Bitcoin price breaks new record: $4600

Bitcoin cryptocurrency price breaks new record reaching $4600 mark
29 August 2017   731

It goes without saying that Bitcoin cryptocurrency is now trading at its highest level ever. Thus, some experts predict that it would even reach $20,000 within three years. 

Despite the fact that now the price is not that high, it is still quite impressive. Thus, on Tuesday, August 29th, the Bitcoin price skyrocketed confidently breaking the mark of $4,600 on a number of the cryptocurrency exchanges.

Bitcoin price chart Bitcoin price chart

At the time of writing, the Bitcoin rate on Bitstamp reached $4,649, and up to $4,643 on Bitfinex.

It's also worth mentioning, that there has been a significant price surge recently for plenty other cryptocurrencies, such as EthereumRipple’s XRP and Monero.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   36

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.