The Financial Industry Regulatory Authority warns investors that they should not consider ICOs that promote SAFTS, or Simple Agreement for Future Tokens, as safe investments, nor does the promotion of a SAFT contract mean that the offering is compliant.
The Securities and Exchange Commission announces “permanent officer-and-director and penny stock bars” against David T. Laurance, who is “the founder of a company who perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California.”
The Australian Securities and Investment Commission releases additional guidelines regarding compliance for ICOs and cryptocurrencies via Information Sheet 225. The new guidelines provide clarity on the legal status of ICOs, as well as other issues relating to ICOs such as social media promotion and disclosing of information.
The Gibraltar Stock Exchange announces plans to apply for an extension to its license from the Gibraltar Financial Services Commission. The extension would then allow the trading of security tokens on the GBX exchange.
FINRA, the Financial Regulation Authority, sends reminder urging firms to “consider all applicable federal and state laws, rules and regulations, including those of FINRA and the SEC.” The notice went on to say that firms should disclose involvement in cryptocurrency products and production.
The Thai Securities and Exchange Commission announces that its ICO regulations will go into effect on July 16th. The regulations utilize a “two tier form vetting procedure” which requires applicants to pass a final SEC screening.
Delaware announces that the Delaware Blockchain Amendments “do not provide blanket authority for shares of stock of a Delaware corporation to be tokenized.”
Thailand unveils new Digital Asset Business Decree law which respectively defines cryptocurrencies and digital tokens as a “medium of exchanging goods” and “rights to participate in an investment or receive specific goods.” The new law also provides rules for exchanges, brokers and dealers, as well as a formalized process for ICOs.
The SEC announces it will not consider bitcoin or ether as securities.
Lithuania’s Ministry of Finance announces new guidelines for ICOs which address regulations, taxation, accounting and AML.
Thailand’s Securities and Exchange Commission announces new regulatory framework for cryptocurrencies and ICOs.
The SEC appoints Valerie Szczepanik to the position of associate director of the Division of Corporation Finance and senior advisor for digital assets and innovation. Szczepanik’s role will be to “coordinate efforts across all SEC Divisions and Offices regarding the application of U.S. securities laws to emerging digital asset technologies and innovations, including initial coin offerings and cryptocurrencies.
The Monetary Authority of Singapore warns 8 cryptocurrency exchanges that trading of tokens which are regarded as securities or futures contracts are not permitted without permission from the MAS.
Regulators in the US and Canada announced they have opened investigations into 70 cryptocurrencies and ICOs in a wide-ranging crackdown named “Operation Crypto Sweep.”
Overstock.com’s company tZero and BOX Digital Markets announce plans to open the first regulated exchange for security tokens.
CPA Ontario urges chartered accountants to avoid “participating in unregulated cryptocurrency offerings” and to avoid any ICOs which don’t treat their tokens as securities.
SEC Commissioner Robert Jackson issues criticism of ICOs saying, “Investors are having a hard time telling the difference between investments and fraud…If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job? The answer is the ICO market.”
The Australian Securities and Investments Commission (ASIC) said Tuesday that it is taking aim at fraud in the initial coin offering (ICO) market.
The U.S. House of Representatives holds hearing regarding whether or not ICOs could be regulated with a “balanced approach.”
Bermuda House Assembly passes the Companies and Limited Liability Company Amendment Act 2018 (ICO Act) which, if approved by the Senate, will regulate all aspects of digital assets (including ICOs.)
The Australian Securities & Investments Commission announces that ICOs will be a key focus as it expands its guidance and regulations.
Gary Gensler, the former chairman of the Commodity Futures Trading Commission, said that government officials should take a closer look at the largest coins by market capitalization, not just at tokens sold in ICOs. Ethereum’s Ether and Ripple’s XRP could probably be classified as securities, Gensler said.
Former CFTC Head Gary Gensler says that coins with high market capitalization, such as Ether and XRP, should be examined and possibly classified as securities.
SEC officials have filed fraud charges against a third “mastermind” in in Centra Tech's allegedly fraudulent initial coin offering.
Tezos cofounder Arthur Breitman is fined $20,000 by FINRA and is barred from broker-dealer interaction until 2020 due to a failure to disclose outside business activities.
The Ontario Securities Commission announces that platforms offering cryptocurrency trading must determine if they are a marketplace. The OSC went on to say that cryptocurrencies may qualify as securities.
Australia announces that Australian cryptocurrency exchanges are required to abide by anti-money laundering (AML) rules.
The Securities and Exchange Commission has charged two co-founders of Centra Tech Inc., a Miami startup, for orchestrating a fraudulent initial coin offering that raised more than $32 million from investors last year.
The SEC charges Michael Liberty, the founder of Mozido Inc., with defrauding investors of more than $48 million by tricking investors into investing in shell companies.
Russia’s Ministry of Telecom and Mass Communications announces new set of regulations for ICOs. The new regulations state that companies conducting ICOs are required to guarantee that tokens can be bought back at a nominal price.
Massachusetts regulator orders the halting of five ICOs due to being unregistered securities.
South Korea reverses view on cryptocurrencies and announces it is working on creating policy guidelines for ICOs.
