The US Securities and Exchange Commission has reportedly approved an application for token sale from gaming project Pocketful of Quarters. The authority unveiled its decision on its website on July 25.
The regulator considered the company's application and determined that PoQ can offer and sell the Quarters without registration "under Section 5 of the Securities Act". The company will not have to register tokens as securities.
However, this license comes with certain requirements that must be met by the project. In particular, it was stated in the report that PoQ will not be able to use funds received from sales of tokens to launch its own platform that is to come into operation before the token sale.
The Quarters tokens can be sold only to players and must be used for gaming on the platform only. Tokens can be transferred only among players and PoQ.
"PoQ will market and sell Quarters to gamers solely for consumptive use as a means of accessing and interacting with Participating Games," reads the statement.
Notably, the players will become able to exchange tokens into ETH only after passing KYC/AML procedures. The exchange rate will be set in advance.
In early July, US SEC approved the first token sale under Regulation A+.