FINANCE MAGNATES – Nov 20 - The US top regulator issued a No-Action Letter to a cryptocurrency-based startup called IMVU that the SEC's Division of Markets and Trading will not recommend an enforcement action based on a number of assumptions that include, among other things, that the VCOIN tokens will not be traded on secondary markets. Based in Redwood City, California, IMVU is a 3D avatar-based social networking platform. It allows registered users to customize their characters, connect with friends in 3D chat rooms, and make new ones around the world through shared experiences. IMVU also hosts a marketplace featuring a catalog of virtual goods made by ~50k creators.
by Aziz Abed-Qader
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