News Nuggets | 17 May: Belgium's Crypto Ads Rules Kick In; FINMA's Action

News Nuggets | 17 May: Belgium’s Crypto Ads Rules Kick In; FINMA’s Action

Time Stamp: May 17, 2023 6:56 AM
News Nuggets | 17 May: Belgium's Crypto Ads Rules Kick In; FINMA's Action PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Belgium’s New Crypto Ads Rules

The new cryptocurrency advertisement rules in Belgium, which the Financial Services and Markets Authority brought (FSMA), came into effect on Wednesday.

The rules will ensure that the contents of the advertisement are not inaccurate or misleading, insertion of mandatory risk statements, and the obligation to notify the FSMA of all advertisements to be used in a mass media campaign.

“From 17 May onwards, every new advertisement that is disseminated in connection with a distribution of virtual currencies to consumers has to comply with these rules, regardless of the channel used for the dissemination (social media, internet sites, physical medium),” the regulatory announcement stated.

Zondacrypto Secures Slovakia License

Estonia-based Zondacrypto (previously Zonda) announced that it had secured a digital asset services license in Slovakia, which will allow the company to offer crypto services.

“This expansion aligns perfectly with our vision of becoming a global leader in the EU crypto market. We’re confident that entering this new market will not only present us with exciting business opportunities, but also allow us to bring our unique products and services to a more diverse range of customers,” the company wrote in a Linkedin post.

Zondacrypto further highlighted that while the Slovakian government doesn’t require crypto asset providers to operate with an official license, it will ensure that the company is compliant with anti-money laundering and terrorist financing rules.

FINMA Takes Actions against Crypto Platform

The Swiss Financial Market Supervisory Authority (FINMA) concluded its enforcement action against the Dohrnii Foundation and its founder and former managing director, who ran crypto businesses without a license.

The Dohrnii Foundation and its founder launched an initial coin offering (ICO) with promises of providing access to a learning platform and a marketplace where users can trade crypto services and products. The ICO received around 3 million euros from around 500 private individuals.

However, FINMA found that Dohrnii platform was never operational, and the DHN tokens could never be used.

“The single judge sitting at the Cantonal Court of Zug opened bankruptcy proceedings against the Dohrnii Foundation as early as mid-March 2023 due to overindebtedness. The foundation is in the process of being dissolved,” the regulator stated. “As a result, FINMA no longer needs to take any measures.”

Libertex Expands Crypto CFDs Offering

Libertex, a retail brokerage, has added Arbitrum CFDs to enhance its offerings with cryptocurrency instruments. The broker offers more than 90 cryptocurrency trading instruments.

The addition of Arbitrum came when demand for the token is growing. It is a layer-2 scaling solution for Ethereum that runs its own blockchain, which offers faster transactions, lower fees, governance functionality, and other features.

“Arbitrum continues to add new features that make it an even bigger player in the crypto world. Traders now have a chance to join this project’s exciting journey by trading Arbitrum CFDs with Libertex without needing to buy or hold the ARB token itself,” the official announcement of Libertex added.

CLSA Premium Seeks to Resume Share Trading

Hong Kong-based CLSA Premium, which recently exited margin dealing, announced that it is taking necessary steps to resume the trading of its shares on the Hong Kong Stock Exchange as soon as possible.

The announcement came as the company received a letter from the stock exchange on 12 May, asking to meet two guidelines for resumption of trading.

“The Stock Exchange required the Company to meet all Resumption Guidance, remedy the substantive issues causing its trading suspension, and fully comply with the Listing Rules to the Stock Exchange’s satisfaction before trading in its securities is allowed to resume,” the company’s announcement stated. “For this purpose, the Company has the primary responsibility to devise its action plan for resumption.”

“The Company is taking appropriate steps to resolve the issues causing its trading suspension and will seek to resume trading of its shares as soon as possible.”

Belgium’s New Crypto Ads Rules

The new cryptocurrency advertisement rules in Belgium, which the Financial Services and Markets Authority brought (FSMA), came into effect on Wednesday.

The rules will ensure that the contents of the advertisement are not inaccurate or misleading, insertion of mandatory risk statements, and the obligation to notify the FSMA of all advertisements to be used in a mass media campaign.

“From 17 May onwards, every new advertisement that is disseminated in connection with a distribution of virtual currencies to consumers has to comply with these rules, regardless of the channel used for the dissemination (social media, internet sites, physical medium),” the regulatory announcement stated.

Zondacrypto Secures Slovakia License

Estonia-based Zondacrypto (previously Zonda) announced that it had secured a digital asset services license in Slovakia, which will allow the company to offer crypto services.

“This expansion aligns perfectly with our vision of becoming a global leader in the EU crypto market. We’re confident that entering this new market will not only present us with exciting business opportunities, but also allow us to bring our unique products and services to a more diverse range of customers,” the company wrote in a Linkedin post.

Zondacrypto further highlighted that while the Slovakian government doesn’t require crypto asset providers to operate with an official license, it will ensure that the company is compliant with anti-money laundering and terrorist financing rules.

FINMA Takes Actions against Crypto Platform

The Swiss Financial Market Supervisory Authority (FINMA) concluded its enforcement action against the Dohrnii Foundation and its founder and former managing director, who ran crypto businesses without a license.

The Dohrnii Foundation and its founder launched an initial coin offering (ICO) with promises of providing access to a learning platform and a marketplace where users can trade crypto services and products. The ICO received around 3 million euros from around 500 private individuals.

However, FINMA found that Dohrnii platform was never operational, and the DHN tokens could never be used.

“The single judge sitting at the Cantonal Court of Zug opened bankruptcy proceedings against the Dohrnii Foundation as early as mid-March 2023 due to overindebtedness. The foundation is in the process of being dissolved,” the regulator stated. “As a result, FINMA no longer needs to take any measures.”

Libertex Expands Crypto CFDs Offering

Libertex, a retail brokerage, has added Arbitrum CFDs to enhance its offerings with cryptocurrency instruments. The broker offers more than 90 cryptocurrency trading instruments.

The addition of Arbitrum came when demand for the token is growing. It is a layer-2 scaling solution for Ethereum that runs its own blockchain, which offers faster transactions, lower fees, governance functionality, and other features.

“Arbitrum continues to add new features that make it an even bigger player in the crypto world. Traders now have a chance to join this project’s exciting journey by trading Arbitrum CFDs with Libertex without needing to buy or hold the ARB token itself,” the official announcement of Libertex added.

CLSA Premium Seeks to Resume Share Trading

Hong Kong-based CLSA Premium, which recently exited margin dealing, announced that it is taking necessary steps to resume the trading of its shares on the Hong Kong Stock Exchange as soon as possible.

The announcement came as the company received a letter from the stock exchange on 12 May, asking to meet two guidelines for resumption of trading.

“The Stock Exchange required the Company to meet all Resumption Guidance, remedy the substantive issues causing its trading suspension, and fully comply with the Listing Rules to the Stock Exchange’s satisfaction before trading in its securities is allowed to resume,” the company’s announcement stated. “For this purpose, the Company has the primary responsibility to devise its action plan for resumption.”

“The Company is taking appropriate steps to resolve the issues causing its trading suspension and will seek to resume trading of its shares as soon as possible.”

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