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Legality & Taxation of Cryptos / SEC Changes Rules, Making Fundraising Easier for Crypto Firms

« on: November 04, 2020, 06:40:04 AM »

SEC’s New Rules Allow Crypto Companies to Raise More Money

The SEC announced Monday that it has amended some rules pertaining to several exemptions. Among other changes, the regulator has increased “the offering limits for Regulation A, Regulation Crowdfunding, and Rule 504 offerings” and has revised “certain individual investment limits,” the announcement states. The amendments will be effective 60 days after publication in the Federal Register.

“We are increasing the maximum permitted offering amounts for certain exemptions,” explained SEC Commissioner Hester Peirce, also known as Crypto Mom. “By raising the offering limit under Tier 2 of Regulation A from $50 million to $75 million and the Regulation Crowdfunding offering limit from $1.07 million to $5 million, we seek to reduce the costs relative to the amount raised under these exemptions.”

Regulation A is an exemption from public offering registration; it has two offering tiers. Tier 1 is for offerings of up to $20 million in a 12-month period. Currently, Tier 2 is for offerings of up to $50 million in a 12-month period. Regulation Crowdfunding allows eligible companies to offer and sell securities through crowdfunding.

As for the third exemption, Commissioner Peirce described: “By increasing the Rule 504 offering limit from $5 million to $10 million, we seek to encourage more issuers to use this under-utilized exemption, to conduct regional multistate offerings, and to make use of state coordinated review programs.”

Currently, Rule 504 of Regulation D provides eligible companies with a registration exemption when they offer and sell up to $5 million of their securities in any 12-month period. Peirce remarked:

"We are adopting targeted improvements to a regulatory scheme that unnecessarily hinders capital formation and unduly restricts investors’ opportunities to participate in economic growth."

Articles about Cryptocurrency / $100 Million Accelerator Fund from Binance Now Supports PARSIQ

« on: November 03, 2020, 05:51:02 PM »

PRESS RELEASE. PARSIQ is a working platform that makes blockchain events consumable and blockchain data actionable. It allows users—both individuals, companies, enterprises—to monitor any events across different blockchains in real-time and at scale and connect those events to any off-chain apps or devices to automate different workflows.

A blockchain-to-everything monitoring service PARSIQ was announced to get Binance funding in addition to the other four projects. Even though PARSIQ is not a DeFi project itself, it brings another layer of security and transparency addressing the main problems in DeFi.

PARSIQ connects blockchain activity to off-chain apps and devices

PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain.

Among the obvious use cases is monitoring the wallets of traders and ordinary users. Among the non-obvious are complex system integrations for financial institutions and DeFi projects that use the PARSIQ infrastructure to improve security, conduct audits, comply with regulatory requirements, and expand their workflows in other ways.

The primary drag and drop interface of the service – Quick Monitoring Wizard – allows users to create their own notification system for the required crypto-addresses in a few clicks and bind additional data: Risk Score, information about the amount in equivalents (for example, in fiat or BTC), set up uploading to Google Spreadsheets or send directly to Telegram messenger.

PARSIQ’s technology was recently used to help KuCoin hack victim projects restore the balances and conduct hard-forking of their tokens in order to restore the tokens to their rightful holders.

How PARSIQ helps entrepreneurs and enterprises embrace automation with blockchain?

PARSIQ makes it easy to integrate blockchain infrastructures into existing businesses by connecting workflows between blockchains to off-chain third-party applications. Zapier, Google Apps, Telegram, and even data analytics platforms can easily connect with blockchain activity via PARSIQ’s Smart-Triggers.

Blockchain transactions have become an integral and essential part of many businesses today. Whether it involves receiving funds for client payments, sending payments to vendors, or executing smart contracts, you need to be on top of your transactions with smart notifications and real-time alerts. The possibilities are endless, and the use cases are only limited by your need to access this raw information.

PARSIQ automates the monitoring of blockchain transactions by tracking the wallet addresses that need to be watched. Beyond instant notifications, your business can gain in-depth knowledge and information from these transactions. This includes:

Actionable insights from market data, which can be used in analyzing both on-chain and off-chain data sources.
Enriching transaction data with useful information like the fiat price value or even the sender address’s risk-scoring can enhance the overall quality of data being collected.

New Epoch 2.0 economic model for PRQ tokens

On Thursday, October 29, the PARSIQ team announced a planned transition to a new expanded token economy, which will provide even greater utility for the PRQ token.

