SegWit is now live on HitBTC

HitBTC cryptocurrency exchange now supports SegWit protocol
30 September 2017   747

One of the top cryptocurrency exchanges, HitBTC, has announced that from now on it supports SegWit technology, which is aimed to "cure a whole series of original Bitcoin imperfections", such as possible malleability bugs, blocks being clogged with transaction data reducing network speed, fees that are getting higher.

HitBTC on coinhills.com
HitBTC on coinhills.com

Thus, the report details that from now on the exchange supports incoming and outcoming SegWit transactions. SegWit is a backward-compatible technology, which means none of existing functionality will be affected in any way, so that customers may feel free to withdraw their coins to non-SegWit addresses, same goes for deposits.

To start receiving SegWit transactions, the users have to simply create new Bitcoin address in their account. From today on, every new generated address will be compatible with new technology. As reported, outcoming transactions are now also sent in SegWit format. Withdrawal fees are about to decrease by 50%.

Bitcoin price chart on coinmarketcap.com
Bitcoin price chart on coinmarketcap.com

Meanwhile, the top cryptocurrency price is about $4181.33, it’s market capitalization is $69,388,280,727.

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.