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25 November 2020

SEC Grants Digital Avatar Firm IMVU Permission to Sell Crypto Tokens - CoinDesk

SEC Grants Digital Avatar Firm IMVU Permission to Sell Crypto Tokens - CoinDesk


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17) to IMVU, a digital avatar company, allowing the firm to sell its VCOIN digital tokens to users, albeit with strict restrictions on how these tokens can be sold. .

According to the SEC’s letter, IMVU can only sell tokens at a fixed price; buyers must agree to purchase tokens to use and not to speculate on price; and proceeds cannot be used to build the VCOIN network.

In the request for a no-action letter, IMVU attorney Michael Didiuk, a partner at the law firm Perkins Coie, wrote that users cannot convert VCOIN into fiat currencies on its own platform, though they would have to pay a 10-15% fee if they convert on a different platform.

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