Hong Kong Watchdog to Issue Exchange Licensing Rules

The new rules, issued by the Hong Kong Securities and Futures Commission are based on the standards that are applied to licensed brokers
06 November 2019   437

The Hong Kong Securities and Futures Commission (SFC) has published rules governing "trading platforms for virtual assets." The regulator’s license will be able to get platforms where at least one security token is traded.

The new rules are based on the standards that SFC applies to licensed brokers. They cover asset retention, compliance with KYC / AML rules and the prevention of market manipulation.

The rules also include additional requirements to address specific risks associated with cryptocurrencies. SFC requires licensed platforms to offer services exclusively to professional investors and adhere to strict criteria for listing digital assets. Licensees will be placed in a regulated sandboxed SFC (sandbox) for the supervision period.

The regulator emphasized that he does not have the authority to license and control platforms on which exclusively cryptocurrencies without the properties of securities are traded.

SFC also warned investors about the risks associated with the purchase of futures for virtual assets. According to the regulator, trading in such derivatives is largely unregulated and subject to extreme volatility.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   944

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.