IMF and World Bank Launch Educational Blockchain Token

The International Monetary Fund (IMF) and the World Bank have launched a crypto token called “Learning Coin” to better understand how blockchain technology works. The two institutions said that the coin would have no monetary value and would not be made openly available, the Financial Times reported Saturday. To support the token, the IMF and the World Bank have also launched a private blockchain network. The project is aimed to build “a strong knowledge base” around blockchain technology among staff at the organizations. The IMF said in the report: “The development of…

Harvard Endowment Invested up to $12.65M in Blockstack Token Sale

Harvard’s $37.1 billion endowment fund has reportedly invested $12.65 million in Blockstack. The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise $50 million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Among those names was Charlie Savaria, one of the recently appointed managing directors for the Harvard Management Company. Mr. Savaria, according to the document, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of…

Blockstack Files With SEC to Raise $50 Million in Reg-A+ Crypto Token Sale

Blockstack, the New York-based blockchain software provider launched in 2017 to create the infrastructure for a decentralized internet, has announced it intends to raise $50 million in a token sale that would leverage the SEC’s Regulation A+ crowdfunding exemption. While the move still requires regulatory review, the sale would enable Blockstack to raise capital through the U.S. securities markets via a subsidiary, Blockstack Token LLC, which would sell a token called Blockstack Stacks (STX) in a securities offering designed to be more flexible than an IPO. Introduced in 2012 under…

Mauritius Financial Regulator Issues Guidelines on Security Token Offerings

The Mauritius Financial Services Commission (FSC) has issued a second guidance note concerning security token offering (STO) regulation, dated April 8. In the document, the FSC declared that security tokens are considered digitally represented securities as defined in the Securities Act of 2005. As a consequence, when STOs are conducted in or from Mauritius, the offering is regulated by local security regulations, including the requirement for a prospectus. The regulator also notes that, while no STO can take place without its prior approval, there are exceptions for when a token…

SEC’s Crypto Token Framework Falls Short of Clear and Actionable Guidance

The Takeaway: The SEC’s new guidance outlines how it will apply the decades-old Howey test to crypto assets. However, there remain a number of unanswered questions, including how the broad definition of “active participants” might impact projects; how startups based overseas are impacted and when and how a token might no longer be a security. While legal experts and industry participants see this as a positive first step, the consensus appears to be that there are still many issues still to be discussed. Well, it’s a start. That was the…

The SEC Just Released Its Long-Awaited Crypto Token Guidance

The U.S. Securities and Exchange Commission (SEC) has published fresh regulatory guidance for token issuers, nearly half a year in the making. The guidance focuses on tokens and outlines how and when these cryptocurrencies may fall under a securities classification, according to the document.  SEC Director of Corporation Finance William Hinman first revealed that the regulator was developing new guidance for crypto tokens last November, and other members of the agency, including FinHub head Valerie Szczepanik and Commissioner Hester Peirce, have repeatedly said that SEC staff was working on the…

The SEC Guidelines are HERE! Release of Crypto Token Guidance

It’s been nearly six months in the making and now the US Securities and Exchange Commission (SEC) has finally published its regulatory guidelines for token issuers. Though many questions remain unanswered, crypto enthusiasts have finally got some clarity on the issue of “tokens as securities.” SEC Guidelines The SEC Guidelines focus on tokens and how and when they may be classed as a security. It includes examples of networks and tokens that fall under security laws, as well as examples of those that don’t. It outlines a number of elements…

Canadian Police Freezes Assets of FUEL Token Issuers due to Alleged $22 Million Fraud

Canadian police have frozen assets of the founders of blockchain consulting firm Vanbex, which raised $22 million in an alleged fraudulent initial coin offering (ICO). The development was reported in a court document released on March 14. According to the document, Vanbex founders Kevin Hobbs and Lisa Cheng claimed to the public that they operated a Vancouver-based cryptocurrency firm, starting from 2017. The firm, which was interchangeably called Vanbex and Etherparty, is actually a shell company that developed no useable products, the court document argues. The police have now frozen…

Hong Kong’s Securities Regulator Issues Detailed Guidance for Security Token Offerings

Hong Kong’s securities regulator, the Securities and Futures Commission (SFC) has issued official guidance on security token offerings (STOs), in a statement published on March 28. The guidance aims to clarify the legal and regulatory requirements for parties engaging in STO-related activities. The document opens with a proposed working definition of a security token and sale, noting that: “STOs typically refer to specific offerings which are structured to have features of traditional securities offerings, and involve Security Tokens which are digital representations of ownership of assets (eg, gold or real…

AlphaPoint Appeals to Institutions With Security Token Tech Upgrade

Blockchain services firm AlphaPoint has upgraded its tech solution for security token offerings (STOs) in a bid to attract institutional clients. Revealing the news exclusively to CoinDesk on Thursday, AlphaPoint said with its upgraded technology stack, financial institutions such as private equity, real estate firms and funds can issue asset-backed security tokens, thereby increasing liquidity in the market. The firm further said that it is evolving its Asset Digitization software in a bid to help clients create, issue and trade tokenized securities in a “secure and private” manner. AlphaPoint CEO Salil Donde…