Mike Novogratz compared current cryptocurrency market performance to a “methadone clinic” in an interview with Bloomberg Dec. 11. During the interview, Bloomberg asked Novogratz how coming from Wall Street made him different from most of the cryptocurrency community, which seem to treat cryptocurrency “almost like a religion.” Novogratz answered that, while he believes in the underlying technology, “when prices get stupid,” he sells. Novogratz also characterized Bitcoin’s (BTC) enormous growth in late 2017 –– which peaked at $20,000 per coin –– “a drug.” He called the period a “speculative mania,” adding that the “audience is more sober now — the …

United States Securities and Exchange Commission (SEC) Chairman Jay Clayton has said that Initial Coin Offerings (ICOs) “can be effective” but that “securities law must be followed.” Clayton spoke on the subject during a speech, published in full on the SEC’s official website Dec. 6. In regards distributed ledger technology (DLT), digital assets and ICOs, Clayton stated that this is an “area where the Commission and staff have spent a significant amount of time.” He then further added that he expects “that this trend will continue in 2019.” Clayton underlined that there are “a number of concerns” relative to ICOs. …

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, English-language local news outlet South China Morning Post (SCMP) reports Dec. 9. A deputy governor of China’s central bank, Pan Gongsheng, reportedly told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs [Initial Coin Offerings] were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.” Gongsheng also said that if the government had not stepped in, the chaotic crypto market could have hurt the overall financial stability in China. The …

A South Korean blockchain startup, Presto, will reportedly file a constitutional appeal over the county’s ban on Initial Coin Offerings (ICOs), South Korean economic media outlet Sedaily reports Dec. 6. Presto claims on its website that it provides a “total solution to development teams from website building to token issuing.” The startup was reportedly trying to run a Decentralized Autonomous Organization-based Initial Coin Offering (DAICO) in South Korea for the first time. As Cointelegraph explained in a dedicated guide, DAICOs aim to improve the ICO fundraising method by integrating some features of Decentralized Autonomous Organizations (DAOs). This fundraising method enables …

Malaysia’s finance regulator and central bank issued a joint press statement Dec. 6 in which they confirmed they were “putting in place” legislation on cryptocurrency and Initial Coin Offering (ICO) assets. The statement from the Malaysia’s Securities Commission (SC) and Bank Negara Malaysia (BNM), which follows comments from senior government official that regulation of the sector could appear in Q1 2019, also reiterates the need comply with securities laws where appropriate. “The SC will regulate issuances of digital assets via initial coin offerings (ICO) and the trading of digital assets at digital asset exchanges in Malaysia,” it confirmed. “Regulations are …

The ongoing controversy surrounding Malaysia’s proposed political cryptocurrency, Harapan Coin, is far from letting up. On Nov. 26, the country’s finance minister, Lim Guan Eng, weighed in on the issue by reiterating that any entity looking to issue a cryptocurrency should first refer to Bank Negara Malaysia (BNM) and the Securities Commission: “Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something wrong and against the law.” During the same press conference, Lim Guan Eng also said that he had asked a government official — who has recently made a series of statements in …

United States Rep. Warren Davidson (R) has announced plans to introduce legislation that would clearly regulate cryptocurrencies and Initial Coin Offerings (ICOs), local Ohio news agency Cleveland.com reports Dec. 3. According to Cleveland.com, Davidson announced his intention to introduce new legislation at the Blockchain Solutions conference. The bill would create an “asset class” for cryptocurrencies and digital assets, which “would prevent them from being classified as securities, but would also allow the federal government to regulate initial coin offerings more effectively.” This development would bring clarity to U.S. crypto regulation. Currently, state regulatory agencies classify tokens differently, in ways that …

Binance, the world’s largest crypto exchange by trading volumes, will launch its own blockchain “Binance Chain” in the “coming months,” as the company revealed in a tweet on Dec. 4. The new Binance-backed blockchain aims to provide a basis for creating new cryptocurrencies and Initial Coin Offering (ICO) tokens, as the company said in the tweet: “Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.” According to Forbes, Binance announced their plans …

Like many different industries, Hollywood’s involvement with cryptocurrencies and Initial Coin Offerings (ICO) has become a reality and a number of celebrities have looked to capitalize on the surge in interest and potential money to be made. As Cointelegraph has previously explored, some celebrities have gone on to achieve success in their crypto-related ventures, while others have been embroiled in the ensuing mess of failed and fraudulent projects. Caught up in Centra Tech Two major names in the entertainment industry fell victim to the fallout associated with a fraudulent ICO of crypto financial services startup Centra Tech. In 2018, the …

South Korea's Finance Ministry is considering taxation on cryptocurrencies and Initial Coin Offerings (ICOs), daily English-language newspaper The Korea Times reports Monday, Dec. 3. Hong Nam-ki, South Korea’s new Minister of Economy and Finance as well as new Deputy Prime Minister, revealed that а crypto taxation plan will be finalized according to global taxation trends in the industry. Pointing to the current ICO ban in South Korea, the deputy prime minister stated that the authorities will also form a new stance to the crypto industry, based on careful consideration of “market conditions, international trends and investor protection issues.” In his …

The crypto markets have been something of a rollercoaster ride recently, with the price of Bitcoin recently tumbling to its lowest level since October 2018. But despite the doom and gloom, enthusiasm and optimism about cryptocurrencies’ potential remain – so much so that one expert predicts Bitcoin will rally back to $15,000 by the end of the year. One thing that has stood in the way of crypto’s growth as a dominant worldwide force is how it has struggled to transcend cultural and linguistic barriers in certain countries. According to Biztranex, a crypto trading platform, this is the case in …

Kakao, South Korea’s largest internet conglomerate that operates applications and have nearly a 90 percent dominance in their respective markets, is running an Initial Coin Offering (ICO) to raise funds for its blockchain project called Clay. In March, Kakao released its initial attempt to conduct a token sale by establishing an entity in Switzerland. But, with resistance from the Financial Services Commission (FSC), the corporation was not able to pursue its plans. With no changes made to the regulatory framework regarding ICOs in South Korea, how has Kakao been able to raise funds to create a blockchain project? Private Sale …