KDDI joined Enterprise Ethereum Alliance

Japanese telecom giant joined the Enterprise Ethereum Alliance
01 October 2017   337

The Japanese telecom giant KDDI Corporation has joined the Enterprise Ethereum Alliance (EEA). This is reported by CoinDesk.

Occupying the 219 line of Fortune Global 500 rating, KDDI also cooperates with Couger, Trident-Arts and law firm Kentauros Works, testing technology solutions based on smart contracts developed by EEA.

In particular, representatives of KDDI noted that the solutions created on the basis of smart contracts can be effectively used to facilitate payments between companies. In addition to blockchain, the Japanese giant also plans to explore the possibilities of other innovative technologies, including artificial intelligence and the Internet of things that, according to KDDI representatives, can help in the development of "next-generation service platforms".

This proof-of-concept will extend beyond blockchains utilized by existing business and will validate business and technical issues and benefits for Open services built on platforms such as the Ethereum and includes non-financial interactions, and Smart Contracts for coordination with partner company services.

KDDI team

What is Enterprise Ethereum Alliance?

Enterprise Ethereum Alliance is a non-profit holding company, which includes mainly large companies and well-known start-ups. At the moment, the alliance includes more than 150 participants.

EEA aims to use Ethereum technology for corporate needs, focusing on aspects such as security, privacy and scalability.

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.