Every week we will bring you the top 3 news and other updates that came around from the security token industry at one place. This week’s top security token news:
1. All ICOs In Malaysia Are Now Security Offerings, Effective Immediately
More and more countries are coming against the ICO model indicating that the era of ICOs might just be coming to an end. Malaysian Finance Minister Lim Guan Eng announced that all token offerings and exchanges trading will require registration with the Securities Commission (SC). The full framework on digital assets is expected to be released by the end of Q1 2019. Read details of announcement here.
2. Jamaica Stock Exchange Looks Forward to List Security Tokens
The Jamaica Stock Exchange (JSE) in partnership with its Canadian technology partner Blockstation is planning to list security tokens as tradeable assets for clients. The firm announced the completion of their first 60 days of an ongoing live digital currency trading pilot with selected regulated market participants including broker-dealers, market makers and the Jamaica Central Securities Depository (JCSD). Know more about JSE’s recent involvement in security token space here.
3. Wyoming Introduces New Bill to Tokenize Corporate Stocks
According to the official Wyoming legislature, they have introduced a new bill in the House to allow corporations to issue their stocks as tokens on the blockchain network. Wyoming Bill 185 would allow corporate stocks to be tokenized. If passed the bill would permit the storing, issuing, and digital transfer of these tokenized corporate securities and will go into effect from July 1st. Read details of the new proposed bill here.
Other Top Updates
Securitize To Join IBM’s Blockchain Accelerator To Modernize $82T Corporate Debt Market: Securitize is a compliance platform and protocol for digitizing securities on the blockchain. The program is to last three months and will include a Blockchain Architecture workshop, in addition to the opportunity to work with the IBM team and external mentors. At the end of the program, Securitize will present a demonstration of their platform, explaining what they want to build for potential customers, including internal IBM teams.
Polymath Locks Up 75 Million POLY for 5 Years: On January 31st 2018, POLY tokens and version-1 of the Polymath platform were deployed on Ethereum mainnet. A total of 1 billion POLY were created with 240,000,000 tokens being distributed on launch. The remaining 760,000,000 tokens are set to be released periodically on a fixed schedule until 2022. Due to the fact that the firm has no need for 75 Million POLY at this time thanks to a disciplined, long-term treasury management strategy it will be locking up 75 Million POLY for 5 years in a smart contract.
- UK Financial Watchdog Planning for New Regulations on Security Tokens: The U.K.’s Financial Conduct Authority (FCA) has proposed new guide lines for how crypto assets should be regulated in the country. Security Tokens are being called as specified investments, since their definition meets the one set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order. For security tokens, all the rules covering traditional securities will apply to them, too. The firms that want to deal in security tokens would have to apply for permission from the FCA.
Interview of the Week
Interview: Pascal Putman, Business and Project Manager at Dusk Foundation
Know more about, how Dusk aims to lower the impact of middlemen in the industry while lowering down the barriers to investment and for the launch of security tokens. Read the following interview to get a deep insight into the vision of Dusk Foundation:
Analysis of the Week
The covered warrant structure is reportedly more efficient than existing token securities fund raising methods (STOs, TAOs, CSOs) and allows asset owners around the world to easily issue compliant US digital securities. Read the following analysis to know more about it:
Project to Keep an Eye on
Smartlands: Smartlands Platform is a worldwide security token issuance platform and has an aim to make tokenizing property easy. The platform is designed to create a new class of volatility and future proof security tokens. The firm will develop an infrastructure for security token offerings and will be fully complaint with financial regulation and legislation protecting investor interests.