Bitfury Developed Suspicious Transactions Tracking Tool

Crystal service is designed to break the idea of bitcoin as the black market instrument
30 January 2018   151

Bitfury, a mining company, introduced the Crystal toolkit, designed to identify and investigate criminal activities in Bitcoin. This is reported by Coindesk.

The platform has been developed for two years. It is designed to break the idea of bitcoin as the black market instrument.

The industry needs some very user-friendly tools so that you can track bitcoin transactions and see if this bitcoin address that you're getting money from is green or black.
 

Valery Vavilov

CEO, Bitfury Group

The Crystal service will allow law enforcement officers and private experts to trace the ways of moving suspicious transactions to the final recipient or point of sale of the cryptocurrency. By establishing the relationship between alleged intruders, Crystal will be able to determine the likelihood of individual addresses being involved in illegal activities.

Crystal
Crystal 

Other tools will help autonomously monitor bitcoin addresses, compile and distribute reports according to specified criteria and even establish the origin and purpose of transactions.

We are analyzing the web, we are analyzing the forums, we are analyzing different kinds of sources, and combining this information and getting some kind of result if this transaction is risky or not.
 

Valery Vavilov

CEO, Bitfury Group

The corporate version of the Crystal Pro product will be integrated into the company's own networks and will not only allow them to monitor the activity in the blockchain but also provide additional security for their crypto-currency transactions.

The free version of Crystal software is available from January 30th. Tariffs for corporate clients will be presented in March.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   52

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.