The Central Bank of Lithuania, Bank of Lithuania has updated the position of cryptocurrencies and initial coin offering (ICO) in the country. The bank has explained, “Given the emergence of new market models, market participants are also prohibited from issuing virtual asset loans or accepting it as collateral (except for cases where virtual asset tokens are considered to be securities).”
Cagayan Economic Zone Authority (CEZA) of the Philippines is the principal regulating authority of the nation have come up with a comprehensive framework to regulate the cryptocurrency industry, with a special focus on initial coin offerings (ICOs). Raul Lambino, CEZA administrator and CEO, said: “It is our goal to provide a clear set of rules and guidelines that will foster innovation…”
A social media and messaging app headquartered in Canada, Kik taking fight against the SEC for its ICO designation to court. It has entered the cryptocurrency industry during the year 2017 with $100 Million ICO, however, being considered as unregistered security token by the SEC even though have been defined as a ‘utility token’.
The Philippines Security and Exchange Commision (SEC) has postponed that issuance of ICO regulations in the country as it was predicted to be released before the end of 2018 previously. The Philippines SEC then highlighted in the regulation draft, “Therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.”
Hush which vision to build the first cryptocurrency compatible banking vanished after a failed ICO. Hush has aimed to raise $30 million during the ICO fundraising however failed to get enough funds. Sebastian, consultant worked on the project cries, “I didn’t have any news from Eric since June. He didn’t pay me for the advisory. I am in litigation with him.”
Two top executives of AriseBank were ordered to pay nearly $2.7 million as fine by US federal court. Its CEO Jared Rice was arrested by the FBI on charges of defrauding investors by offering fraudulent Initial Coin Offering (ICO) with a fake promise. He and co-founder Stanley Ford each agreed to pay US$185,000.
The chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, expressed on the benefits of ICOs as a means to raise capital. He expressed belief over ICOs and stressed, “when a security is being offered, our securities laws must be followed.” He mentioned that the SEC devoted significant amount on time exploring blockchain and cryptocurrencies.
The U.S. is to regulate crypto and ICO space. Representative Warren Davidson from Ohio worked on a bill connected to regulating crypto and ICO. The proposed regulations did not categorize cryptos under securities and highlighted the creation of a new asset class to cover the cryptocurrencies. The proposed law also defines cryptocurrencies.
United States’s Securities and Exchange Commission (SEC)’s attempts to enforce regulations against cryptocurrency companies, its co-director of the Division of Enforcement, Steven Peikin said the growth in the crypto industry is very lucrative for scammers. He highlighted on the Dominic Lacroix ICO scam and concluded on the remark on the need for global cooperation and consensus.
The Kakao has expressed intention to commence an initial coin offering (ICO) in order to support its Clay blockchain project. It was previously expressed that the company plans to raise $300 million in order to introduce its own crypto. A source has revealed that the Ground X, subsidiary of Kakao, has almost attained the target with the involvement of a venture capital company.