LIFEwallet and LIFEcards About to Be Released

LIFEwallet and the first LIFEcards should be released to the public in April 2018
28 March 2018   2031

LIFE is digital cash,  which functions as a reward system for large businesses, charities, communities and innovation projects. It can be bought, sold and traded like shares or can be used to purchase items from a growing number of retailers.

According to the roadmap of LIFE, LIFEwallet and the first LIFEcards should be released to the public in April 2018. The users will be able to utilize LIFEwallet online portal or mobile application to convert their preferred cryptocurrency to an equivalent prepaid balance on the LIFEcard in seconds. LIFEcard is a prepaid card, and while there are strict identity verification checks, there will be no credit checks or credit limits.

Life cards samples cryptoLIFE cards samples

According to the website of LIFE, LIFEwallet is being developed alongside LIFEcard as an integrated companion application, and a crytocurrency wallet in its own right, but the further details will be announced separately.

As for the future plans of LIFE, May 2018 will be marked by first LIFE conference in London, and Cryptosaurus will adopt LIFE as a payment method, and the Stage 2 of LIFE adopters will be announced in June, 2018.

Malaysia to Regulate ICO and IEO

Rules says tokens can be distributed via venture capitalists and financial institutions without selling shares and without debt instruments
16 January 2020   96

In Malaysia, the procedure for initial coin offerings (ICO) and initial exchange offerings (IEO) has been established. The Malaysia Securities and Exchange Commission (SC) provided relevant guidance for participants in the digital asset industry.

According to the regulator, projects can distribute their tokens through venture capitalists and financial institutions without selling shares and without using debt instruments. It was also established the maximum limit on the amount of funds raised through ICO, which will be 100 million Malaysian ringgit or about $ 24.5 million. No special requirements for investors are provided, that is, both institutional and retail investors will be able to participate in such campaigns.

After the completion of sales, the regulator will monitor the spending of collected funds.

Digital tokens offering can provide another alternative fundraising avenue for early-stage entrepreneurs. This initiative supports Malaysia’s Shared Prosperity Vision 2030 (SPV2030) by supporting the growth of SMEs and micro businesses which are targeted to contribute 50% to Malaysia’s GDP. It also aligned with SPV2030’s aspiration to create 30% high technology Malaysian companies.

 

Datuk Syed Zaid Albar

Chairman of the SC

In addition, the rules for the functioning of IEO platforms were established. Such platforms, if they operate in the country, must independently register with the agency. In addition, they must carry out the necessary checks to verify the integrity of the issuer, as well as understand the capabilities and characteristics of the token they offer.

New regulations are expected to be established in Malaysia in the second half of this year. At the first stage, SC intends to cooperate with IEO platforms on the issue of identifying satisfactory issuers.