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Polymath CEO Trevor Koverko on smart investing, secret societies, and security tokens

...efore that, he was in Silicon Valley and Wall Street. And before that, he was a hockey player, making the NYR Draft Pick. Now he’s committed to presiding over what he sees as the “biggest and best-kept secret in crypto right now”–security tokens. **What’s So Exciting About Security tokens?** Perhaps a better question to ask is–what is a security token? “It’s very simple ac...

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Coinbase was approved by SEC to list security tokens

...ast month, the exchange announced that it intends to purchase three companies: (I) Keystone Capital Corp., (II) Venovate Marketplace and (III) Digital Wealth LLC – as means of becoming a regulated platform for offering trading services in security tokens, as well as to tokenize traditional financial assets. Coinbase COO Assiff Hiriji commented: *“Ultimately, we can envision a world where we...

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Utility tokens to be! A new crypto legislation in Montana

**The state of Montana has just released a bill that will exclude cryptocurrencies from the securities law and will describe the use of utility tokens in a in a clear and straightforward manner.** The Governor of Montana, Steve Bullock signed House Bill 584 which proposes the new provisions, as a result, making the State of Montana a desirable location for crypto startups. The bill with th...

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Singapore Crypto License

Increasing popularity of token offerings/ICO companies reflected in the guidance of the Monetary Authority of Singapore (MAS) of August 1, 2017. According to the latest announcement of its regulatory position regarding tokens, MAS provides two routes, the choice of which will depend on details of particular business.Incorporation: 1-2 weeks Application to MAS: starting from 3 weeks Minimum ...

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Bermuda warns: virtual currency shall not pass

...mpanies to raise money for making first steps in business. The Authority assumes that the unregulated initial token offerings can be dangerous for investors. What are the main problems of ICO? First of all, cryptocurrencies are used for obtaining tokens. Investors purchase tokens on the Internet and initial coin offering tend to be global and anonymous. As a result, governmental authorities thi...

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Switzerland puts a hand over supervising ICOs

...refore, an approach to ICO regulation is still caused by need to protect oneself from money laundering and financing of terrorism. Many questions aroused while deciding on **token regulations**. For example, currently there are different types of tokens and approach to them is measured by their purpose. They are distinguished into the three types: payment, asset and utility. Payment tokens are...

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Russia adopting three-tier cryptocurrency regulation

...ets, it will be easier to clarify the right law and remain compliant. Under the three-tier regulation, cryptocurrencies are differentiated as: **Virtual Assets** - cryptocurrency that is used to transfer values (e.g. Bitcoin) **Technical tokens** – utility/technical tokens (e.g. Ethereum) **Digital Finance Assets** - ICO tokens. It worth noting that many public institutions an...

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Hong Kong introduced new rules for Virtual Asset Fund Managers

...idance on risk management, segregation of assets, custodianship, funds structure, and other legal aspects. Virtual assets under the present Terms and Conditions are defined as digital representations of value including digital currencies, digital tokens, crypto assets or any other virtual commodities. The document provides that fund managers investing in virtual assets must always maintain ...

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FINMA provides guidelines on "stablecoin"

...sory Authority (FINMA) has provided the guidelines bringing to light how ‘stablecoins’ are being handled under the relevant Swiss regulation. The Swiss Authority’s handling of ‘stablecoins’ is based on the current approach to blockchain tokens. FINMA’s treatment of this cryptocurrency under supervisory law mainly comprises focusing on the purpose and economic role of the token. But ...

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Marshall islands introduces its own cryptocurrency

...* SOV will have an established money supply with settled growth along with closing the secrecy and anonymity loopholes utilized by criminals and terrorists. With a view to avoid inflation the Marshall Islands has covered the SOV supply at 24 million tokens. [Earlier this year](https://www.offshorelicense.com/blog/detail/marshall-islands-announces-fund-development-its-local-cryptocurrency){._bla...

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Innovate! Crypto exchange OKEx has recently released data analysis platform for derivatives trading

...wide-range of data insight, that covers trading trends for derivatives.** According to their press release, presumably this platform will allow OKEx users to see real-time data on the exchange’s futures and perpetual swap markets for nine major tokens, including the top cryptocurrencies BTC, ETH and XRP. In addition to the above, the platform offers to its users six key indicators linked ...

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UK FCA issued clarifications of cryptocurrency regulations

...es do not significantly change the regulatory ground, instead these specify when certain types of crypto assets fall under existing categories. In these guidelines, the FCA determined main cryptocurrencies such as Bitcoin and Ether as “exchange tokens". The regulator highlighted that such digital currencies do not fall under the regulatory scope of the FCA, however, anti-money-laundering rule...

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German crypto companies will require BaFin license as of next year

... to the Fifth Money Laundering Directive (AMD 5) crypto assets will be classified as "financial instruments". This wide-range definition of financial instruments covers not just cryptocurrencies but many related-assets as well, particularly security tokens. In addition, cryptocurrency-related businesses, such as exchanges and wallet providers, also to be licensed by BaFin and comply with AML r...

