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Ontario Securities Watchdog Settles With CoinLaunch

The Ontario Securities Commission (OSC) reaches a settlement agreement with the crypto firm CoinLaunch Corp, as per an announcement  by the OSC on July 22.

The public settlement hearing is scheduled for July 24, so as to determine whether the agreement is in the public’s interest. The OSC’s official statement of allegations states that CoinLaunch offered a number of crypto-related services, with securities trading among those.

The statement elaborates that CoinLaunch’s offering includes market and promote token offerings, including security tokens without observing the proper registration requirements with the OSC. Specifically, the firm violated Ontario securities law.

The senior litigation counsel for the OSC’s enforcement branch, Katrina Gustafson wrote:

“CoinLaunch engaged in and held itself out as engaging in the business of trading in securities, without registration under Ontario securities law and where no exemption from the registration requirement was available.”

The statement alleges that CoinLaunch provided services to issuers of the BCZERO and ECOREAL tokens, and the OSC qualifies these tokens as securities in the form of investment contracts. Reportedly, CoinLaunch also ran an ERC-20 smart contract platform that supported the ability for users to create and issue tokens on the Ethereum blockchain.

According to the statement of allegations, CoinLaunch files its intent to dissolve with the Canadian government. Previously, the Canadian Securities Regulatory Agency (CSRA) included an entry on crypto-assets within its 2019–2022 business roadmap. The CSRA is apparently interested in determining requirements for crypto custodians, as well as how to regulate funding rounds for blockchain-based securities.

Read more:After Much Delays Bakkt Finally Tests Bitcoin Futures Platform

Image Source – Pixabay.Com

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