How the ban of Bitcoin exchanges in China will affect the future of Bitcoin

Earlier this month, many Chinese crypto-exchanges, including ViaBTC, OKCoin and BTC China, announced their closure due to new regulations, sending the price of Bitcoin into a nose-dive. However, the price of Bitcoin quickly rebounded back to $4000 as quick as it fell. Major news sites are calling Bitcoin a fraud and warning of the dangers… View Article
Source: worldnewsoffice
How the ban of Bitcoin exchanges in China will affect the future of Bitcoin

Robert Mueller Subpoenas an Associate of the Man Who Hired Michael Flynn as a Lobbyist

The special prosecutor investigating Russia’s interference in the 2016 presidential election has subpoenaed an associate of Gen. Michael Flynn’s Turkish lobbying client. The subpoena, a copy of which was obtained by ProPublica, ordered Sezgin Baran Korkmaz to testify before a grand jury in Washington on Sept. 22. “The grand jury is conducting an investigation of […]

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Source: bitcoinwarrior
Robert Mueller Subpoenas an Associate of the Man Who Hired Michael Flynn as a Lobbyist

Bitcoin may be Considered Virtual Property Under new Chinese Regulation

It looks as if we may finally see official cryptocurrency regulation in China. Although this discussion has gone on for some time, the conclusion may arrive in a day from now.Chinese sources claim the new guidelines will go into effect on October 1st of 2017. Although no one knows for sure what the regulation entails, … Continue reading Bitcoin may be Considered Virtual Property Under new Chinese Regulation

The post Bitcoin may be Considered Virtual Property Under new Chinese Regulation appeared first on NEWSBTC.


Source: newsbtc
Bitcoin may be Considered Virtual Property Under new Chinese Regulation

Trump says to decide Fed chair in two, three weeks

US President Donald Trump indicated Friday he would select his nominee to be the next Federal Reserve chair within weeks, after meeting potential candidates. Trump said he would decide who chairs the US central bank, after interviewing Kevin Warsh, Jerome Powell and two other candidates. “I’ve had four meetings” Trump said as he left the […]

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Source: bitcoinwarrior
Trump says to decide Fed chair in two, three weeks

Robert Mueller Subpoenas an Associate of the Man Who Hired Michael Flynn as a Lobbyist

The special prosecutor investigating Russia’s interference in the 2016 presidential election has subpoenaed an associate of Gen. Michael Flynn’s Turkish lobbying client. The subpoena, a copy of which was obtained by ProPublica, ordered Sezgin Baran Korkmaz to testify before a grand jury in Washington on Sept. 22. “The grand jury is conducting an investigation of […]<br />Visit Robert Mueller Subpoenas an Associate of the Man Who Hired Michael Flynn as a Lobbyist on .
Source: worldnewsoffice
Robert Mueller Subpoenas an Associate of the Man Who Hired Michael Flynn as a Lobbyist

Australian Securities & Investments Commission Issues Guidance for Initial Coin Offerings

On the 28th September, the Australian Securities & Investments Commission (ASIC) published a document providing regulatory guidance for businesses that may be engaging in operations pertaining to initial coin offerings (ICOs). The release seeks to clarify the circumstances under which different types ICO may be subject to the Corporations Act, and identify the legal requirements of different types of ICOs.

Also Read: Stargroup Network Upgrades – Bringing Bitcoin to 2,900+ Australian ATMs

ASIC Hopes “To Assist Businesses to Understand Their Potential Obligations Under the Corporations Act”

Australian Securities & Investments Commission Issues Guidance for Initial Coin Offerings

This week, the Australian Securities & Investments Commission published a media release seeking to clarify the regulatory requirements of ICOs operating in Australia. ASIC has avoided adopting a one size fits all regulatory approach to ICOs, stating “whether the Corporations Act applies to an ICO will depend on the type of ICO offering and what rights attach to the coins from the ICO itself, underlying coins or tokens used in the ICO… In Australia, the legal status of an ICO is dependent of the circumstances of the ICO, such as how the ICO is structured and operated, and the rights attached to the coin (or token) offered through the ICO.”

