ICONOMI Tokens to Become Securities

ICONOMI is going to become a fully regulated professional provider of virtual financial assets
27 September 2018   4878

ICONOMI announced a change in the corporate governance model and the release of security tokens.

The company's blog notes that ICONOMI is striving to become a fully regulated professional provider of virtual financial assets. Currently, the company expects to receive an appropriate license from European regulators.

To realize the set goal, the company needs to change the ownership structure. Also, in order to unify the corporate structure, the project intends to unite the service operator and the platform.

From November 1, ICONOMI (ICN) token holders will be offered to convert coins to tokenized shares under the eICN ticker, or exchange them for Ethereum (ETH). The latter will be used on a platform to pay commissions to fund managers.

The first stage of the transition period will end on December 31, and the process of tokenization ICONOMI starts in the first quarter of next year. The new joint-stock company (ICONOMI AG) will be registered in Liechtenstein. The cost of one share will be 1 Swiss franc.

Verified platform users can become shareholders of the new company. The exchange of ICN for security-tokens ICONOMI AG will last until December 31 of this year. On the same day, the utility-tokens ICN will cease to exist.

The holders of eICN tokens will have the rights of corporate governance and, accordingly, will be able to choose the members of the board of directors, vote for changes to the charter of the company, and so on.

Additional information about the process of transformation of the company and its tokens will be published before November 1, 2018 on the ICONOMI blog.

California Court to Issue a Temporary Ban on Blockvest

SEC had found a lot of violations, including the "approval" of non-existed "Blockchain Exchange Commission"
15 February 2019   154

The Southern District of California Court, represented by Judge Gonzalo Kuriel, issued a preliminary ban against BlockOw ICO-startup Blockvest LLC and its founder Reginald Buddy Ringold (Rasul Abdul Rahim El), citing violations of securities laws in the past and possible violations in the future.

SEC Info
SEC Info

Court ruled that the BLV tokenail violated the norms of section 17 of the Securities Act of 1933, and recognized tokens as unregistered securities.

November last year, Judge Gonzalo Curiel refused to recognize the Blockvest project token as a security, because the SEC could not prove otherwise.