Switzerland Launches Blockchain Task Force

The main task of the task force is to watch the legal guidelines of ICOs and blockchain companies 
10 January 2018   2993

The Swiss government has announced the creation of a new group to strengthen its regulatory framework related to blockchain startups and ICOs.

Blockchain task force includes both federal and local officials, as well as members of various blockchain startups and legal representatives and spearheaded by Finance Minister Ueli Mausrer and Economics and Education Minister Johann Schneider-Ammann.

The main task of the group is to watch the legal guidelines of ICOs and blockchain companies, while working with the State Secretariat for International Financial Matters — the federal body responsible for implementing financial market policy and representing the government's financial interests across borders.

Blockchain is becoming more important as a technology for many industries, not just crypto finance. What is needed is liberal regulation, which opens opportunities for Switzerland's position while at the same time reducing risks.

 

Johann Schneider-Ammann

Head of the Department of Economic Affairs, Education and Research

The first meeting of the Blockchain task force will take part on January 12, 2018.

Recently, we have reported that Swiss private bank Falcon is going to offer to its clients a compliant process for investing wealth generated from trading in cryptocurrencies.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   276

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.