Electroneum seals partnership with Quoine exchange platform

  Electroneum will be working with Quoine to gain regulatory acceptance by the JSFA
12 February 2018   118

Today Electroneum announced it has achieved agreement with Japanese exchange platform Quoine. For now Electroneum will be listed on Qryptos exchange. At the same time it will be working with Quoine to achieve regulatory approval of the Japanese Financial Services Agency. That would mean Electroneum will be accepted as a payment solution much faster.

Not only will it allow our users to deposit USD or EUROs to trade ETN, but QUOINE sponsoring us through the regulatory process with the Japanese Financial Services Authority will open up exciting new corporate opportunities.

 

Richard Ells

CEO of Electroneum

Quoine is a unique exchange platform as it has been approved by the same JSFA, considered to be one of the most secure and stable fintech companies in the world to deal with cryptocurrencies. On top of that, Deloitte Touche has officially accepted Quoine as its client.

On the other hand, a UK-based cryptocurrency Electroneum makes an interesting combination of a blockchain and cryptocurrency leveraging the omnipresence of mobile phones. It developed a suprising mobile app that allows any smartphone to act as a mining device.

Reddit users warmly welcomed this announcement:

u/Tweakly said “Great news guys! Etn is really making the push to establish itself as a real competitor for mass adoption and its being really successful :)”

u/uppermonsteN said “Fiat/ETN; great step to encourage adoption.”

u/ChiliChristin said “Oh wow - nice :)”

u/chameleonfocus said “Sweet! 1 of many who will follow.”

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   32

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.