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Bahamas Securities Commission pushes for new legislation for token sales

... will provide regulations of token offerings that are not considered as securities. The new bill describes details of the procedure for registering such offerings and highlights the necessity to inform authorities and the investors about the sale of tokens. Christina Rolle, the executive director of the commission, stated that the Commission received a lot of recommendations and comments and th...

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Mauritius has announced new regulatory framework for security token offering

**The Mauritius Financial Services Commission (Commission) has recently clarified the new rules relevant to projects planning security token offerings (STOs).** In its guidance published Monday, the Commission declared that security tokens are considered to be digitally represented securities, as defined in the Securities Act of 2005, hence if STOs are conducted in or from Mauritius, it will b...

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Malaysia is planning to regulate initial coin offerings as securities offerings

...thin the remit of securities laws to promote fair and orderly trading and ensure investor protection.” The above-mentioned declarations still leave some level of uncertainty in relation to the legal status of cryptocurrencies in contrast to ICO tokens in Malaysia. Read our blog in order to stay updated with the latest crypto and fintech news.

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Japan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)

...g other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mentioned bill is created in order to increase the level of self-regulatory administration of crypto-industry and classify a lot of ICO tokens as securities, the bill may come into force by 2020. The FSA has abandoned its plans to include permission for trading crypto derivatives on...

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Attention! New guidelines for crypto holders were announced by the UK Tax Agency

...nt in charge of tax collection and overseeing other aspects of the nation’s treasuries, stated that one of latest reports particularly aims to describe how persons owing digital assets may be taxed, but does not draw attention to the tax model for tokens held by companies or for business means. The aforesaid document follows on previous reports from the UK authority, defining crypto assets mo...

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China's Central Bank is planning to ban crypto airdrops

...* In its latest financial stability report for 2018, which was published on November 2, 2018 the **central bank stated that there has been a surge in the number of "disguised" Initial Coin Offerings (ICO)**, as well as free distribution of crypto tokens via airdrops, despite its effort to clamp down on this type of activities. China’s central bank also informed of its concerns about crypt...

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ICO vs IPO. Main differences

...people think that their purposes are very similar, there are many differences between them. **The Initial Coin Offering (ICO) is a new fundraising method or a means of crowdfunding for new blockchain companies, which includes creating and selling tokens for the purpose of raising capital and launching the project.** **The Initial Public Offering (IPO) is a typical process handled by the priv...

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Tierion: utilizing the bitcoin blockchain to verify documents

...ity of this data could help to increase the adoption rate for this technology. **TNT Token** The Tierion (TNT) coin trades at multiple exchanges including Binance, HitBTC, Huobi, and Liqui. Binance is one of the largest exchanges globally. TNT tokens made headlines when they were successfully listed on Binance in November 2017. The news came via a tweet directly from Tierion’s developers. ...

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How blockchain will combat bias in news reporting

...ating news outlets that are driven by journalistic integrity rather than revenues. With no central control over publication, members of the community manage promotion and censorship if something breaches guidelines. Network participants use their tokens to cast votes on content published on the networks. The news networks, therefore, self-govern in a similar way to Steemit. Civil has allocat...

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Swiss regulator launches proceedings against ICO issuer

...ublic deposits in connection with the ICO. Investigations executed by FINMA state that, in terms of the ICO, envion AG received funds amounting to approximately one hundred million francs from more than 30,000 investors in return for issuing EVN tokens in a bond-like form. FINMA will make no further comment on the process until the investigation is complete. In last year September the numbe...

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Virtual currency draft bill in Gibraltar

...the jurisdiction that, along with the others, starts adding DLT to its scope of regulation. The Gibraltar Financial Services Commission is the main governmental body that deals with the financial services regulation. Virtual currencies, including tokens and coins, are going to be the subject of regulation after the adoption of abovementioned legislation. It is expected to be considered by the P...

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ICO company in Estonia

...ess in a trusted EU environment. However, the legal framework to the offerings remains unclear for most potential investors. Although, there is no specific regulation on ICOs, the Estonian Financial Supervisory Authority (EFSA) is of opinion that tokens may be considered as securities in the context of the current Securities Market Act (SMA) as well as in the Law of Obligations Act (LOA). The E...

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Labuan Token License

...h offers one of the strongest regulatory frameworks for various financial service companies. This, along with the favorable tax system, makes Labuan a prestigious place where to start a Token Licensed Business. According to local laws issuer of such tokens undertakes that: on the production of the token, whether or not some other action is also required, the issuer will supply cash, goods or...

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Switzerland Crypto License

...er several licenses at the same time): Financial intermediary license (the most common); Banking license; Investment fund license; Dealer in securities license. As for the ICO itself, FINMA regulates this activity, dividing produced tokens into three categories: payment tokens: a synonym for cryptocurrency (as a rule, fall under the license of a financial intermediary); ut...

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Bermuda Digital Asset license

...d complexity of the licensed undertaking Overview DABA regulates the following “digital asset business” activities where they are conducted by any entity in or from within Bermuda: issuing selling or redeeming virtual coins, tokens or any other form of digital asset; payment service provider business utilising digital assets; operating an electronic exchange whereby di...

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