The first innovation that the team told about was Public Projects, which serve as additional gamification and attraction for users. With Public Projects, users can subscribe to existing PARSIQ Projects that were pre-made by other users and finally receive some fees in PRQ as a stable motivation.

“By paying Public Project developers in PRQ, users that have subscribed to the Public Project will incentivize the creators to invent interesting, complex and more important – problem-solving projects.” – says Tom Tirman, CEO of PARSIQ.

The team has already shown an example of what a Public Project can look like. A few weeks ago, PARSIQ released FLASHR – a free product to track famous crypto projects’ asset movements. Flashr is a public and free-to-use monitoring system that allows users to be notified of any token movements that they are interested in or invested in. Currently, FLASHR keeps track of 13 projects: Aave, Serum, FTX, Huobi, PARSIQ, Band Protocol, Compound, Reserve Rights, DFI.Money, Chainlink, CoinMetro, Yearn.finance, Uniswap.

The rest of the Tokenomics announcement covered new requirements for holding some amount of PRQ to monitor the same number of addresses; O2 Protocol for risk-free collateral-less loans system provided to the crypto community by the PARSIQ team; and also new information about the Uniswap liquidity provider bonus program, which was announced earlier.

As the team stated, PARSIQ plans to reveal another fruitful partnership with a top-10 blockchain project at the beginning of November. PARSIQ is actively working to partner with major layer 1 blockchain protocols to expand the range of blockchain integrations and give projects that build on those protocols the ability to monitor and automate workflows between blockchain and off-chain.

Legality & Taxation of Cryptos / Hongkong Crypto Law Regulation

« on: November 03, 2020, 05:49:31 PM »

Hong Kong’s New Crypto Regulation

The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday.

All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later today, the government will propose a new licensing regime under the Anti-Money Laundering Ordinance for platforms which trade any type of crypto asset even if not classified as securities,” Alder was quoted as saying.

The SFC introduced an opt-in regulatory framework for crypto exchanges in November last year. However, it only applies to platforms that offer at least one cryptocurrency that falls under the legal definition of securities.

Alder noted that the current regulatory system has serious limitations, making it possible for some trading platforms to operate away from the purview of the regulator. “If a platform operator is really determined to remain completely off the regulatory radar, it can do so simply by ensuring that its traded crypto assets are not within the legal definition of a security,” he explained.

Many cryptocurrency exchanges operate in Hong Kong but they choose not to apply for a license, which is possible under the current system. According to Reuters, the SFC has not issued a full license to any exchange to date, but it has agreed in principle to issue a license to OSL Digital Securities, a cryptocurrency arm of Fidelity-backed BC group. Alder elaborated: Once this new regime is in place, all virtual asset trading platforms in Hong Kong would be regulated, supervised and monitored.

Cryptocurrency discussions / Worldwide blockchain university program takeoff

« on: August 14, 2020, 06:14:01 PM »

The Oasis University Program is joining forces with blockchain network operators to provide students with real-world experience.
Numerous international universities and blockchain technology companies have joined hands to introduce the Oasis University Initiative, which seeks to provide students with the first-hand interest in designing emerging innovations such as blockchain.

The initiative would provide student blockchain groups and organizations across many colleges with connections to blockchain teams and blockchain network providers, according to the Oasis Foundation, an organization focusing on creating a democratic digital ecosystem, and the Oasis Network, a flexible, privacy-first platform.

The initiative has over 25 founder partners and is the largest to be built on a blockchain network, according to Oasis Foundation. The goal is to pull together a wide group of people who are concerned about data protection and open networks.

As active users of the Oasis community, university leaders create applications, operate validators, and participate in governance on the Oasis Network, said the Base. The program also offers technical assistance, tutorials, and full access to occurrences centered on accountable data such as the ongoing Responsible Data Summit.

Project link: https://oasisprotocol.org/partners

Articles about Cryptocurrency / Crypto Exchange INX Plans $117M US IPO With Small Israeli Underwriter

« on: August 14, 2020, 06:09:27 PM »

INX has named a low-profile Israeli outfit to underwrite its reported $117 million initial public offering (IPO) later this year.

