Bitcoin 

Australian Securities and Investments Commission Warns Public Against New Crypto Scam

The Australian Securities and Investments Commission (ASIC) has issued another warning on May 21 against an alleged crypto-related scam project. According to the report, the Australian financial regulator has today published a warning against an alleged scam entity dealing under two names, Dartalon Ltd and GFC Investments. The ASIC has red flagged the entity, reportedly claiming that the business “has made unsolicited calls or sent emails about investing, financial advice, credit or loans,” while it does not possess either an Australian Financial Services license or an Australian Credit license from…

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Bitcoin 

US Court Claims Rapper T.I. Sold Unregistered Securities in FLiK ICO

The Atlanta division of the United States district court of the northern district of Georgia claims in an order published on May 20 on Twitter by lawyer Stephen Palley that Rapper T.I. — real name Clifford Joseph Harris Jr. — sold unregistered securities in his FLiK initial coin offering (ICO). According to the document published by Palley, although the flik tokens had additional functionality (such as granting access to events), the token holders were promised profits from the work of the company. Harris’ business partner Ryan Felton allegedly said on…

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Bitcoin 

Proposed Securities Framework Wrong for Regulating Crypto Exchanges, Argues Kraken

Canadian exchange Kraken has published a paper arguing against proposed regulation of crypto assets by the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC). The exchange shared its comments in an official twitter post on May 16. Kraken says that the proposed framework considers the contractual arrangement between an exchange and an exchange user as a security. Kraken denies that these contracts constitute securities: “…most reputable exchanges operate as custodians or bailees. As such, the assets are legally owned by the customer and not the…

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Bitcoin 

US Regulator Joins Canada in Fining Blockchain Firm CEO for Securities Act Violation

Blockchain entrepreneur Alex Tapscott has been fined $25,000 by the United States Securities and Exchange Commission (SEC,) according to a filing on May 14. Tapscott is the CEO of NextBlock Global, and in the filing, the SEC said neither the Canadian company nor its securities had ever been registered with the commission. The 33-year-old and his company have also been ordered to cease and desist from committing further violations of the Securities Act. According to the SEC, NextBlock was founded by Tapscott and three others in June 2017 for the purpose of investing…

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Bitcoin 

Securities Laws Are ‘Written to Be Dynamic’

Securities laws are “written to be dynamic,” a senior official at the United States securities regulator claimed in a recent panel at Consensus 2019 on May 13. Amy Starr, chief of the office of capital markets trends at the U.S. Securities and Exchange Commission (SEC), expressed the regulator’s willingness to interact with local crypto and blockchain-related businesses in order to gain a better understanding of how securities laws can be applied in various cases. Speaking at a panel titled “Perspectives on SEC engagement concerning digital assets,” Starr noted a high…

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Blockchain 

Australian Advisory Firm to Launch $250 Mln Digital Securities Offering for Mining Sector

Major Australian capital advisory firm PCF Capital Group has chosen permissioned blockchain ecosystem KoreConX for a $250 million digital securities offering. The news was revealed in a press release shared with Cointelegraph on May 14. PCF Capital is a corporate advisory firm with a focus on serving clients within the mining and resource sector, and has executed 120 mine divestment and project financing mandates for over $2 billion, according to the press release. KoreConX is reportedly a permissioned blockchain ecosystem for fully-compliant digital securities. It comprises a network of broker-dealers,…

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Blockchain 

Australian Securities Exchange Debuts Infrastructure Replacement as Blockchain Switch Begins

The Australian Securities Exchange (ASX) has released the first code for its replacement app development tool based on blockchain, the company confirmed in a press release on May 7. The new platform, dubbed the Customer Development Environment (CDE), builds on the exchange’s previous offering, Chess, which will now be retired. The initial features, which hinge on distributed-ledger technology (DLT), began a rollout at the end of April, with ASX drip-feeding more to users in roughly two-month intervals before the platform is fully live next year. The scheme is a joint…

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Blockchain 

New Regulation Allows for Digital Shares, Tokenized Securities

The Thai Securities and Exchange Commission (SEC) deputy secretary-general Tipsuda Thavaramara has said that the recently introduced regulation allows for the issuance of digital shares and a tokenized securities depository platform. English-language local media Bangkok Post reported the declarations on May 2. In her comments, Thavaramara referred to the amendment to the Securities and Exchange Act of 2019, which is in effect since April 17. Per the report, the SEC urges all stakeholders to prepare for the amended act, which aims to help Thailand introduce blockchain use in trade and…

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Bitcoin 

SEC Suspends Trading in Securities of Crypto Exchange Bitcoin Generation

The United States Securities and Exchange Commission (SEC) has temporarily suspended trading in the securities of crypto exchange Bitcoin Generation, the government agency announced on April 29. In a statement, the SEC said the suspension will be effective from 9:30pm EDT on April 29 until 11:59pm EDT on May 10. The SEC said it had taken the decision “due to concerns about the accuracy and adequacy of information in the marketplace” surrounding its outstanding common stock, promotional activities and the impact they had on the market, as well as the…

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Bitcoin 

Securities and Exchange Commission Plans to Hire in-House Crypto Specialist

The United States finance regulator, the Securities and Exchange Commission (SEC), is hiring a dedicated staff member to provide expertise on cryptocurrency, a job application that originally appeared on April 5 confirms. The SEC, which continues to iron out policy regarding U.S. domestic treatment of cryptocurrency tokens, will pay up to $239,000 per year for its Crypto Specialist, who will serve various consulting roles. “The Crypto Specialist provides expertise and coordinates TM activities regarding crypto and digital asset securities,” a summary of the position reads. The summary continues: “Duties include…

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