This week, the U.S. Securities and Exchange Commission (SEC) issued to Pocket Full of Quarters Inc. (PoQ) a no-action letter related to PoQ's distribution of its Quarters product, an ERC20 token. The SEC Division of Corporation Finance stated that it will not recommend enforcement action based on offers and sales of Quarters that take place without PoQ registering the Quarters under Section 5 of the Securities Act and Section 12(g) of the Exchange Act. This is only the second no-action letter issued by the SEC related to a blockchain token distribution event.

According to reports, late last week the "crypto arm" of a major U.S. financial services firm filed an application to become a New York trust. This would allow the firm to expand its digital asset custody business to serve institutional clients in New York state. Another report this week highlighted a recently published patent application by a major U.S. financial services firm that describes a blockchain-based settlement system for interbank transactions.

This week, a major U.S. cryptocurrency exchange announced plans to move a majority of its operations offshore to Bermuda, becoming the first major cryptocurrency exchange to receive a "Class F" license under the Bermuda Digital Assets Business Act of 2018. The move was reportedly taken due to regulatory pressures and the lack of regulatory frameworks in the U.S. The world's largest cryptocurrency exchange by volume, Binance, recently announced the launch of a new stablecoin, Binance GBP, that will be backed 1:1 by British pounds. Binance GBP will be offered by Binance Jersey, the exchange's Jersey-based platform.

This past Tuesday, a German blockchain startup, Fundament, received approval from Germany's financial regulator to issue what is being reported as Germany's first tokenized real estate-backed bond that is approved for offer to individual investors. According to reports, the Fundament tokens will be ERC20 tokens that will be available for purchase with bitcoin, ether, U.S. dollars or euros. In more news from Europe, a Norwegian air carrier has announced plans to begin allowing customers living in Norway to purchase airline tickets using bitcoin. According to reports, the air carrier also plans to launch its own cryptocurrency exchange.

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