In an amended filing to the Securities and Exchange Commission (SEC) this week, the Gibraltar-based crypto and security token exchange confirmed it had chosen A-Labs Finance and Advisory to underwrite its IPO.
A private company based 30-minutes out of Tel Aviv, INX's website names digital asset manager Silver Castle as another one of their clients.
A-Labs has received a $500,000 fee to underwrite the offering and will receive an additional $500,000 should the IPO take more than $10 million in investment. Should the sale reach the $117 million hard cap, A-Labs can expect to take home a total of $8 million.
A-Labs is only able to promote the sale to non-U.S. investors.
INX's filing with the SEC earlier this month – which took the IPO target down from $130 million to $117 million – didn't name A-Labs as the underwriters.
INX's executive managing director, Alan Silbert, is the brother of Barry Silbert, the founder and CEO of Digital Currency Group, CoinDesk’s parent company.
Per this week's filing, A-Labs had agreed to manage INX's IPO in September 2017 and has slowly accumulated more than 10% of INX's common stock.
definite IPO date, as well as the venue, have yet to be confirmed.

Kripto berita dan diskusi (Bahasa Indonesia) / Re: Withdraw IDR dari Binance lebih Cepat dari INDODAX, Banyak member pindah !

« on: August 14, 2020, 10:50:11 AM »

Quote from: raihanjr on August 13, 2020, 11:33:16 AM

Binance itu dari Cina gan, dan banyak member pindah haluan karena waktu itu binance murah untuk wd yaitu hanya 6500

Apakah wd 6500 itu fee minimal gan? kalau wd besar kena berapa %?
seperti indodax fee minimal 25k, kalau wd besar kena fee 0.5%.

Articles about Cryptocurrency / Coinbase to Offer Bitcoin-Based Cash Loans of up to $20,000 Across 17 US States

« on: August 14, 2020, 10:43:53 AM »

U.S. crypto exchange Coinbase will start offering bitcoin-backed cash loans to select customers as early as next month. Investors can borrow up to 30% of the bitcoin they hold on the exchange, or a maximum $20,000, it said.

In a blog post on August 13, Coinbase unveiled its new crypto lending business, which places it into competition with the likes of Nexo and Blockfi. The service charges an annualized interest rate of 8% for borrows that are one year or less.

Coinbase said interested customers can get cash in their accounts in two to three days with just a few taps. It intends that the lending process becomes as less cumbersome as possible, so application procedures have been shortened and issues like credit check eliminated.

Intially, the service will be available only in 17 select U.S. states. These are: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming.

The exchange, which boasts more than 35 million users worldwide, is working to obtain licenses to add more crypto cryptocurrencies as well as to expand to the outstanding jurisdictions, it said.

“We want to give our customers even more control over their crypto investments while offering secure access to cash at the same time,” Coinbase stated, in the post.

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans…” it added.

A number of companies seem interested in joining the crypto lending business. Square’s Cash App, a crypto-friendly peer-to-peer payments platform, announced that it is testing a lending product that will give users short-term loans of between $20 and $200. Interest rates will be a flat 5% per month.

Cryptocurrency discussions / Realtime Bitcoin Globe - How is this possible?

« on: August 11, 2020, 07:35:08 AM »

https://blocks.wizb.it/

In this site it shows a bitcoin realtime transaction globe.

Are these IP addresses from bitcoin nodes? You can notice that sometimes they are the same. Does it have to do with the selected IPs of wallets?

If yes then, the nodes' owners know who is sending the funds, right? Is this good?

Articles about Cryptocurrency / South Korea's Largest Bank Unveils Bitcoin Custody Services

« on: August 09, 2020, 02:46:58 PM »

KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to offer bitcoin custody services.

In January, the government-owned bank filed its trademark application for digital assets custody with the Korean Intellectual Property Office. The trademark is called Kbdac. It covers more than 20 crypto-related areas.

According to a statement on August 7, KB said it predicts that the crypto industry will evolve beyond virtual currencies to include other traditional assets such as real estate and artwork that will be issued and traded on blockchain platforms.

The lender, which reported a net profit of 2.44 trillion won ($2.05 billion) in 2019, is now positioning itself after competitor NH Bank announced in July that it is also planning to start offering crypto custody services to corporate investors.

Both Hashed and Cumberland Korea indicated that the deal with KB has been inspired by changes in regulation, which appear to support cryptocurrency and other blockchain-oriented business models.

Simon Kim, chief executive officer of Hashed, the crypto investment company with offices in San Francisco and Seoul, noted:

"Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation."

