Many prominent ICOs have renewed reason to feel anxious, after the Wall Street Journal reported November 15 that the U.S. Securities and Exchange Commission (SEC) has opened an investigation and issued subpoenas to Salt Lending Holdings Inc., who in August 2017 sold $50m in SALT tokens in an Initial Coin Offering (ICO) to be used as startup capital for their lending platform.
The Colorado Division of Securities this week issued cease and desist orders to four companies conducting initial coin offerings (ICOs), instructing them to stop violating the Colorado Securities Act. According to a report on Colorado’s official website, state Securities Commissioner Gerald Rome has now issued twelve ICO-related orders based on alleged securities violations.
Zeniex exchange has said it will close its doors in the wake of the South Korean government targeting unregulated trading platforms, according to a Nov 9 post on the company’s site.
French Parliament’s Finance Commission Approves Budget Amendment to Lower Crypto Capital Gains Tax Rate
If lawmakers in the French parliament’s finance commission have their way, France’s 2019 Budget could bring some measure of tax relief to French cryptocurrency traders. The commission this week approved an amendment to the budget bill that would reduce the capital gains tax rate on cryptocurrency gains from 36.2 percent to a flat rate of 30 percent – the rate applied to other non-real estate assets.
The Securities and Exchange Commission (SEC) has settled with EtherDelta founder Zachary Coburn for the charge of operating an unregistered national securities exchange, according to a Nov. 8 press release from the enforcement agency.
The Al Zarooni Group has partnered with US-based Crypto Bulls to launch the first registered cryptocurrency exchange in the United Arab Emirates, according to reports from Gulf Today and Asia Times. The parties have reportedly signed a memorandum of understanding for the venture, which will also involve collaboration with Gulf Coin Gold.
A Securities Exchange Commission (SEC) official has come forward saying the regulator is working on guidelines that will make it easier for developers to discern whether their ICO constitutes an offering of securities.
The Hong Kong Securities and Futures Commission announced new regulations for cryptocurrencies this week, according to the South China Morning Post. The SFC rules were unveiled in two circulars released on Thursday.
Russia’s Financial Monitor Service (FMS) is calling for international multilateral solutions to control the flow of cryptocurrencies — a decentralized asset class that can be traded pseudonymously, without permission from any central authority, as a value-transfer system that runs parallel to traditional finance.
A new report from the Information Reporting Program Advisory Committee (IRPAC) has recommended that the IRS clarify its tax policies for cryptocurrencies. In its 2018 General Report, the advisory group noted that many taxpayers continue to be confused by the agency’s failure to provide clear guidelines for reporting crypto-related activities.
Cryptocurrency exchange Bitstamp announced on Monday that the company has been acquired by Brussels-based investment firm NXMH. On twitter, the company confirmed that co-founder Nejc Kodrič will continue to serve as CEO and will retain a minority 10 percent ownership interest.
The Taipei Times reported this week that a draft proposal for new ICO standards in Taiwan is expected to be completed by June 2018. According to the Times, Financial Services Commission (FSC) Chairman Wellington Koo made the announcement in remarks to the Legislative Yuan’s Finance Committee earlier in the week.
Despite the Chinese government crackdown on ICOs and digital currency exchange trading, Bitcoin continues to be legally-protected property in China. That’s according to a new ruling from the Shenzhen International Court of Arbitration published this week on WeChat, which analyzed a civil cryptocurrency contract dispute and determined that there was no legal ban on crypto ownership or transactions between individuals.
Deutsche Bundesbank and Deutsche Borse Group have announced that tests for their BLOCKBASTER project have successfully completed, testing two prototypes for blockchain settlement infrastructure.
Spain’s Council of Ministers have reportedly approved a draft bill that would require the country’s citizens to fully disclose all their cryptocurrency holdings – including those held offshore, according to Spanish news outlet ABC. The measure has been described as an anti-fraud law and is part of a broader government effort to root out tax cheats.
The Japanese cryptocurrency industry’s efforts to police their own business activities was given the greenlight by Japan’s Financial Services Agency (FSA) on Wednesday, after the agency announced that it has granted the Japan Virtual Currency Exchange Association self-regulatory status.
The Ephrata city council imposed a one-year ban on new crypto mining last week, according to reporting from the Spokesman-Review. The moratorium vote passed 6-1, with council member Kathleen Allstot noting that the moratorium was designed to give the city time to assess the industry and ensure that the county’s power provider can deliver the energy needed.
The Commodity Futures Trading Commission announced on Thursday that its first Bitcoin-related anti-fraud enforcement action had yielded a significant victory, after a Federal court in New York ordered Nicholas Gelfman and Gelfman Blueprint, Inc (GBI) to pay civil penalties and restitution totaling more than $2.5 million. The defendants had been accused by the CFTC of operating a Bitcoin Ponzi scheme.
South Korean Financial Services Commission Chairman Choi Jong-koo has been a critic of initial coin offerings in the past. Judging from comments he made during a recent National Assembly audit session of his agency, he still views them as an unacceptable risk and a potential threat to investors.
A new report from cybersecurity company CipherTrace was released this week, and its findings suggest that the first nine months of 2018 saw a dramatic rise in thefts involving cryptocurrency. The report found that $927 million in cryptocurrency was stolen from digital currency exchanges and other platforms between January and September, according to Reuters.