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UpBit Crypto Exchange Executives Indicted for Market Manipulation

South Korea’s largest cryptocurrency exchange, UpBit, faces criminal charges after top executives were formally indicted by the country’s legal prosecutors, as reported by Business Korea on December 21, 2018. Three senior exchange executives, including founder Song Chi-Hyung, were arrested...

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Congressmen Introduce Bill to Change Securities Definition to Exclude Cryptocurrency

Two congressmen are introducing a bill that would exclude digital currencies from securities classification and substantially improve the tax treatment for cryptocurrencies. The new definition could benefit current cryptocurrency projects—such as Ripple’s XRP—and allow for ICOs and STOs to...

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ICOs and the SEC’s Extraterritorial Jurisdiction: A Brief Primer

In just the last few months, the SEC has brought successful enforcement actions against EtherDelta, Paragon, Airfox, DJ Khaled and “Money” Mayweather himself, all predicated directly or indirectly on unregistered Initial Coin Offerings (“ICOs”). These settlements confirm that the...

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Hong Kong Tightens Regulatory Grip on Cryptocurrency Exchanges and Startups

Hong Kong is tightening its regulatory grip on cryptocurrency exchanges and related businesses by bringing them under the purview of the Securities and Futures Commission (SFC), as reported by Asia Nikkei Review on Dec. 17. Crypto-Financial Center While part of...

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New Legal Framework in Switzerland Gives Boost to Blockchain

The Swiss State Secretariat for International Finance (SIF) announced the Federal Council’s adoption of a recent report—Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland—and expressed their intent to assist in developing laws for new technologies, specifically distributed...

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