The news comes as banks, who have since started to muscle their way into the cryptocurrency space, received backing from the U.S. government. In July, the Office of the Comptroller of the Currency gave local banks the go-ahead to manage and store digital assets on behalf of their customers.

In South Korea, the government, which has previously banned ICOs, in March amended the Reporting and Use of Specific Financial Information Act to recognize cryptocurrencies for the first time and recently classified them to be taxable.

Bitcoin Forum / Will Bitcoin replace Gold someday?

« on: August 08, 2020, 04:07:54 PM »

In these times of turmoil, Gold is reaching new ATHs in price. But Bitcoin doesn't leave behind. With a limited supply of only 21 million coins, hardened security, and a focus on decentralization, Bitcoin is often viewed by many as the successor of Gold. One of Bitcoin's greatest benefits on top of Gold, is portability. You can virtually carry your Bitcoin with you safely when travelling, without anyone noticing. That's not the case with Gold, as you'd need to carry physical bullion with you. Other than portability, Gold and Bitcoin are very much alike.

Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. Thoughts?

Cryptocurrency discussions / Beirut explosion - Lesson to learn from this

« on: August 07, 2020, 10:48:59 AM »

People can quickly become complacent to think that their single location storage of their Bitcoin hoard would be enough. We all saw how 300 000 people have lost their houses in as little as a few seconds.

The Beirut explosion should be a wake-up call to all of us, to store your Paper wallets and cold wallets in more than one geographical location. A national disaster or a accident like this might wipe out your house and if you used that as your primary hiding place, you would lose more than your house.

After a disaster like this, bulldozers are brought in and only the foundations might be left after they are done. (So hiding it in a safe or a wall or the roof is a bad idea.)

Make sure you have several copies of your Paper wallets/Private keys and store them in separate locations. You might not even be at home when a disaster like this happens and when you return, the authorities might stop you from entering the devastated area. (due to instability of structures or chemical/gas leaks.) So you will not have a opportunity to retrieve your stash.

Wake up and act now... before it is too late.

Cryptocurrency discussions / Grayscale Investments' Ethereum Trust Filed With the SEC

« on: August 07, 2020, 08:48:53 AM »

The digital currency asset manager Grayscale told investors on Thursday that the firm has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) for the company’s Ethereum Trust.

The recent filing is voluntary and if the SEC approves the registration, the Ethereum Trust will be the second crypto asset investment vehicle to obtain the status of a reporting company by the SEC.

Established in 2013 by Digital Currency Group, Grayscale Investments has been around for quite some time now. The firm manages a number of investment vehicles that allow investors to gain exposure to crypto assets like bitcoin, bitcoin cash, ether, horizen, XRP, zcash, ethereum classic, litecoin, and stellar.

In September 2013, Grayscale introduced the Bitcoin Investment Trust which originally was only available to accredited investors. Then the trust got the Financial Industry Regulatory Authority’s (FINRA) approval and Grayscale was allowed to offer shares publicly.

Then on January 21, 2020, the Bitcoin Trust had its shares registered with the SEC and it was the first crypto-based trust to obtain a reporting status from the SEC. On Thursday, Grayscale told investors that it was attempting to get the Ethereum Trust established with the Commission as well.

“If the Registration Statement becomes effective, it would designate Grayscale Ethereum Trust as the second digital currency investment vehicle to attain the status of a reporting company by the SEC, following Grayscale Bitcoin Trust as the first,” Grayscale noted in an investor’s email. Grayscale added:

"Furthermore, if the Registration Statement becomes effective, accredited investors who purchased shares in Grayscale Ethereum Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period would be reduced from twelve months to six months under Rule 144 of the Securities Act of 1933."

In an announcement post on Medium, Grayscale said that Q2 2020 statistics show that investment into the Grayscale Ethereum Trust hit $10.4 million. “In fact, demand for Grayscale Ethereum Trust accounted for almost 15% of total inflows into Grayscale products during our biggest quarter yet,” the company said. Grayscale’s filing announcement continued:

"Today, it’s clearer than ever that there is strong demand for an Ethereum access product."

Both the Medium blog post announcement and the email to investors says that the firm must stress that the filing is completely voluntary.

However, Grayscale does not want the recent Ethereum Trust filing to be confused as an “effort to classify the Trust as an exchange-traded fund (ETF).”

