US Montana legislation recognizes functional token exemption securities laws, and global regulation goes one step further

Abstract: This week, the currency market continued to fluctuate, but the transaction was still active. Montana legislation in the United States recognizes that a functional Token is not considered a security and can only be used for consumption. Singapore's securities-based token platform is included in the Sandbox supervision sandbox, and the joint efforts of capital concerns and global regulation will promote the rapid development of the industry.

The Montana legislation in the United States recognizes the utility token as a non-securities and is exempt from securities law regulation. Recently, US Governor of Montana Steve Bullock has signed Act No. 584 (House Bill 584), acknowledging utility tokens and exempting them from being treated as local rules. Securities. The bill is entitled "Generally revise laws relating to cryptocurrency", which stipulates that such a token transaction is permitted as long as the target of the token is "consumer nature". However, while a functional token exempts the state's securities laws, the issuer must also notify the state's securities commissioner that a notice must be submitted informing them of the intention to sell such tokens.

A securities-based token platform in Singapore was included in the Sandbox Supervision Sandbox. iSTOX is a securities-based token platform supported by the Singapore Stock Exchange and is now included in the Financial Technology Regulatory Sandbox by the Singapore Monetary Authority (MAS), which is actually the country's central bank. The company revealed that it has started operations in the sandbox and hopes to recruit a number of token issuers and investors to formally trade digital securities on its platform in the fourth quarter of this year.

We believe that with the further deepening and regulation of global regulation, the blockchain is becoming more and more mainstream, and blockchain digital assets will become mainstream assets. Under the joint efforts of capital concerns and regulatory standards, the blockchain industry will be promoted to develop healthily.

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The Russian central bank will consider the proposal to create a cryptocurrency of gold endorsements. Elvira Nabiullina, president of the Bank of Russia, said the central bank would consider a proposal for cryptocurrency. The proposal states that a cryptocurrency endorsed by gold can be created to support settlement with other countries.

Last week's market review: Chainext CSI 100 rose 4.6%, and the pure currency in the segment was the best. From the perspective of subdivision, entertainment social, commercial finance, storage & computing, and pure currency performance are better than Chainext CSI 100 average, +7.56%, +8.07%, +7.25%, 8.70%, payment transactions, Internet of Things. The traceability, base enhancement, base chain and AI sectors underperformed the Chainext CSI 100 average, +4.32%, -3.18%, +4.05%, +3.97%, -5.12%, respectively.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

1. Hotspot tracking: US Montana legislation recognizes functional token exemption securities laws, and global regulation goes one step further

This week, the currency market continued to fluctuate, but the transaction was still active. Montana legislation in the United States recognizes that a functional Token is not considered a security and can only be used for consumption. Singapore's securities-based token platform is included in the Sandbox supervision sandbox, and the joint efforts of capital concerns and global regulation will promote the rapid development of the industry.

The Montana legislation in the United States recognizes the utility token as a non-securities and is exempt from securities law regulation. Recently, US Governor of Montana Steve Bullock has signed Act No. 584 (House Bill 584), acknowledging utility tokens and exempting them from being treated as local rules. Securities. The bill is entitled "Generally revise laws relating to cryptocurrency", which stipulates that such a token transaction is permitted as long as the target of the token is "consumer nature". The law defines a functional token as a digital unit created and recorded on a blockchain that can be traded without a third party. The issuance of such a token allows the holder to obtain the goods or services provided by the issuer without the issuer. Provide any ownership interest or equity interest. It believes that the transaction of a functional token must meet a variety of requirements, the purpose must be mainly consumer, and it is forbidden to be used for speculation or investment. The token issuer may not market such tokens as an investment or speculation, and must still submit a notice of intent to the state securities commissioner to sell the token. Once sold or transferred, the utility time for such "consumer purposes" is only 180 days. "Consumer purposes" are defined as the provision or receipt of goods, services or content, including access to goods, services or content. However, while a functional token exempts the state's securities laws, the issuer must also notify the state's securities commissioner that a notice must be submitted informing them of the intention to sell such tokens.

A securities-based token platform in Singapore was included in the Sandbox Supervision Sandbox. iSTOX is a securities-based token platform supported by the Singapore Stock Exchange and is now included in the Financial Technology Regulatory Sandbox by the Singapore Monetary Authority (MAS), which is actually the country's central bank. The company revealed that it has started operations in the sandbox and hopes to recruit a number of token issuers and investors to formally trade digital securities on its platform in the fourth quarter of this year. The iSTOX platform will be fully operational by 2020 and will serve as a “fully regulated” capital market platform to help companies raise funds through tokenized securities.

We believe that with the further deepening and regulation of global regulation, the blockchain is becoming more and more mainstream, and blockchain digital assets will become mainstream assets. Under the joint efforts of capital concerns and regulatory standards, the blockchain industry will be promoted to develop healthily.

2. Relevant news from governments: US Montana legislation recognizes functional tokens and allows for exemption from securities laws

The Russian central bank will consider the proposal to create a cryptocurrency of gold endorsements. Elvira Nabiullina, president of the Bank of Russia, said the central bank would consider a proposal for cryptocurrency. The proposal states that a cryptocurrency endorsed by gold can be created to support settlement with other countries.

The State of Montana legislation recognizes functional tokens and allows for the exemption of securities laws. The US Montana State Assembly announced that this month's "overall amendment of the cryptocurrency-related law" bill officially became legislation. This means that the state recognizes the functional token and allows it to waive the state's securities laws.

3. Industry chain related dynamics: BTC miners' revenue increased by 4.3% from the previous month

(The following source website data was updated to May 26) Last week, BTC added 2.63 million new transactions, an increase of 2.5% from the previous month; ETH added 5.9 million new transactions, an increase of 4.5% from the previous month. Last week, the average daily income of BTC miners was US$16.85 million, an increase of 4.3% from the previous month. The average daily income of ETH miners was US$3.55 million, an increase of 6.5% from the previous month.

Last week, BTC's average daily computing power reached 52.2EH/s, an increase of 1.5% from the previous month; the average daily computing power of ETH's entire network reached 162.7TH/s, a decrease of 1.1% from the previous month.

Last week, the difficulty of mining the BTC in the whole network was 6.7T, which was flat; the next difficulty adjustment day was on May 31, the expected difficulty value was 7.20T, and the difficulty increased by 7.3%; the average mining difficulty of the ETH whole network last week was 2.04P. , the chain ratio decreased by 0.8%.

4. Last week's market review: Chainext CSI 100 rose 4.6%, and the pure currency in the segment was the best.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. The market fluctuated this week and trading continued to be active. As of last Sunday (May 26), the Chainext CSI 100 index was 908.3, up 4.6% from last week, and the total volume on Sunday was 24 billion USD. The global average price of BTC was 8673.2 US dollars, compared with the previous period. It rose 8%; the global average price of ETH was 267.1 US dollars, up 4.6% from the previous period.

From the perspective of subdivision, entertainment social, commercial finance, storage & computing, and pure currency performance are better than Chainext CSI 100 average, +7.56%, +8.07%, +7.25%, 8.70%, payment transactions, Internet of Things. The traceability, base enhancement, base chain and AI sectors underperformed the Chainext CSI 100 average, +4.32%, -3.18%, +4.05%, +3.97%, -5.12%, respectively.

risk warning

1. Uncertainty in regulatory policies; 2. Project technical progress and application are not as expected;

3. A cryptocurrency-related risk event occurs.

Source: Ji Shi Communication

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