Tennessee government proposes bills to ban retirement funds from investing in cryptocurrencies. The state’s government also proposed bills that would legalize the use of blockchain for electronic transactions.
South Carolina lawmakers have requested that Genesis Mining, a cryptocurrency cloud mining platform, leave the state “due to selling unlicensed securities.”
The Praetorian Group files with the US Securities and Exchange Commission to hold the “first ever SEC-registered ICO.”
Japan’s Financial Services Agency issues punishment notices and business improvement orders to 7 cryptocurrency exchanges due to a lack of required internal control systems related to anti-money laundering and counter terrorism financing.
The SEC publishes statement regarding cryptocurrency exchanges / online trading platforms that states that the mechanism for trading assets meets the definition of a security under federal securities laws.
The Financial Crimes Enforcement Network (FinCEN) published a letter Tuesday that indicates the U.S. agency will apply its regulations to those who conduct initial coin offerings (ICOs).
The Securities and Exchange Commission has issued dozens of subpoenas and information requests to technology companies and advisers involved in the red-hot market for cryptocurrencies, according to people familiar with the matter.
Malaysia announces that all cryptocurrency exchanges must verify identities of traders due to new AML legislation going into effect.
A cease-and-desist letter is issued by the Texas State Securities Board to Leadinvest.com due to accusations of fraudulently selling unlicensed securities.
The Israeli Supreme Court decides that banks must allow crypto trading and may not prohibit company accounts associated with the industry.
Israel announces it will tax cryptocurrencies as property. Individuals will not have to pay the value-added tax, however businesses will.
The Securities and Exchange Commission (SEC) suspends trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets.
The U.S. Treasury releases letter stating that companies must report suspicious transactions to authorities in order to combat money laundering and financing of terrorism.
Thailand's central bank prohibits financial institutions from investing or trading cryptocurrency, offering cryptocurrency exchanges, and creating cryptocurrency based platforms. Banks are also banned from allowing credit card transactions to buy cryptocurrencies.
Russia's Ministry of Communications unveils new licensing rules for ICOs. New regulations include a required $1.7M nominal capital, specific licensed bank accounts, as well as a license for the development, production, and issuance of tokens.
European Supervisory Authority warns customers that virtual currencies (cryptocurrencies) are highly risky, not backed by tangible assets and unregulated under EU law.
China's National Internet Finance Association (NIFA) announces plans to increase oversight of ICOs and cryptocurrencies.
Gibraltar officials look to develop regulations and a framework for companies utilizing ICOs.
Hong Kong's Securities and Futures Commission alerts investors to the potential risks of dealing with cryptocurrency exchanges and investing in ICOs.
China announces plans to cut off internet access for citizens to sites which trade cryptocurrency and permit ICO investments.
The Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) issues a warning regarding the risk of investing in ICOs, advising that legal protection is not available since the agency doesn't regulate ICOs.
The Philippines' Securities and Exchange Commission announced it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.
Wyoming lawmakers propose bill that would exempt creators and sellers of utility tokens from securities regulations.
South Korea announces plans to create a task force to oversee local cryptocurrency exchanges and enforce compliance with regulations for cryptocurrency-based businesses.
India's top banks suspend and severely limit functions of Bitcoin exchange accounts.
The U.S. Commodity Futures Trading Commission (CFTC) targets two allegedly fraudulent cryptocurrency investment schemes with lawsuits.
Bermuda Monetary Authority issues statement regarding the risks of ICOs which warns investors about the lack of investor protections in the unregulated space.
Israel's Tax Authority publishes a draft circular addressing the possibility of taxing ICO profits.
China's National Internet Finance Association (NIFA), a self-regulatory organization in the field of Internet finance, issues a warning against risks from the so-called "initial miner offerings" (IMO). NIFA claimed in a statement that IMOs are disguised initial coin offerings (ICO), which are completely banned in the China. The warning is in compliance with the Notice on ICO issued by the Chinese government in September, 2017.
Bank Indonesia teams up with the National Police to enforce Indonesia's ban on cryptocurrencies. Police announce they will target Bali. Indonesia's ban on cryptocurrencies require that all transactions be made in Rupiah.
The Philippines' Securities and Exchange Commission warns investors to exercise caution when invited to participate in initial coin offerings (ICOs) involving cryptocurrencies.
The Swiss government announces support for Taskforce Blockchain, a new group which will review legal guidelines for blockchain companies.
The Swiss Crypto Valley Association unveils code of conduct for ICOs.
The SEC announces it will begin cracking down on suspicious cryptocurrencies.
The NASAA reminds investors to be cautious of cryptocurrency investments, while also having previously identified ICOs as emerging investor threats last month.
A new bill that would limit the raises of ICOs to a maximum of $17.3 million USD, as well as limit the individual investment amount per person to $864, has been proposed by the Russian Ministry of Finance.
The SEC announces it will begin cracking down on suspicious cryptocurrencies.
Russia announces plans to regulate cryptocurrencies by imposing limits on investment amounts in ICOs.
The Caribbean nation of Anguilla proposes the AUTO Act which would aim to register and monitor ICOs while at the same time avoid securities regulations.
