China: trading platforms executives not to leave country

The executives of Chinese Bitcoin trading platforms may not leave the country
20 September 2017   527

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. 

However, this is not the end of the restrictions.

Now, Beijing News reports that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. During this period of uncertainty, the executives must fully cooperate with Chinese authorities.

A number of insiders said that current executives, owners, shareholders, and managers of bitcoin trading platforms are not allowed to leave Beijing. In accordance with regulatory requirements, shareholders, owners, and financial executives must fully cooperate with the ongoing investigation during the closure process in Beijing.
 

Beijing News

Although the alleged prohibition singles out “Bitcoin executives,” the injunction would likely apply to people in management positions at virtual currency trading platforms more broadly.

Bitcoin charts on coinmarketcap.comBitcoin charts on coinmarketcap.com

Meanwhile, at the time of writing, Bitcoin cryptocurrency price is slightly above $4,000 and its market capitalization $66,711,282,963. 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   80

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.