Politics, Legal & Regulation

April 1, 2018 @ 8:40 am By JD Alois  |  

CBOE Global Markets, operator of the Chicago Board Options Exchange – the largest U.S. options exchange, has sent a letter to the Securities and Exchange Commission (SEC) encouraging the regulator to move forward with cryptocurrency based Exchange Traded Funds (ETFs) or Exchange Traded Products (ETPs). CBOE… Read More

March 29, 2018 @ 6:05 pm By Georgia Quinn  |  

This past week, I had the chance to attend a Fintech focused event put on by the Consulate of France in Manhattan and, honestly, I came away very impressed. For too many years, France did not have much of a reputation in the startup world…. Read More

March 28, 2018 @ 9:23 am By JD Alois  |  

The European Securities and Markets Authority (ESMA) has banned the marketing, distribution and sale of binary options to retail investors. Simultaneously, contracts for differences (CFDs) will have a restriction on the marketing, distribution or sale to retail investors. ESMA can only introduce temporary intervention measures… Read More

March 28, 2018 @ 12:12 am By JD Alois  |  

We have received some information from an insider regarding Chinese peer to peer lending platforms being unable to update their Apps in the Apple App store due to a regulatory disconnect. From what we have been told, Apple (NASDAQ:AAPL) is enforcing a rule that requires… Read More

March 27, 2018 @ 7:16 pm By JD Alois  |  

The State of Massachusetts Securities Division, under the direction of Secretary William Galvin, has issued a series of Consent Orders pertaining to five different initial coin offerings (ICOs). The following issuers received the orders: 18Moons, Inc Across Platforms, Inc. DBA ClickableTV SparkCo Inc, DBA Librium… Read More

March 27, 2018 @ 4:59 pm By JD Alois  |  

Some large countries are blocking initial coin offering, some are observing and others are creating rules by enforcement action, France wants to become “the first major financial center to propose an ad hoc legislative frame work that will allow companies initiating an ICO to demonstrate their seriousness to potential… Read More

March 27, 2018 @ 11:48 am By JD Alois  |  

For companies that have used Reg CF to raise growth capital online compliance does not stop at the Form C. Issuers must file an annual report type document. If you have an end of year (December 31st) fiscal calendar, and you used Reg CF, the… Read More

March 26, 2018 @ 2:33 pm By Anthony Zeoli  |  

Investment in the cryptocurrency industry is currently dominated by the use of Simple Agreements for Future Tokens (SAFTs). While SAFTs were a somewhat novel approach when they were introduced, now that cryptocurrency assets have become almost universally deemed “securities” by the SEC, the use of… Read More

March 25, 2018 @ 12:00 pm By JD Alois  |  

There is an ongoing debate in Canada regarding the regulatory approach to financial services. As it stands today, thirteen different financial regulators hold sway when it comes to securities compliance instead of a single national regulator. To the casual observer this makes absolutely no sense… Read More

March 24, 2018 @ 11:02 am By JD Alois  |  

Arizona has become the first state in the US to enact a law that creates a regulatory Fintech Sandbox. This is an interesting move as the US Securities and Exchange Commission has been slow to embrace Fintech innovation by creating their own Fintech Sandbox meanwhile… Read More

March 23, 2018 @ 4:55 pm By Raphael Andrade  |  

Late last year, the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários or CVM) spoke about initial coin offerings (ICOs). At that time, the CVM published a frequently asked questions-like notice (see here). The FAQ lays down some introductory aspects on the subject, conceptually… Read More

March 23, 2018 @ 2:56 pm By JD Alois  |  

Just as the UK announced a working group tackling cryptocurrencies, Ireland has announced their own similar task force. Incorporate within a report recently published by the Irish Department of Finance, the government proposed the creation of an intra-departmental Working Group on virtual currencies and blockchain technology…. Read More

March 23, 2018 @ 10:23 am By Erin Hobey  |  

In its new study, the OECD Secretary General examines cryptocurrency and its tax consequences in the two part Report to G20 Finance Ministers & Central Bank Governors. Part I reports on the activities and achievements of the OECD’s tax agenda, and reviews significant achievements while looking ahead at… Read More

March 22, 2018 @ 1:46 pm By JD Alois  |  

As was announced earlier today (and leaked out earlier this week) the Australian and UK governments have signed an “enhanced cooperation agreement” on Fintech innovation. Under the new agreement the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA) will continue to… Read More

March 22, 2018 @ 12:46 pm By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) has published a deck on initial coin offerings. FINMA has scheduled a series of roundtable meetings in collaboration with the Swiss Crypto Valley Association. The first Roundtable took place last week in Zug, Switzerland. In February, FINMA issued a… Read More

March 22, 2018 @ 10:41 am By JD Alois  |  

HM Treasury Publishes Fintech Strategy In a widely anticipated speech today during the midst of UK Fintech Week, Chancellor of the Exchequer Philip Hammond told the audience Britain is the global capital of Fintech and he will do everything he can to maintain this title…. Read More

March 21, 2018 @ 11:50 am By JD Alois  |  

  We recently published an article from John Auckland, from TribeFirst, about HMRC’s new SEIS / EIS guidelines. Since we released this, the crowdfunding platforms met with HMRC to discuss the potential limitations these guidelines might present for companies looking to raise money through crowdfunding, so… Read More

March 20, 2018 @ 10:14 pm By Marina Evseeva  |  

The Russian Parliament has started finalizing a draft bill on cryptocurrency and digital tokens recognising them as assets that cannot be used in exchange for goods and services. The draft aims to define the scope of the regulations of cryptocurrencies, not their prohibition, according to… Read More

March 20, 2018 @ 4:43 pm By JD Alois  |  

  The Group of Twenty or G20 held a meeting this week in Buenos Aires. Participating countries include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States plus the… Read More

March 20, 2018 @ 8:48 am By Erin Hobey  |  

Step in line, crypto platforms. Global Digital Finance (GDF) has launched to drive a code of conduct for cryptoassets. Non-profit GDF has convened key stakeholders to develop a global code of conduct and a taxonomy for cryptoassets, comprised of global distributed ledger and cryptoasset space… Read More