News

Hong Kong: Unlicensed STO Trade is a Crime!

Hong Kong's Securities and Futures Commission (SFC) wants stakeholders to know that they see security token offers (STOs) as securities. On March 28, 2019, SFC issued a press release, revealing the risks of regulators and related STOs.

STOs held as securities

In a press release, the SFC stated that the likelihood that the STOs would be considered as securities is high, and therefore, these markers will be included in the Hong Kong's Securities and Futures Regulation (SFO) regulatory area.

Security tokens are usually commodities, such as gold, which are the main assets such as shares, or property given through the block chain. These traded securities are a growing market in the area of emerging digital assets.

The Hong Kong financial regulator also announced that the unlicensed trading of STOs was a crime. Here's a quote from the press release:

(Where Security Markers are veya securities (, any person who markets and distributes the Security Markers (whether or not targeting Hong Kong or Hong Kong investors) must license or register a Type 1 arrangement unless a valid exemption applies. under dealing with assets. "

SFC also called on STO brokers to obey the Commission's strict rules. In addition, the Commission reminded the STO brokers of the task of providing investors with the necessary information about these virtual assets.

Pay attention to risks

Hong Kong SFC also reminded investors of risks related to tokenize securities trading and digital assets in general. The Commission outlined the issues related to liquidity, volatility and fraud cases to mention a few.

Currently, the crypto-currency landscape is related to revelations made from multiple sources where 90 percent of the volume of bitcoin (BTC) trading is counterfeit. Given the nature of the STOs still emerging in the crypto-currency markets, SFC said investors should comply with appropriate due diligence controls in order to avoid large losses.

STO Regulation in Asia

As previously reported by BTCManager in February 2018, SFC instructed to remove exchanges from their platform. At that time, the Commission sent a warning letter to the seven exchanges to remove certain ICO tokens that SFC considers as a guarantee from the trading catalog.

Whether ICO markers are securities or not is a major issue in the industry. Many ICO project argue that markers are public services, while regulators such as the United States Securities and Exchange Commission (SEC) continue to argue.

In other parts of Asia, Thailand's Securities and Exchange Commission says it has put in place methods to develop a regulatory framework for STOs. The plan is part of comprehensive cryptographic money laws covering the country's first money offers (ICOs), virtual currency brokers and clearing platforms.

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Real crypto OG's will rally around me.

The real ones that know the truth, and what happened from day 1.

Talk to you guys soon.⏳#FreeTrevon

— Trevon James, Founder of our.glass Crypto (@BitcoinTre) May 28, 2021

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

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Bitcoin News

Who Has The Most Bitcoin (BTC) Savings?

Bitcoin Analizi, Bitcoin 5.700 Doları Geçti!

According to the research result, the Winklevoss twins own 150,000 BTC, but there are names that own more Bitcoin than them…

Blockchain Center, which investigates who owns the largest amount of Bitcoin (BTC); From Winklevoss twins to scammers, from hackers to "zombie coins", he laid out all the data.

On the other hand, the most famous hacking case of the cryptocurrency world, Mt. Gox incident allegedly owned 166,000 BTC.

It is claimed that 30,000 BTC seized from the Silk Road scandal is in the hands of Tim Draper.

Plus Token scammers were said to have 200,000 BTC.

On the other hand, “Zombie coins” are surprisingly plentiful. These tokens we are talking about consist of 1.5 million BTC, which will never be used and will not be spent by anyone forever.

Grayscale's Bitcoin Trust is known as the largest institutional Bitcoin investment vehicle and currently holds over 400,000 BTC of liquidity. Lightning Network only holds 1,000 BTC, while Ethereum (ETH) has another 80,000 BTC locked.

Another 2.5 million Bitcoins are expected to enter circulation over time. Time will tell which other names will be included in this list.

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph