Russian Central Bank approves first crypto exchange

Russia’s central bank has approved the country’s first cryptocurrency exchange called “Voskhod”
05 September 2017   613

While China bans ICO, Russia is getting closer to legalizing and regulating cryptocurrencies.

As reported by news.bitcoin.com, the Russian Deputy Finance Minister, Alexei Moiseev has proposed Bitcoin regulation and the possibility of digital assets being listed on Moscow’s stock exchange. Now the country’s Deputy Prime Minister, Yury Trutnev claims the Russian Federation Central Bank has approved the first cryptocurrency trading platform for private investors. The exchange is called “Voskhod”.

We are considering the possibility of creating a platform for trading with cryptocurrencies. The central bank has supported us. The system “Voskhod” was the first in the country to receive the right to work with cryptocurrencies.
 

Yury Trutnev
Russia’s Deputy Prime Minister 

The news comes along with the information about the two of the nation’s energy companies, Evrosibenergo and Gazprom, possibly partnering with local Bitcoin miners. As Trutnev details, there's an abundance of electricity in particular regions within the nation that could help the mining industry a great deal.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   36

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.