US housebuilder to launch crypto rewards after SEC ‘no-action’ letter

Megatel Homes says it's launching a program where renters could receive rewards for paying their rent using a crypto token.

US homebuilder Megatel Homes is set to launch a crypto rewards platform after receiving a Securities and Exchange Commission “no-action” letter.

Megatel said on Thursday that the platform, dubbed MegPrime, would give users rewards for using “MP Tokens,” such as using them to pay their rent to earn back tokens that can be used for “everyday purchases” or converted to US dollars.

It came after the SEC allowed MegPrime to go ahead with its plans in its letter on Thursday, recommending no enforcement action so long as the platform strictly follows its outlined plan.

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