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The U.S. Securities and Exchange Commission (SEC) announced today the launch of a “New Strategic Hub for Innovation and Financial Technology.” In a surprising move, the project — dubbed “FinHub” — allows blockchain innovators and initial coin offering (ICO) operators, among other fintech stakeholders, to speak with the SEC directly on rules and market integrity. As the
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The Financial Supervisory Authority of Norway is enforcing new money laundering regulations that apply to crypto exchange and storage providers in the country. The law will go into effect on Oct. 15 and will affect companies established in Norway including branches of overseas companies.
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
Finanstilsynet, the Financial Supervisory Authority (FSA) of Norway, announced Thursday that the country’s Ministry of Finance has established new money laundering regulations which apply to “Norwegian providers of virtual currency exchange and storage services.”
The chief executive of cryptocurrency-funded web browser Brave has penned a letter to the U.S. Senate calling for legislators to adopt data privacy regulations comparable to those recently implemented in Europe. Brave CEO Calls for a U.S. GDPR Writing in the letter dated Sept. 28 and addressed to the U.S. Senate Committee on Commerce, Science,
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In a landmark case for the cryptocurrency industry, a federal judge has ruled that a cryptocurrency caught in the midst of a lawsuit is a commodity, court documents reveal.
U.S. District Judge for Massachusetts Rya Zobel has decided that the suit’s prosecuting party — the Commodity Futures Trading Commission (CFTC) — can proceed with its case against My Big Coin Pay Inc. as its cryptocurrency My Big Coin (MBC) does not fall into the category of a security.
Governments are known to pass bad regulations that harm industries as well as implement rules that often lead to unforeseen, negative results — consequences that significantly deviate from the new rule’s original intent. And that’s a major reason why software engineers developed Bitcoin (BTC) and other trustless mediums of exchange in the first place: to make snooping intermediaries obsolete when it comes to blockchain-powered transactions. A group of Bitcoin and finance experts this week warned the U.S.
Since its implosion back in 2014, the Mt. Gox exchange hacks continue to loom large within the cryptocurrency ecosystem. The U.S. District Court for the Eastern District of Pennsylvania determined recently it does not have jurisdiction in a case involving Gox victims and a bank closely associated, in effect condemning victims to redress their grievances at the scene of the crime, Tokyo, Japan.
Also read: Philippines Okays PDAX Crypto Exchange
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.
Continue reading US Judge Rules ICOs Covered By Federal Securities Laws at Crypto Daily™.
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 […]
SludgeFeed
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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Internet courts in China will henceforth deem evidence authenticated using blockchain technology as being legally binding. This follows the publication of new rules by the Supreme People’s Court of China which state that blockchain records will now be admissible in court. According to the South China Morning Post, internet courts which have been set up
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A Brussels-based think tank has urged the European Union to adopt common crypto regulations. Its report will be reviewed during this week’s meeting of the EU finance ministers in Vienna. Also in The Daily, the Eurasian Economic Union may adopt a single settlement currency, possibly a crypto, Samsung Pay offers a tokenized money transfer service in Russia, and Transfergo launches remittance payments to India using DLT technology.
Also read: Luxury Car Dealership Accepts Bitcoin, Basketballers to Earn Crypto
Australia’s primary securities regulator is focusing efforts to keep a close eye on the cryptocurrency sector, including ICOs, as part its corporate action plan for 2018-19. Having stressed in April that it would keep an “open mind” to cryptocurrencies and initial coin offerings (ICOs) domestically, the Australian Securities and Investments Commission (ASIC) pinned harmful threats … Continued
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A New York judge has issued a court order permanently banning a New York-based crypto promoter whose firm was accused of defrauding investors and failing to deliver on its promises. In his ruling, Judge Jack Weinstein stated that the crypto firm, CabbageTech Corp., had defrauded investors using false statements, and ordered its operator, Patrick McDonnell, to pay more than $ 1 million in restitution and penalties. The ruling brings to an end a process that kicked off in January when the U.S. Commodities and Futures Trading Commission charged McDonnell with fraud and misappropriation of funds.
The Philippine SEC (Security and Exchange Commission) approved draft rules for initial coin offerings (ICOs), ABS CBN News reported. This official approval will pave the way for the legal sale of cryptocurrencies in the Philippines. The Securities and Exchange Commission has released, for public comment, the proposed rules to govern the registration of initial coin offerings, which will be considered when the actual rules will be implemented, SEC Chairman Emilio Aquino said.
Also read: Philippine SEC to Develop Cryptocurrency Regulations
The Philippines is close to introducing new regulations governing how companies can legally raise funds through initial coin offerings.
CoinDesk
In today’s Bitcoin in Brief, Belarus, which legalized crypto activities this spring, is now turning its attention to adopting standards for companies operating crypto exchanges and issuing tokens. We’ve covered the decision of the Russian payment provider Qiwi to motivate its employees with tokens. The Daily also features crypto news from China and Canada.
Also read: Anti-Crypto Politician Backed by Payments Firm, Grayscale Raised $ 250m in H1
The United Kingdom has what it takes to become a true leader in the crypto space, according to a new report covered in today’s Bitcoin in Brief. Also in The Daily, the British Crown dependency of Jersey has adopted new requirements for ICO projects to better protect participating investors, Malta now has a two-way bitcoin ATM, and Hong Kong has been promised thousands of crypto payment terminals.
Also read: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense
In an ongoing dispute between banks and cryptocurrency exchanges in Chile, an appeals court has finally ruled in favor of one crypto exchange against one of the largest banks in the country. Five major banks have also separately responded to lawsuits against them in court.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Fourth Chamber of the Court of Appeals of Santiago has ruled in favor of cryptocurrency exchange Orionx against Banco Estado for closing its account, local media reported. The ruling, which orders the only government-owned bank in Chile to reopen the exchange’s account, was published on Thursday.
The Thai Securities and Exchange Commission (SEC) has officially announced its regulations for initial coin offerings (ICOs). The rules specify requirements for ICO portals, issuers, as well as who can invest in tokens. The Commission has also provided a series of infographics to explain the regulations.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Thai SEC officially announced Wednesday the regulations for ICOs, which will take effect from July 16, according to local media.
South Korea’s Supreme Court just ruled that bitcoin is a legally recognizable asset. The landmark ruling occurred on May 30, 2018, and it overturns a decision made by one of the country’s lower courts in a case dating back to last year.
In September 2017, the Suwon District Court charged 33-year-old Ahn with the sale and distribution of child pornography. Operating a website since 2013, Ahn was arrested in May of 2017 for disseminating some 235,000 obscene files. Even though the court handed Ahn a guilty verdict and 18 months in prison for his actions, it did not confiscate the 216 bitcoins Ahn accumulated in exchange for the porn.
