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Crypto attorney Jake Chervinsky doesn’t believe that a bill to exempt cryptocurrencies and ICOs from US securities law will be approved anytime soon. He cited the bureaucratic inefficiency of Washington as a key reason for his pessimistic outlook. “I don’t know if there’s any validity to the rumor that the Token Taxonomy Act will be reintroduced
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Asia is currently one of the most regulated continents on the planet in terms of cryptocurrency laws. Hong Kong is the latest Asian nation that is set to tighten crypto laws on traders and exchanges. The Hong Kong Securities and Exchanges Commission (SFC) is looking to tighten the current cryptocurrency laws as concerns over crypto-crime
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In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.
Legal Commission to Solve Problems Stemming From the Lack of Proper Rules
During a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.
The Swiss government has announced a new legislative approach to blockchain regulation in an official report. The document recognizes the technology as one of the most important recent developments for the financial sector in stimulating the country’s economy.
A Swiss Innovation Paradise
According to the report, the Swiss Federal Council’s main focus is on “ensuring the integrity and reputation of Switzerland as a financial center” and on better positioning the country to “exploit the opportunities offered by digitalization.”
Republican Congressman Warren Davidson, an avowed bitcoin adn blockchain fan, plans to introduce federal legislation that will regulate initial coin offerings (ICO) and cryptocurrencies. The bill would create an “asset class” for tokens, which would prevent them from “being classified as securities, but would also allow the federal government to regulate initial coin offerings more
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Thailand’s Securities and Exchange Commission (SEC) has reportedly clarified how existing laws can apply to crypto securities. In addition, Thai companies planning to issue securities tokens abroad would be guilty of wrongdoing under the Digital Asset Act for avoiding regulated fundraising channels.
Applicable Current Laws
On Thursday, the Bangkok Post reported that Tipsuda Thavaramara, deputy secretary of the Thai SEC, revealed that “the regulator will have to consider how to deal with STOs [securities token offerings] for issues such as share ownership, voting rights, and dividends.”
The Securities and Markets Stakeholder Group (SMSG) has released a new report suggesting that the European Securities and Markets Authority (ESMA) recommend to the European Commission that it regulate the cryptocurrency space with existing legislation rather than instilling new rules and laws.
The report specifies that most crypto assets are covered by the Unfair Commercial Practices Directive, which regulates unfair business practices in the European Union and requires corresponding laws to be passed that incorporate it into each member state’s legal system. However, cryptocurrencies are covered only in the sense that an entity issuing a crypto asset is labeled as a business, while the person purchasing it is a consumer.
Basic Attention Token, the native token to the Brave project and the token designed to fully incentivise the consumption of fair advertising. According to reports, the CEO of Brave, Brendan Eich has written to the US Senate Committee on Commerce, Science and Transportation in order to address some of the concerns he has regarding the current privacy laws in the United States. According to BTCManager, in his letter, Eich refers to the current roll out of GDPR across Europe, a law that has been established to give citizens in Europe more control of their data.
Justin Wales and Arnaldo Rego, lawyers at Carlton Fields, have surveyed all 50 states in the US, looking for clarity on money transmitting laws as they relate to cryptocurrencies. As adoption and general usage increases, states appear to be failing to keep up, leaving many enthusiasts to wonder if they’re committing a crime.
The U.S. FBI and law enforcement in South Korea and Japan have arrested two people in connection to phishing scam that stole $ 800,000 worth of Ripple (CRYPTO: XRP) tokens in a joint operation reported last week. A Japanese suspect is still at large.
The suspects victimized 24 Korean and 37 Japanese investors by replicating a cryptocurrency exchange website. They created a fake but resembling email account and warned users that their money had been frozen.
On Tuesday, U.S. District Judge Raymond Dearie in Brooklyn, New York said that U.S. federal securities laws may cover initial coin offerings (ICOs), per Bloomberg report. This week’s ruling enhances the regulatory framework that governs cryptocurrencies by leveraging existing rules that already regulate the U.S. stock market.
The New York case involves a Brooklyn businessman, Maksim Zaslavskiy, who promoted digital currencies that he claimed were backed by investments in real estate and diamonds.
The US Securities and Exchange Commission (SEC) has formally issued a cease and desist order to a cryptocurrency hedge fund for violating securities laws.
Under the Gun
The SEC has filed a cease and desist order as well as a $ 200,000 fine to Crypto Asset Management LP (CAM) and to its founder Timothy Enneking, CNBC reports.
According to the Commission, the fund which had proclaimed itself as the “first regulated crypto asset fund in the United States” was never actually registered as an investment company. Thus, it was directly and “willfully” violating securities law.
Initial coin offerings (ICOs) may soon come under added pressure from government regulators in the United States following a recent ruling that classified two fraudulent ICOs as security sales. According to a breaking report by Bloomberg, U.S. District Judge Raymond Dearie in Brooklyn, New York, ruled that two ICOs conducted by Brooklyn resident Maksim Zaslavskiy would be classified as […]
A U.S. District Judge in Brooklyn has delivered a landmark judgement with far-reaching implications for the initial coin offering (ICO) market. Judge Raymond Dearie of the U.S. District Court Eastern District of New York today ruled that U.S. securities laws cover ICO token sales. The ruling came in a case against a fraudulent ICO promoter
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In this week’s editions of Bitcoin in Brief we’ve covered a number of interesting developments in the crypto space. Several prominent exchanges have announced plans to increase their presence in new markets and locations, while a newly launched platform aims to rate them according to their liquidity, security, and volume. The weekly roundup also mentions a $ 300 million venture fund launched by Andreessen Horowitz, a new crypto vault offering safe storage in Switzerland, a patent promising to prevent the next Mt. Gox, and more.
The Maltese Parliament has voted into law three cryptocurrency and blockchain bills, making Malta one of the most desirable locations for setting up blockchain enterprises.
According to legislative records, the bills, which were introduced to the parliament by Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri, were passed unanimously on Tuesday, June 26, 2018.
The bills-turned-law detail the regulation of ICOs and cryptocurrencies and the process for setting up crypto-based businesses in Malta. The news, which Schembri shared via a tweet, makes Malta the first country to enact such laws.
CBlocks, a Miami based-based cryptocurrency startup is moving to Canada to avoid regulatory trouble in the United States. The firm has been unable to obtain clear legal guidance concerning its status, hence the move. Cryptocurrency laws in Canada are a lot less stringent than in the United States.
Unclear U.S. Regulations to Blame for the Move
According to the firm’s co-founders, they are not sure of how the regulatory agencies would classify the company. They even reportedly hired two lawyers from different firms, all to no avail. Both lawyers couldn’t come to a consensus regarding the status of the company under current U.S. regulations.
The Russian government has demanded lawmakers make several alterations to the country’s forthcoming cryptocurrency regulation before it becomes law in July.
Tax, Foreign Investment In Spotlight
A summary of comments made after the first reading of bill 419059-7, ‘On Digital Financial Assets,’ shows the Kremlin eager to enshrine foreign investor access to future Russian token releases, as well as produce clear tax obligations for cryptocurrency holdings from the outset.
“Given that tax obligations for digital financial assets and associated investments are not included in the law…, the government views as essential the need to make corresponding changes… regarding taxation and collection,” the summary reads.