Australian regulator the Australian Securities and Investments Commission (ASIC) has revealed plans to increase scrutiny of cryptocurrency exchanges and Initial Coin Offerings (ICO) in its ‘Corporate Plan’ published this week. ASIC, which acts as a supervisory organ for financial market operators, highlighted the exchange sector as an area of priority through 2022. Specifically, the body plans to ensure any “threats of harm” from the nascent industry are mitigated as part of its regulatory remit. “Potential harms from technology driven by the growing digital environment and structural changes in financial services and markets,” it announced in the Plan, continuing: “We will …

The company behind “one of the world’s most secure mobile cryptocurrency wallets” says its platform offers banking-grade features to protect tokens, while ensuring that completing transactions is as simple as “sending a text.” SovereignWallet says one of its main motivations is promoting financial inclusion and enabling the unbanked to create accounts for crypto directly from their smartphones. Through its wallet, Ethereum and its own utility token can be sent to recipients easily — and users receive notifications when transactions are completed. It plans to support other cryptocurrencies in the future. According to its white paper, the platform is hoping to …

A report from a Belgian think tank that will reportedly be distributed to European Union (E.U.) ministers calls for unified legislation on cryptocurrencies and more scrutiny on how they are distributed to investors, Reuters reported September 5. The report, ostensibly released by Brussels-based think tank Bruegel, comes ahead of an informal meeting of economic and financial affairs ministers from the E.U. on cryptocurrency investments and taxation of the digital economy. The meeting will take place in Austria from September 7-8. According to Reuters, the report urges the regulation of cryptocurrency exchanges and Initial Coin Offerings (ICOs) at the E.U. level …

In a recent interview with Cointelegraph, Brian Kelly, the founder and CEO of digital currency investment firm BKCM LLC, said that Initial Coin Offerings (ICOs) are around to stay, but with some changes. Kelly, who is also a crypto analyst and regular contributor to CNBC, sat down with Cointelegraph to discuss various aspects of the crypto industry. Kelly stated that he sees blockchain and cryptocurrencies as “early stage technology,” saying as example that Amazon founder Jeff Bezos probably could not imagine his online bookstore turning into a major video streaming platform. He added: “We have a new technology that disintermediates …

Members of the European Parliament along with blockchain experts met Tuesday, September 4, to discuss possible regulations for Initial Coin Offerings (ICO). At the recent EU event entitled “Regulating ICOs — Is the Crowdfunding Proposal what we were looking for?” the attendees examined the potential complications currently arising in the ICO industry. Ashley Fox, a British Member of the European Parliament, pinpointed three main issues to consider at the meeting: challenges faced by ICOs in raising capital, the existing regulatory approaches on the matter, and the future perspectives of the industry. In his testimony, Peter Kerstens, chairman of the the …

Julian Zegelman, a lawyer with many years of experience, has turned into a VC — he’s now a general partner at TMT Blockchain Fund, a venture capital fund investing in blockchain technology projects. But why did he end his legal career? Catherine Ross: I was going to ask you a bunch of legal questions, but you've mentioned that you're not a lawyer anymore. How did that happen? Julian Zegelman: It's like being a recovering alcoholic, you know? When you've been drinking for a long time, people remember that you used to drink. Personally, I don't drink [Eds: this is just …

Calls to enforce clear and uniform guidelines for crypto across European Union (EU) member states are to be made before EU finance ministers this week, Reuters reports September 5. Brussels-based think tank Bruegel is said to have prepared a new report devoted to the crypto industry for EU finance ministers, who are due to meet this Friday and Saturday in Vienna, Austria. The report is said to reserve particular scrutiny for Initial Coin Offerings (ICOs) as well as for crypto exchanges, the latter of whose presence in the EU is set to increase this year. As the Bruegel document reportedly …

The Securities Commission (SC) of Malaysia has ordered an immediate halt to all promotional activities for the recently-launched Lavidacoin (LVC) pending further review, according to a September 5 notice on the SC’s website. According to local news outlet The Star, Lavidacoin was created by Malaysian cosmetics mogul and beauty guru Datuk Seri Hasmiza Othman, aka Dato’ Vida. The beauty guru reportedly hoped to use an Initial Coin Offering (ICO) to raise as much as $1.5 billion to create an “entrepreneur-focused” online entertainment channel, an LVC payment gateway, and even a “non-profit” mosque, as outlined in the project’s white paper. The …

Byte Power Group (BPG), the Australian company aiming to launch the country’s first cryptocurrency exchange using an ICO, responded to regulatory pressure with fresh information about its plans Wednesday, September 5. In a statement to the Australian Securities Exchange (ASX), BPG addressed concerns the regulator raised last month as details of the fundraising became public. BPG has since begun selling its BPX tokens, aiming to raise $15 million to build the exchange, whereupon users will be able to use the tokens to pay fees in a manner similar to that of fellow exchange Binance. On August 1, the ASX sent …

Belgium’s Financial Services and Markets Authority (FSMA) has added 28 new sites to its crypto-related fraud blacklist, as it reiterates its warnings to consumers in a fresh alert posted today, September 4. The FSMA has said that despite its prior risk alerts, the agency continues to receive complaints from consumers swindled by fraudsters capitalizing on the cryptocurrency “hype.” The warning says that scammers are canny enough to lure victims in with easy-seeming profits, but that at this point, “the only thing they actually do […] is take the customers’ money and disappear. It is as simple as that.” The agency …

Regulators in the Philippines plan to reveal draft cryptocurrency regulation by the middle of this month, local media outlet The Manila Times reported Monday, September 3. Citing Ephyro Luis Amatong, chairman of the country’s Securities and Exchange Commission (SEC) speaking to reporters, The Manila Times confirmed cryptocurrency exchanges could soon be considered as traditional “trading platforms.” “We see the need to regulate them as trading platforms,” Amatong explained. The news comes following a similar commitment from Filipino lawmakers to formalize the regulatory environment for Initial Coin Offerings (ICO) and their issuers. As Cointelegraph reported last month, the Philippine SEC had …

Bittrex, one of the top cryptocurrency exchanges worldwide, has recently invested in Malta-based blockchain company Palladium, local news outlet Times of Malta reports September 2. The U.S.-based Bittrex, now the 18th top crypto exchange by total average trade volume, has bought a 10 percent share in Palladium. In July, Palladium had announced plans to distribute $150 million in tokens in the world’s “first” Initial Convertible Coin Offering (ICCO) in partnership with Bittrex and Unikrn eSports bookmaker, scheduled to begin on July 25. Current shareholders of Palladium include Investar Holding and Unikrn, which own 85 and 15 percent of the company …