May 22, 2022

As part of our weekly international roundup, Coinsquare News has covered the week’s notable cryptocurrency and blockchain headlines. In this edition, we look at the recent letter from the SEC promising not to take action against the unregulated ICO of Turnkey Jets, the introduction of blockchain-centric associations in the EU, and much more.

The SEC’s “No Action Letter” can serve as a framework for crypto startups

This week, the U.S. Securities and Exchange Commission broke new ground when it issued a letter stating it would not take action against a startup that used digital assets to secure funds.

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The “No Action Letter” was given to Turnkey Jets, a company that leases private jets in the United States. As Bloomberg reports, this means that as long as the company complies with certain conditions, it will not receive any action from the SEC for its Uncontrolled Initial Currency Offer (ICO).

In the past, we have seen the SEC express its opinion after a long debate that Ether (ETH) is not a security. This means that the actual sale of Ether in 2014 will not be verified under the strict regulatory requirements imposed on securities offers. However, this is the first time the commission has explicitly issued such a letter. As a result of this development, the way Turnkey Jets handled its ICO could theoretically serve as a framework for other startups to move forward.

EU establishes an “International Association of Trusted Blockchain Applications”

On April 3, the European Commission announced the official launch of the International Organization of Trusted Blockchain Applications (INATBA). According to a media release, INATBA aims to support efforts for blockchain technology to become “mainstream and scale-up across multiple sectors”.

To do this, INATBA will list various industry experts, startups, initiatives, policy makers, international organizations and regulators.

During INATBA’s launch event, Maria Gabriel, commissioner of the digital economy and society, is said to have praised the potential of blockchain technology to overcome the need for trust in collaborative systems.

“In today’s economy, there is less and less time to build trust as there was in the past,” he said, according to Finance Magnets. “We need to be able to fight cancer, balance renewable energy, find product authenticity, trust each other without having to face actors. And how can we achieve this? Of course, with the help of blockchain.”

Malta has completed “important milestones” by approving 14 crypto agents

Despite being a small island with a population of less than half a million, Malta is often mentioned in our international roundups. Thanks to the innovative approach adopted by the Maltese leaders in the field of blockchain technology, the nation is moving towards becoming a “blockchain island”.

This week, the Malta Financial Services Authority (MFSA) issued policy approvals for 14 cryptocurrency agents. According to an official release, these agents will be the first level of defense against the misuse of digital resources.

According to local media, about 250 lawyers, accountants and auditors initially applied for the certificate, but most failed in the official evaluation process. The 14 conditionally approved individuals were selected from a set of 28 qualified agents, which officials called a “significant milestone” in cryptocurrency control.

“We’ve been active since November 2017, when we embarked on a regulatory journey towards cryptocurrencies,” said Chris Boutigig, MFSA’s head of securities and market oversight. “Today, we have a complete framework that covers all important areas of risk, related to risk for consumers, market integrity, financial crime and cyber-security.

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