RATE Group | Zambia SEC Warns About Investing in Promoted Onyxcoin Cryptocurrency
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Zambia SEC Warns About Investing in Promoted Onyxcoin Cryptocurrency

03 Aug Zambia SEC Warns About Investing in Promoted Onyxcoin Cryptocurrency

Posted at 02:10h in Cryptocurrency News by

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The Zambia SEC’s CEO, Philip Chitalu, has warned the public that cryptocurrency OnyxCoin creator Kwakoo is not licensed to give investment advice or solicit funds, from within and outside the country alike.

The Lusaka Times relayed the SEC head’s warnings in a report on Aug. 2. According to the report, Kwakoo has been promoting Onyxcoin and soliciting investments from the Zambian public. 

Relatedly, CEO Chitalu notes that Securities Act, No. 41 of 2016 dictates that certain activities — such as Kwakoo’s —  require proper licensure in Zambia, unless specifically exempted by law. Moreover, Chitalu noted that the SEC is under the impression that Onyxcoin promoters are claiming that the cryptocurrency will increase by over 1,000% by June 2021.

Chitalu also commented on initial coin offerings (ICOs) more generally, saying that such offerings are not standardized. According to Chitalu, the legal and regulatory status of a given ICO depends on its particular circumstances, and…

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