Japan’s financial regulator is set to introduce new Initial Coin Offering (ICO) regulations to protect investors from fraud, local news outlet Jiji Press reported Dec. 1. According to “informed” sources cited by Jiji, business operators conducting ICOs will be required to register with Japan’s Financial Services Agency (FSA). The agency is reportedly planning to submit bills revising financial instruments, exchanges and payment services laws to the ordinary parliamentary session that starts in January. This action has been undertaken “in view of a number of possibly fraudulent ICO cases abroad” as a way “to limit individuals' investment in ICOs for better …

The German Federal Financial Supervisory Authority (BaFin) issued a warning Nov. 29 that a firm called Platin Genesis DCC is not authorized or approved by the proper authorities. In the warning, BaFin states that Platin Genesis was advertising a "Platinum Coin Crypto Fund" on social media, which it claimed was “approved and released by BaFin.” The watchdog clarifies in its statement that this is not true. Per BaFin, the firm does not have permission under section 34 of the German Banking Act to conduct banking activities or offer financial services. The firm is not under BaFin’s supervision. The firm’s token …

A new crypto exchange says it offers “bells and whistles” compared with rivals – and argues that most of the market leaders are failing to provide investors with the technical analysis tools they need to make informed decisions. In a break away from confusing user interfaces, Encrybit wants to help traders that it says have been pushed to use third-party software because exchanges have let them down. It claims many crypto enthusiasts have no choice but navigate between multiple exchanges – remembering seemingly endless passwords and withdrawals fee in order to access the broad range of cryptocurrencies they want to …

The U.S. Securities and Exchange Commission (SEC) has charged professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled for unlawfully advertising Initial Coin Offerings (ICOs), according to a press release published Nov. 29. Per the announcement, the SEC found that Mayweather did not disclose promotional payments from three ICO issuers, including $100,000 from cryptocurrency startup Centra Tech, while Khaled, also known as DJ Khaled, failed to disclose $50,000 payment from the same company. Back in May, the three co-founders of Centra — Sohrab Sharma, Robert Farkas, and Raymond Trapani — were formally indicted for running a fraudulent ICO, which …

A U.S. court has dismissed claims from regulator Securities and Exchange Commission (SEC) against decentralized blockchain-based assets exchange Blockvest, court documents released Nov. 27 confirm. The SEC suspended Blockvest’s Initial Coin Offering (ICO) via an emergency court order in October, with a subsequent legal battle ensuing over whether or not the firm’s BLV tokens were in fact unregistered securities under U.S. law. Part of multiple investigations into unregistered token sales by the regulator, the SEC’ retaliation initially saw U.S. District Court for the Southern District of California issue a temporary asset freeze against Blockvest. In a fresh development this week, …

This article has corrected misinformation about the claim filing procedure for investors in Envion in the case of liquidation. Our editorial team would like to apologize for the error. The cantonal court of Zug, Switzerland has shut down cryptocurrency mining firm Envion AG for an alleged unauthorized Initial Coin Offering (ICO), German news outlet Handelsblatt Global reported Nov. 28. Envion was established in Switzerland by Michael Luckow and Matthias Woestmann as an off-grid mining company that claims to use decentralized, clean energy like hydroelectric and solar to power its mobile mining units. Envion reportedly raised around $100 million through an …

Malaysia will enact regulations for cryptocurrency and Initial Coin Offerings (ICO) in Q1 2019, local English-language news media outlet The Star reported Nov. 28. The publication quoted finance minister Lim Guan Eng, who said Wednesday said the country’s regulator, the Securities Commission (SC), had updated him with a timeframe for the new rules. The move will form “part of the SC's efforts to facilitate alternative fundraising avenues and new investment asset classes,” The Star added. Malaysia has taken a piecemeal path to regulation of its domestic cryptocurrency industry, originally beginning the process in late 2017. Authorities have sought to control …

The chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton reiterated the regulator’s strict stance on Initial Coin Offering (ICO) compliance in fresh comments to CNBC Nov. 26. Speaking in an interview with CNBC, during which presenters mentioned the recent enforcement deals with ICOs Paragon and Airfox, Clayton underlined the need to conduct public token sales with U.S. consumers in line with SEC guidelines. “We’ve had no ICOs register [with the SEC],” he told reporters, adding: “To the extent that an ICO is being conducted offshore or pursuant to a private placement exemption, fine; to the extent that …

An established digital asset exchange has announced it is holding a summit in Singapore to explore new opportunities in the marketplace – creating a platform where crypto enthusiasts can detect industry trends and debate what the future holds after a volatile year. Bibox, an exchange enhanced by artificial intelligence (AI,) is hosting a summit on Nov 29, and hopes the event will give investors an insight into the strategic changes that lie ahead in 2019. The company says that token bonds are likely to take center stage at the day-long conference, amid questions over whether they could become a new, …

For every Da Vinci funded by the Borgias and Edison patronized by Ford, there are tens, if not hundreds of inventors and genius scientists, whose innovations have never been noticed. In many cases, it was the inability to attract investors that buried promising technologies. A startup called ScientificCoin, based in California, aims to have a solution for this centuries-old problem. Nerds to the rescue The company has developed an algorithm for a bias-free, decentralized evaluation of projects so that investors can fund venture projects in science and other areas including initial coin offerings (ICOs) with more confidence. Vladimir Kozhevnikov, the …

In common law systems, it is precedent that informs judicial approaches to new and previously unaddressed matters. The precedent that will likely shape the body of U.S. case law on fraudulent initial coin offerings (ICOs) is currently being forged in a federal court in the New York borough of Brooklyn, where a 39-year old entrepreneur, Maksim Zaslavskiy, has pleaded guilty to committing securities fraud. The development that will most likely result in a landmark decision – the jury will gather in April 2019 to decide on a sentence – is yet another twist of a now 14 month-long effort, involving …

At least twelve Initial Coin Offering (ICO) projects that raised over $50 million in their token sales have yet to launch, new data by cryptocurrency trading platform BitMEX revealed Nov. 21. In a mailing list circular, CEO Arthur Hayes identified well-known projects such as Telegram, Filecoin and Overstock’s tZero among the twelve big ticket ICOs still yet to determine when exactly their native token will go live. “These deals have massive valuations, and many of the most venerated token funds took down large chunks. It is unclear when, if ever, these deals will ever list on the secondary market,” he …