Grayscale’s Registration Statement attempt follows the recent approval by FINRA for the company’s investment vehicles, the Litecoin Trust and the Bitcoin Cash Trust. After the Ethereum Trust registration announcement, Digital Currency Group founder Barry Silbert tweeted that the attempt is a “milestone.”

What do you think about Grayscale’s Ethereum Trust registering with the SEC?

Cryptocurrency discussions / German Regulator Seizes Crypto ATMs

« on: August 06, 2020, 08:10:38 PM »

Germany’s financial regulator BaFin is seizing bitcoin ATMs run by “Shitcoins Club” months after ordering its Polish operator to cease trading crypto in the country.

On Wednesday, authorities began shuttering "Shitcoins Club" storefronts and seizing its bitcoin ATM machinery, a BaFin official confirmed with CoinDesk, for allegedly operating without banking or proprietary trading licenses.
BaFin ordered Shitcoins' parent company KKT UG to cease all German crypto trading operations in February. But CEO Adam Gramowski flaunted regulators' demands and kept his kiosks running, according to financial news site Handelsblatt. Gramowski did not immediately respond to a CoinDesk request for comment.
The action will likely take a substantial portion of Germany's crypto ATMs offline. Shitcoins Club has around 17 bitcoin, litecoin and ether ATMs in the country; Germany as a whole has only 67 operational bitcoin ATMs.

Articles about Cryptocurrency / Goldman Sachs Eyes Own Token as Bank Appoints New Head of Digital Assets

« on: August 06, 2020, 06:10:11 PM »

Goldman Sachs is seriously considering its own cryptocurrency, possibly a stablecoin, as it significantly expands its digital assets team and appoints a new head to spearhead efforts.

Matthew McDermott, Goldman's new digital asset global head, confirmed the U.S. investment bank was exploring whether to launch its own digital asset, CNBC reported Thursday.
"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.
Last month McDermott hired Oli Harris as head of strategy. Harris was instrumental in JPMorgan's blockchain, Quroum, as well as its settlement coin, JPMCoin.
McDermott said he is already looking at how blockchain can make savings in the inefficient repurchase, or "repo", market used by banks to lend money to one another, as well as credit and mortgage markets.
He also said Goldman might consider collaborating with its rival, JPM, as well as Facebook on future digital asset initiatives.
McDermott said he plans to significantly expand Goldman's digital asset team, including doubling headcount in both Asia and Europe.

Articles about Cryptocurrency / Investors Suing Over Status ICO Can’t Find Execs to Serve Papers

« on: August 06, 2020, 03:44:22 PM »

Attorneys for investors suing a secure messaging app want the judge’s permission to use “alternative means” to serve the firm’s executives with papers, saying they’ve been unable to reach them through traditional means.

Court documents are typically served via mail or delivered in person to defendants, but plaintiffs bringing the case against Switzerland-based Status filed a motion Monday asking the court to allow its top executives to be served through the firm’s attorneys, or via email and social media accounts.
Status chief executive officer Jarrad Hope and chief communications officer Carl Bennetts were named as individual defendants in the class action lawsuit filed in April.
The suit alleges the $100 million raised in its initial coin offering (ICO) through the sale of Status’ native SNT token in 2017 was an unregistered securities sale and demands a trial by jury.
According to Monday’s motion, plaintiff’s counsel undertook “exhaustive efforts” to locate Hope and Bennetts who are supposedly residing in Switzerland.
They were, however, unsuccessful in retrieving an address for either executive, despite expending resources searching through social media, registries and even employing a private investigator.
The letter also specified an attempt to serve them through the 1965 Hague Convention, on the service of judicial documents abroad. This effort fell through because the defendants’ addresses were unknown.
The motion alleges Status executives have been avoiding being served, after attorneys for the plaintiffs attempted to serve the executives through Status' counsel.
“Indeed, Mr. Nagy, counsel for Status, has represented that he spoke to one of the Individual Defendants by phone about accepting service in this suit, but this individual did not authorize Mr. Nagy to accept service on his behalf,” the motion said.
The lawsuit against Status is one of a number of token offerings accused of violating the U.S. federal and state security laws, with the Securities and Exchange Commission taking two messaging apps (Telegram and Kik) to court over similar allegations in the last year.
The plaintiffs will now await a court order approving alternative means of service to let the suit proceed.