The US Securities and Exchange Commission is in the latest crypto news again for cracking down ICO projects as a top official of the agency noted earlier this year, where dozens of cases are left on hold.
This wave of the SEC enforcement is stimulated by the latest happenings with the professional boxer Floyd Mayweather and DJ Khaled and is one of the reasons why they are now more focused on social media influencers that promote ICOs to the general public.
For example, musicians, artists, and YouTube celebrities could be on the SEC target list if they gather enough evidence to prove that any of these entities or individuals are involved into getting a compensation from ICO organizers for promoting a token sale without giving the audience transparent disclosing amount for the project.
The SEC made clear last year:
“Any celebrity or other individuals who promote a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.’’
The agency noted that all of the investors must be aware of all the celebrities promoting tokens on the blockchain and urged investors to be skeptical of investment advice that is posted on social media platforms. The SEC says that social media influencers often get paid for promoting a token or a project and are not investment professionals.
The chairman of the SEC has already said that the commission sees most of the ICOs on the market as securities by saying:
‘’We don’t believe Bitcoin is a security. Many of the ICOs that you see and you talk about, they are securities. And if you’re going to offer or sell securities, you have to do so in compliance with our laws.’’
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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