ASIC concludes “that ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors”, however, specifies that “an ICO must be conducted in a manner that promotes investor trust and confidence, and complies with the relevant laws.” The regulator also states that “crowdfunding using an ICO is not the same as the ‘crowd-sourced funding’ (CSF) that will be regulated by the Corporations Act from 29 September 2017,” emphasizing the need to “ensure the public is not misled about the application of… CSF laws to an ICO.”

Under the Corporations Act ICOs May Be Seen to Comprise Either an Offer of Shares, a Managed Investment Scheme (MIS), or an Offer of a Derivative

Australian Securities & Investments Commission Issues Guidance for Initial Coin Offerings

A share is defined as “a collection of rights relating to a company.” The release states “most shares issued by public companies are ‘ordinary shares’, and carry rights regarding the ownership of the company, voting rights in the decisions of the body, some entitlement to share in future profits through dividends, and a claim on the residual assets of the company if it is wound up.”

ASIC states that “when an ICO is created in order to fund a company… if there appears to be ownership of the body, voting rights in decisions of the body or some right to participate in profits of the body shown in the white paper – then it is likely that the coins could fall within the definition of a share.” ASIC concludes that where it appears that an issuer of an ICO is actually making an offer of a share, the issuer will need to prepare a prospectus.”

The statement appears to imply that companies failing to provide sufficient information through a prospectus will be subject to scrutiny under the same rules governing Initial Public Offerings, however, ASIC specifies that “no such protection exists for ICOs made without a prospectus.”

Managed investments schemes are defined as when “people contribute assets… to obtain an interest in [a] scheme[,]… the assets are pooled together with one or more other contributors… [, and] the contributors do not have day-to-day control over the operation of the scheme.” ASIC states that if “the value of the digital coins acquired is affected by the pooling of funds from contributors or use of those funds under the arrangement, then the ICO is likely to fall within the requirements relating to MISs.”

ASIC’s Guidelines Have Been Welcomed by Several Representatives of the Australian Blockchain and Fintech Industries

Australian Securities & Investments Commission Issues Guidance for Initial Coin Offerings

For a detailed definition of a derivative, ASIC refers to section 761D of the Corporations Act, however, cites “options and futures” as “examples of derivatives.” ASIC suggests that smart contracts may be subject to derivatives licensing laws.

Danielle Szetho, CEO of Australia’s fintech industry association FinTech Australia, stated that “the guidance ASIC has released is a positive step to ensure a viable future for ICOs in Australia, and sits alongside other positive initiatives such as removing double taxation on digital currencies and driving international blockchain standards.” CEO of blockchain consultancy firm ICOPromo, Sergei Sergienko, echoed Ms. Szetho’s position, describing ASIC’s handling of ICO regulations as comprising “a calm and measured approach to help provide guidance to interested parties in Australia.”

What do you think of the Australian Securities & Investment Commission’s regulatory guidelines for ICOs? Share your thoughts in the comments section below!


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Source: bitcoin.com
Australian Securities & Investments Commission Issues Guidance for Initial Coin Offerings

GOP tax plan would benefit super-rich the most, slightly raise taxes on upper earners, analysis finds

WASHINGTON — The Republican tax plan would give the biggest benefit to the super-rich in coming years — and slightly raise upper earners’ taxes — while reducing them for everyone else, according to an analysis released Friday by a nonpartisan think tank. The sweeping tax changes, which include slashing the corporate rate and lowering the […]

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Source: bitcoinwarrior
GOP tax plan would benefit super-rich the most, slightly raise taxes on upper earners, analysis finds

‘False Peace’ for Markets? A Trader Is Betting Millions on It

AUSTIN, Tex. — Last Wednesday was another good day to make money on Wall Street: Stocks pushed up, interest rates were at rock bottom and the VIX gauge of investor unease was again trending downward. But as investors celebrated yet another bounce-back from a market slip, Christopher Cole, a trader who runs a hedge fund […]

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Source: bitcoinwarrior
‘False Peace’ for Markets? A Trader Is Betting Millions on It