UK watchdog Financial Conduct Authority announces it will take closer look at ICOs to determine if more regulations are needed to protect retail consumers.
Bitcoin futures begin trading on Chicago’s Cboe Global Market.
The SEC halts the Munchee ICO due to it being unregistered securities offering.
SEC issues statement regarding cryptocurrencies and ICOs addressing considerations main street investors and market professionals should review before investing.
The Financial Services of Korea bans bitcoin futures trading by securities firms.
The SEC filed the first-ever charges against an ICO. An emergency asset freeze was enacted against Canadian company PlexCorps.
The Royal Bank of Zimbabwe announces that Bitcoin is illegal and would not allow its use in Zimbabwe.
The Gibraltar Blockchain Exchange (GBX), announces plans launch the first ICO regulated ICO token exchange in January 2018 pending regulatory approval.
The government of Anguilla announced plans for cryptocurrency regulations regarding the registration of ICOs. The AUTO Act, or the Anguilla Utility Token Act, is the world’s first registration regulations for ICOs.
The Financial Conduct Authority, a British regulator, issued a warning stating that CFDs (cryptocurrency contracts for differences) are high-risk investments and warned investors against investing in them.
Singapore issued new guidelines on ICOs which outline securities laws and their relations to token sales.
India announces plans to develop regulations for Bitcoin and ICOs.
The European Securities Markets Authority (ESMA) issued a statement on ICOs. ESMA alerted ICO firms to meet relevant regulatory requirements, as well as to adhere to their obligations under EU regulation. ESMA also warned investors about the risks of investing in ICOs
The Federal Financial Supervisory Authority of Germany, also known as BaFin, issued a warning to investors about the risk of investing in ICOs.
SEC Chairman Jay Clayton said so-called initial coin offerings in many cases looked like securities, raising the prospect the agency will take a more aggressive stance to this red-hot fundraising method.
The United States SEC issued a statement on potentially unlawful promotion of ICOs by celebrities.
New Zealand's FMA claimed that any digital currency or ICO-obtained token would be considered as a security. The finance regulator also explained the various means in which token sales will be covered under the country’s national law.
Lithuania's Central Bank publishes new ICO guidelines and states that financial institutions must distance themselves from ICOs and ICO activity.
Abu Dhabi global market sets out guidance on ICOs and virtual currencies.
Australia's ASIC announces its intent to assist businesses to understand their potential obligations under the Corporations Act by issuing guidance over ICOs.
South Korea bans raising money through ICOs and token sales.
Macau's top financial regulator orders all banks and payment services to not provide services for ICOs and cryptocurrencies.
Japan announces plans to introduce oversight on virtual currency exchanges.
In the UK, the FCA issues a stern warning over investing in ICOs.
Similar to the US, Hong Kong says that ICOs are subject to the securities laws per Hong Kong regulators.
China institutes ICO and token ban. Tokens sold as securities are subject to securities laws in China. Companies who have sold ICO tokens to Chinese investors are directed to refund that money.
South Korean regulators introduce new regulations on domestic trading of digital currencies.
Canadian regulators decide that many ICOs are considered securities under Canadian securities law.
The National Bank of Ukraine announces it cannot recognize cryptocurrency as currency and also warns about the risks of fraud in ICOs.
South Korean regulators give a break to fintech companies using Bitcoin for currency transfers.
In a similar statement to the US, Singapore announces that ICOs and token sales will be regulated by the MAS if the digital tokens are products that are regulated under the Securities and Futures Act.
Thailand announces that ICOs issuing tokens will fall under regulatory jurisdiction of SEC Thailand.
The Bank of Indonesia says ICOs will not be legally recognized in the country.
In the United States, the SEC rules some ICOs are indeed securities and must follow specific laws, and issues guidance for investors.
Gibraltar announces that ICOs are to come under regulatory oversight in January 2018.
Switzerland and the Swiss Financial Market Supervisory Authority informally voices support for blockchain developments and begins looking into ICOs. FINMA also closes down fake currencies.
Russia prepares to officially legalize ICOs.
CoinDesk reports that for the first time, blockchain enpreneurs raised more in ICOs ($327M) than through traditional venture capital funding ($295M) during a similar time period (Jan-June 2017).
The DAO code is exploited to steal $50M worth of ETH, causing the collapse of the DAO; however, the success of the DAO token crowdsale does not go unnoticed.
The Decentralized Autonomous Organization (DAO) is launched; approx. $150M in DAO tokens are sold in a 28-day crowdsale.
The Swiss financial market regulator (FINMA) announces guidance that is seen as an encouragement to innovate with cryptocurrency and blockchain technology.
Ethereum goes live; an earlier crowdsale in July-August 2014 sold 11.9 million coins, called Ether (ETH), to purchasers using bitcoin (BTC).
Isle of Man issues regulations for Bitcoin businesses.
Swiss law firm MME, together with Ethereum, blockchain startup Monetas, and the Zug Economic Development Office form a crypto-technology cluster in the Swiss Canton of Zug, calling the initiative Crypto Valley.
The first ICO is launched called Mastercoin.
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