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The ban on initial coin offerings in South Korea will stay, the country’s financial regulator has said in a statement. The decision by the South Korean Financial Services Commission (FSC) follows a survey which the regulator commissioned. Among the findings of the survey include the fact that some ICO projects misrepresented themselves. For instance, some had claimed to be fundraising abroad but they went on to involve South Koreans. Dirty Tricks Employed to Evade ICO Ban According to the FSC, the projects did this by registering in Singapore in order to circumvent South Korea’s ICO ban. Some of the evidence
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The European Commission, the EU’s executive body, is launching a blockchain app association next year and already has major banks on board.
While the U.S. Securities and Exchange Commission continues to contemplate whether or not to approve a Bitcoin exchange-traded fund (ETF), Canada has taken the plunge. Canadian regulators have approved a regulated Bitcoin trust fund which allows investors to invest in Bitcoin through retirement and savings accounts.
Financial Post reports that the Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC) have approved First Block Capital Inc. to launch a Bitcoin 00 fund which will be classified as a mutual fund. Investors can now invest in Bitcoin through their registered retirement savings plan (RRSP) and tax-free savings account (TFSA) by making purchases through the NEO Connect platform under the FBCBT ticker.
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The U.S. Securities and Exchange Commission (SEC) on Thursday stayed three orders denying bitcoin ETF applications that sought to list a total of nine such funds on regulated exchanges including NYSE Arca. Those orders, as CCN reported, were issued on Wednesday, further confirming the agency’s hesitancy to make cryptocurrency more accessible to retail investors through
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While cryptocurrency allows users to remove the middleman, some investors still rely on their brokers to ensure that their assets are safe. The Securities Exchange Commission (SEC) is now looking at this relationship and just how involved these intermediaries actually are.
The only way to make a well-informed decision about anything is by questioning it while making sure that you’ve gathered all of the facts.
This appears to be exactly what the SEC is doing. According to Bloomberg, brokerages have found themselves in the regulator’s spotlight. The latter is looking at issues such as trading fees and the level of assistance that these financial advisers provide.
South Korea’s Financial Services Commission recently announced a “major organizational reshuffle” to help protect consumers and adapt to changing financial innovations. Part of the reorganization includes a new division to oversee the cryptocurrency sector.
The government of South Korea has taken a relatively careful and considered approach towards cryptocurrencies and blockchain technology over the last few months.
Actions like agreeing in May to apply the G20’s set of “unified regulations” for digital currencies suggests an interest by authorities to keep fostering growth while keeping a close eye on consumer safety.
New York’s Bapple Realty, a boutique brokerage in Manhattan’s SoHo neighbourhood, has announced that it has managed to use blockchain-based smart contracts to split back office earned commissions on deals. The brokerage announced that it now uses smart contracts to receive and then allocate earned broker commissions on leases and sales. The inaugural use of the smart contract was for a split commission on a luxury apartment in Manhattan’s exclusive Soho district. The commission for the Spring Street residence totalled $ 3,400 — and paid in Ethereum tokens.
The FTC has filed a lawsuit against two companies that have reportedly defrauded somewhere around 30,000 people worldwide, affirming their intent to disallow major cryptocurrency scam projects.
Cracking Down on Crypto Scams
The FTC’s primary focus is to protect consumers and enforce the legal framework that creates a competitive market, and they’re starting to take notice of the cryptocurrency space. There have been many questionable projects and quite a few outright scams. Some have promised absurd returns, but the revenue structure relies on users to recruit more users into the platform, and those users recruit more users.
Brazil’s Securities and Exchange Commission (CVM) recently suspended the operations of mining investment scheme, Hashbrasil. The CVM has accused the company of violating securities laws by conducting an unregistered public offering.
Also Read: Chinese Altcoins Can’t Stop Failing
Hashbrasil Suspends Operations After Warning From Brazilian Securities and Exchange Commission
The Brazilian Securities and Exchange Commission has suspended solicitations from mining investment scheme, Hashbrasil – accusing the company of violating securities regulations.
Following remarks made by Valdis Dombrovskis, vice president of the European Commission (EC), after a roundtable on cryptocurrencies, it appears that the European Union (EU) is prepared to take steps toward regulating cryptocurrencies.
While acknowledging that European nations should embrace blockchain technology in order to remain competitive in financial markets, Dombrovskis also cautioned that they should be taking steps to protect their citizens from hazards in the cryptocurrency space.
“Based on the assessment of risks and opportunities and the suitability of the existing regulatory framework for these instruments [cryptocurrencies and ICOs], the Commission will determine if regulatory action at EU level is required.”
Blockchain-based booking platform LockChain.co has announced the Alpha release of its marketplace. The version kicks off with around 600 completely integrated listings already in place. In addition, hosts can list their properties for free and travelers can book accommodations without any commissions. By the end of February 2018, the platform will feature 100,000 hotels, providing accommodation options worldwide.
Nikola Alexandrov, the CEO of LockChain.co, explains the impetus behind the project:
Bit-X, one of the world’s leading Bitcoin debit card providers, recently announced a new line of cards to improve the overall user experience. Up until now, the original Bit-X Bitcoin debit card was a TravelCard, and came only in black, with the embossed cardholder name being Bit-X. That lack of variety has now changed with the company now offering a total of eight different cards to choose from.