China gives Huobi and OKcoin one extra month

China gives Huobi and OKcoin one extra month, while Bitcoin price surges 
15 September 2017   1019

The whole cryptocurrency society shakes due to the news from China. As reported, all the existing crypto-exchange markets in China will be closed by the end of this month.

However, it seems that China has decided to give Huobi and Okcoin an extra month of life. As reported by caixin.com, the local newspaper, the fact that the exchanges lack in ICO offerings was one of the factors that allowed them to continue operating longer than others.

Because the two platforms have large numbers of users and have not performed ICO operations, the relevant departments have given Huobi and Okcoin a one-month buffer period to stay open until the end of October before shutting down. Specific proposals are still being studied.
 

caixin.com

Thereby, Bitcoin price has surged instantly, climbing around $400 in minutes from about $2,972, as detailed by cointelegraph.com.

Bitcoin price chartsBitcoin price charts

At the time of writing, the price of the top cryptocurrency is about $3287.58, its market capitalization is $54,467,185,480.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   55

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.