ARTICLE
3 January 2020

Blockchain Startup Receives Transfer Agent License, UK And Hong Kong Issue Crypto Guidance Enforcement

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BakerHostetler

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Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit bakerlaw.com
This week, security token startup Harbor received a transfer agent license from the Securities and Exchange Commission (SEC).
Worldwide Technology

This week, security token startup Harbor received a transfer agent license from the Securities and Exchange Commission (SEC). Transfer agents record changes of ownership, maintain issuers' security holder records, cancel and issue certificates, and distribute dividends. Harbor's acquisition of this license, along with the broker-dealer license it was granted in September by the Financial Industry Regulatory Authority (FINRA), brings it closer to becoming a "one-stop shop" for digital asset issuance. It is the first blockchain company to receive both licenses.

On Nov. 1, the United Kingdom's tax, payments and customs authority, HM Revenue & Customs, released a white paper explaining how the administrative body will tax cryptoasset exchange token transactions undertaken by companies and other businesses. The guidance provides a detailed breakdown of fact-specific circumstances that may affect taxpayer liabilities for trading, mining and other cryptocurrency-related activities. And in Hong Kong, the Securities and Futures Commission (SFC) published a position paper outlining its regulatory approach to virtual asset trading, stating that it will only grant licenses to platforms capable of meeting the standards. Its guidance will reportedly allow investors to better distinguish between platforms that are regulated from those that are unregulated.

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