02/08/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Philippines’ Potential ICO Regulations Classify All Tokens As Securities By Default

The Philippines are close to launching a regulatory framework for ICOs. The rules would determine how companies can raise funds using this method in a legal manner. The country has released a draft today and has now asked the public to provide feedback before the regulations are enacted. According to the document, tokens are considered securities by default and it’s the issuer’s job to prove otherwise. Furthermore, the financial regulator mentioned in a document that many issuers don’t believe they should be under SEC’s jurisdiction because their tokens are not securities. However, the watchdog argued that investors don’t have enough knowledge to determine by themselves what kind of token the ICO is launching.

2. SEC Investigates Company That Added ‘Blockchain’ To Its Name

Last year, we reported that Long Island Iced Tea Corp. changed its name to Long Blockchain Corp. and how that led to a 500% increase in shares price. The move was followed by exchange Nasdaq threatening to delist the stocks in question. The iced-tea company is now under investigation by the U.S. Securities and Exchange Commission (SEC). It has been subpoenaed and is now required to provide certain documents. Long Blockchain Corp. has assured it is fully cooperating. The company’s current market value amounts to $ 5 million, an approximate 93% drop when compared to the $ 70 million back in December 2017, when the name change was made.

3. Australian City Looks Into Bitcoin To Promote Tourism

TravelbyBit, an Australian startup using cryptocurrencies to sell travel experiences, is one of the 70 companies that will receive a grant from the government of Queensland. The project is called Advance Queensland Ignite Ideas and the funding has a pot of AUD $8.3 million. Innovation Minister Kate Jones mentioned how important it is for the area to boost its tourism. Targeting the city of Bundaberg would benefit central Queensland as tourists would be able to spend their cryptocurrencies in the city. Indeed, a growing number help businesses grow more and, subsequently, create more jobs. This would be obtained by supporting startups through the distribution of fundings. TravelbyBit will receive AUD $100,000.

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