SEC votes to simplify exempt offering rules for securities
"While each component in this patchwork system makes some sense in isolation, collectively, there is substantial room for improvement." The United States Securities and Exchange Commission voted to amend a set of rules to simplify and improve the "overly complex" procedures for exempt securities offerings.According to an announcement Monday from the SEC, the proposed changes aim to "harmonize, simplify, and improve" the existing "overly complex" framework to make it easier for companies to conduct offerings while still protecting investors. The regulatory body stated that the amendments....
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PRESS RELEASE. On January 26, 2021, Fungram LTD, as a comprehensive blockchain enterprise serving the world, has applied for an Exempt Offering of Securities from the U.S. Securities and Exchange Commission (SEC). Based on the three major ecological sectors, DeFi lending system, encrypted index platform, and decentralized wallet, Fungram will provide a smart and open financial application ecosystem with a low access threshold for everyone and will provide a fast channel for the commercialization of cryptocurrency. In the future, by using Fungram’s mobile applications, users will be....
Just one day following reported that tax authorities in the United Kingdom would be dumping a tax on bitcoin trading, HMRC (Her Majesty's Revenue & Customs) has issued tax guidance on bitcoin and other cryptocurrencies. Some interesting points: HMRC will exempt bitcoin mining income because "there is an insufficient link between any services provided and any consideration received." Bitcoin exchanges for Sterling and other foreign currencies will be VAT exempt. "Charges (in whatever form) made over and above the value of the Bitcoin for arranging or carrying out any transactions in Bitcoin....
The U.S. Treasury affirmed that crypto miners and wallet operators are exempt from the IRS reporting rules, preparing appropriate regulations. The cryptocurrency industry in the United States is about to score a major legal win as the U.S. Treasury Department plans to spare crypto miners, and other "ancillary parties" from tax reporting rules.In a letter to a group of senators on Friday, the U.S. Treasury indicated that it plans to exempt crypto miners, stakers and other market participants from rules that would require crypto brokers to share data on their clients’ transactions with the....
Thailand has reportedly revised its net capital rules which help securities firms launch cryptocurrency exchanges. The country now has 15 licensed crypto service providers. New Thai Rules and Crypto Exchanges The Thai Securities and Exchange Commission (SEC) has revised its net capital (NC) rules which help securities companies provide crypto services, the Bangkok Post reported Wednesday. “The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication conveyed,....
Bitcoin transactions will be exempt from Value Added Tax (VAT), the European Court of Justice (ECJ) has ruled. According to the Financial Times, the ECJ said that bitcoin transactions "are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender." The ECJ's long-awaited ruling comes after its Advocate General Juliane Kokott urged the court to refrain from applying tax to bitcoin purchases and sales, in an opinion document published in July. The European court first looked into bitcoin taxation in June last year after the....