Hong Kong Watchdog to Implement New Limitations

New rules provide for tougher regulations in relation to the scope of ICO
18 December 2018   1304

The Hong Kong Securities and Futures Commission (SFC) plans to introduce new rules for the cryptoindustry, reports Finance Magnates, citing the Japanese edition of the Nikkei.

In particular, if 10% of the assets of companies are contained in a cryptocurrency, then they should receive a special license from the SFC. Also, these firms will be able to offer cryptocurrency products only to qualified investors.

In addition, the new rules provide for tougher regulations in relation to the scope of ICO. Thus, the SFC intends to prohibit an ICO if the campaign initiator token was released less than 12 months before the start of the tokensale. Considering that the purpose of the ICO is precisely the launch of tokens, it is not known how this requirement will work in practice.

Recall that in November the SFC announced the rules for cryptocurrency funds.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   905

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.