Yunbi Bitcoin exchange to stop trading

Yet another China-based cryptocurrency exchange, Yunbi, announces the closure of its trading operations
15 September 2017   647

Yet another China-based cryptocurrency exchange, Yunbi, has announced the closure of its trading operations.

Yunbi exchange on coinhills.com Yunbi exchange on coinhills.com

A post on the company's website mirrors similar announcements made by BTCC and ViaBTC cryptocurrency exchanges, citing a recent regulatory statement banning initial coin offerings (ICOs) as the reason for its closure.

Thus, despite the fact that, Yunbi has previously stated that it would comply with the ban by delisting all ICO tokens from its platform, unfortunately, this was obviously not sufficient to protect the exchange from further restrictions.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.