies and traders. The move comes as local regulators crack down on illegitimate offerings in the industry in a bid to formalize the local landscape. “The bill provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens,” a summary of the proposals reads. It continues: “‘Digital token’ is defined as a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable f..

Philippine Securities Regulator Postpones ICO Regulation Release

The Philippine Securities and Exchange Commission isn’t ready to issue final initial coin offering regulation, meant for release in 2018. The Philippines Securities and Exchange Commission (PSEC) is not ready to issue final initial coin offering (ICO) regulation. The legislation was meant to be released before the end of 2018, English-language local media The Philippine Star reports on Dec. 31. The aforementioned article attributes the delay of the release to a request by different stakeholders for further time to look at the draft ICO rules. The PSEC has reportedly revised anew the proposed regulation by taking into account different shareholders’ input. In the draft guidelines, the regulatory body established that the tokens emitted during an ICO may be classified as securities, and “therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.” The PSEC also stated in the draft that the sale of securi..

US: New Legislation Proposes to Exclude Crypto From Securities Laws

U.S. lawmakers have introduced a bill that would amend current securities laws to exclude cryptocurrencies from their purview. Two United States congressmen introduced a bill in the House of Representatives on Dec. 20 that would exclude digital assets from being defined as securities. The “Token Taxonomy Act of 2018” was introduced by Reps. Warren Davidson (R) and Darren Soto (D) and seeks to exclude digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act of 1934. The bill especially calls to: “… direct the Securities and Exchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for an-other, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, ..

Italy: Securities Regulator Suspends Two Crypto Firms for Alleged Scam Investment...

Italian securities watchdog CONSOB has halted two projects for allegedly offering fraudulent crypto investments. The Italian securities regulator, CONSOB, has suspended two projects for allegedly offering fraudulent crypto investment schemes. The 90-day suspensions were reported in an official statement on the CONSOB website published Monday, Dec 17. The Italian Companies and Exchange Commission, or Commissione Nazionale per le Società e la Borsa (CONSOB), is the Italian analogue of the United States Securities and Exchange Commission (SEC) and represents a governmental authority that regulates the Italian securities market. Both firms suspended by CONSOB, Bitsurge Token and Green Energy Certificates, are allegedly scam projects from the non-European Union-based company Avalon Life, and both have been banned from offering investments for 90 days starting from Dec. 12, according to two official resolutions. Allegedly fraudulent scheme Bitsurge was promoted on the website an..

US SEC Chairman Jay Clayton: ICOs Can Be Effective, But ‘Securities...

SEC chairman Jay Clayton declared that ICOs are effective, but also pointed out that “securities laws must be followed.” United States Securities and Exchange Commission (SEC) Chairman Jay Clayton has said that Initial Coin Offerings (ICOs) “can be effective” but that “securities law must be followed.” Clayton spoke on the subject during a speech about the SEC’s activity this year at the BLANK. In regards distributed ledger technology (DLT), digital assets and ICOs, Clayton stated that this is an “area where the Commission and staff have spent a significant amount of time.” He then further added that he expects “that this trend will continue in 2019.” Clayton underlined that there are “a number of concerns” relative to ICOs. More precisely, he pointed out the fact that, according to him, ICOs are currently operating in a way that grants substantially less investor protection than that of traditional equities and fixed income markets. Clayton then concluded that the consequences of thi..

Thai Securities Regulator Considers Various STO Classifications for Regulatory Framework

The deputy secretary of the Thai SEC has said the regulator has yet to decide how to regulate STOs. The deputy secretary of the Thai Securities and Exchanges Commission (Thai SEC) has declared that Thai-related Security Token Offerings (STOs) launched in an international market break the law, English-language daily Bangkok Post reports Nov. 29. The aforementioned article states that deputy secretary Tipsuda Thavaramara “said the regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend.” There still confusion about how to regulate these kind of offerings, Thavaramara reportedly declared: “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but it depends on the STO's conditions and the details in its white paper.” Bangkok Post reports that Thavaramara noted that a “STO affiliated with Thai investors launching in an international market at this point would be guilty of wrongdoin..

US Court Dismisses SEC’s Claims That Blockvest Sold Unregistered Securities

A California federal court judge ruled that “at this stage” he could not “determine” whether blockchain firm Blockvest’s BLV tokens were securities. A U.S. court has dismissed claims from regulator Securities and Exchange Commission (SEC) against decentralized blockchain-based assets exchange Blockvest, court documents released Nov. 27 confirm. The SEC suspended Blockvest’s Initial Coin Offering (ICO) via an emergency court order in October, with a subsequent legal battle ensuing over whether or not the firm’s BLV tokens were in fact unregistered securities under U.S. law. Part of multiple investigations into unregistered token sales by the regulator, the SEC’ retaliation initially saw U.S. District Court for the Southern District of California issue a temporary asset freeze against Blockvest. In a fresh development this week, however, the court ruled that the SEC had “failed” to adequately demonstrate that the tokens in question were in fact securities, according to the Howey Test. “..
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