Facebook Messenger Unlikely to Support Cryptocoins

According to Facebook Vice-President of messaging, there are still too many problems, related to crypto
07 February 2018   123

Facebook Vice-President David Marcus said that in the foreseeable future the company does not plan to launch a system of cryptocurrency payments on the platform, reports Coindesk.

According to Marcus, while there are too many problems and negative factors with existing cryptocurrencies, including high remittance fees and low transaction confirmation rates.

Once the industry self regulates a lot better and you have better more legit products that want to be advertised on the platform. When we get to that stage, we'll figure out a way to reintroduce these things.

David Marcus

Facebook Vice-President of messaging

It is worth noting that at the end of 2017 he joined the board of directors of the largest American crypto-exchange platform Coinbase. According to Marcus, if the development community "corrects all problems", then Facebook can reconsider its position.

This statement was made a few days after Facebook banned the advertising of Crypto-Currency and ICO. It is also worth reminding that this adblock doesn't work properly.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   53

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.