The Philippines Securities and Exchange Commission (SEC) released a draft of regulations for ICOs (Initial Coin Offerings) and has asked the public to provide feedback on these proposed rules. In the regulator’s Memorandum Circular, the SEC has mandated that any company wanting to launch an ICO, or any ICO selling their tokens to Filipinos, will need to first submit an application called the Initial Assessment Request to the SEC. This will help the Commission decide whether that token is a security or not.
Cryptocurrency Market Updates
Long Blockchain Corp., previously a drinks manufacturer which now is a blockchain development company, has been subpoenaed by the US SEC (Securities and Exchange Commission). The subpoena was originally dated for July 10, and the company, during a filing on August 1, stated that the SEC had requested that Long Blockchain provide certain documents to them. The company refused to provide any further details.
According to a study done by Forrester Research, most of the Blockchain initiatives currently being run by US companies will eventually be abandoned. The market research firm made a grim forecast that around 90% of the Blockchain projects being run by American companies will be put on hold this year and will never become a part of regular company operations.
The Chamber of Digital Commerce, a cryptocurrency and Blockchain technology advocacy group, has released a report that has a list of proposed guidelines for the responsible growth of the cryptocurrency market. This report is titled Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners.
Mount Sinai’s New York medical school, Icahn School of Medicine announced that it had launched a new research center called the Center for Biomedical Blockchain Research which would focus on how Blockchain technology can be applied to the healthcare space.
According to Kaspersky Lab’s researchers, there is a new form of crypto malware aimed at corporations found in various countries. It is called PowerGhost, which is basically another form of fileless malware. It uses a system’s native processes in order to hijack a computer.
Google has now joined Apple in banning crypto mining apps from its Play Store. According to Android Police, an industry media agency, the internet giant announced a change in its stance towards crypto mining software in a policy update for its Google Play app developers. According to the new policy update, apps that mine cryptos are not allowed on the Google Play Store, but apps that remotely managing crypto mining will be allowed.
Cryptocurrency merchant bank Galaxy Digital reported its first quarter for this year. Mike Novogratz’s firm posted a $134 million loss in this time. The company cited a slumping cryptocurrency market as the reason for its poor performance.
America’s biggest cryptocurrency exchange Coinbase has launched its crypto gift card service in Europe. The exchange entered into a partnership with WeGift, a London based digital gift card platform. This partnership now allows users to purchase gift cards using cryptocurrencies that are stored in their Coinbase wallets.