UK plans to develop digital fund

The UK government has published a document that stressing the importance of the fintech development
06 December 2017   966

Today the UK government has published "Investment Management Strategy II" - a long term approach for enhancing the country’s future generation of investment management, focusing on fintech sector.

The document includes six areas of growth including the development of Asset Management Centre’s of Excellence at various Universities across the UK. The main goal is to strengthen the UK’s investment management pipeline in order to make the country a world leader in Fintech. It would like to achieve this through a digital fund based around blockchain technology.

These are key findings made in the document:

  • The government encourages the Investment Association to make rapid progress in seeking to establish a digital fund
  • The government strongly supports the development of the Asset Management Cyber Security Strategy and the Investment Association’s thought leadership on this issue
  • The government welcomes the commitment of the FCA and asset management industry in developing standard definitions to facilitate the promotion of innovation in the asset management industry
  • The government will host a second international FinTech Conference in 2018, building on the success of the 2017 inaugural conference

The UK FinTech sector is growing rapidly. It contributes £6.6 billion annually to the UK economy, and employs over 60,000 people in 1,600 companies.

Recently, the House of Lords, has published a report, stating that government of the UK should take a leading role in the practical testing and application of blockchain technology.

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   182

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.