Japan’s Leading Low-Cost Airline to Accept Bitcoin

Peach aviation, Japan’s leading low-cost airline is working on accepting Bitcoin as a means of payment
05 February 2018   114

The airline has recently announced its plans to accept Bitcoin for airline tickets. This was a response to the recent media reports which suggested that the airline may be halting its plans to accept bitcoin following the hack of Coincheck, Japanese Bitcoin exchange.

The airline claims to have more than 13,000 passengers daily, operating over 90 daily flights.

The first announcement regarding the acceptance of bitcoin was made in May 2017. The company stated that it would accept bitcoin through a partnership with Japanese cryptocurrency exchange, Bitpoint Japan and through collaborations with local administrative bodies and local companies.

The airline is planning to install bitcoin ATMs (BTMs) at airports as well as to implement bitcoin payments at restaurants, souvenir shops, etc.

The company announced in May that the airline and its partners planned to start the service from the autumn of 2017. However, in December, Peach postponed the timeframe to start accepting bitcoin within the fiscal year, which ends in March 2018.

Lately, the spokeswoman for Peach’ public relations confirmed that the service has been postponed due to the fluctuation of the bitcoin market which has been intensifying since the end of 2017. The Peach’s spokeswoman also stated that the company is preparing the settlement system.

Japanese cryptocurrency exchange Bitpoint Japan confirmed that they are currently working on launching the service.

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.