Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, India’s National Blockchain Seminar

In this roundup, we cover several crypto-related actions by the U.S. Securities and Exchange Commission (SEC) and the New York regulator’s crypto job posting. We also cover new Chinese laws, South Korea’s tax clarification, India’s blockchain education, the IMF working with the Philippines’ central bank, as well as crypto regulatory developments in Turkey and Qatar.

Also read: Regulatory Roundup – China Blockchain ETF, New French Crypto Rules, Tokens Money in Russia

SEC’s 3 Cases, NY Regulator Hiring

The U.S. Securities and Exchange Commission (SEC) has been active this past week. On Jan. 3, the SEC announced that it had settled fraud action with Longfin CEO Venkata S. Meenavalli, who agreed to pay $400,000. Longfin and Meenavalli allegedly misrepresented the company in public filings to qualify for a Regulation A+ offering. They also misrepresented the offering to Nasdaq to meet its listing requirements. The Commission says more than 90% of Longfin’s reported revenue for 2017 was fictitiously derived from sham commodities transactions.

Regs Roundup: SEC's Orders, Crypto Tax-Free in Korea, National Blockchain Seminar in India

On Jan. 2, the SEC sent a letter to the Eastern District Court of New York regarding its plan to distribute $1.4 million collected from the fraudulent Plexcoin ICO to its investors. “The SEC anticipates that upon completion of the distribution plan approval process in Canada … the SEC will file a motion with this court recommending a course of action with respect to the U.S. assets,” the Commission wrote.

On the same day, the SEC filed a court order seeking financial documents from Telegram which it hopes will reveal how much the company spent from the funds collected in two token sales in early 2018. The agency needs this information before next week’s testimony of three Telegram employees, including CEO Pavel Durov. However, Telegram is unwilling to disclose the information.

Regs Roundup: SEC's Orders, Crypto Tax-Free in Korea, National Blockchain Seminar in India

Meanwhile, the New York State Department of Financial Services (DFS), the Bitlicense regulator, has a…

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