SiaCoin Bounties announcement

SiaCoin announces Sia Bounties for integrations with popular apps & platforms
20 July 2017   1911
SiaCoin

Is a cryptocurrency for the actively developed decentralized private cloud data storage service Sia

A decentralized cloud storage SiaCoin team has announced the beginning of an ongoing series of bounties, each between $1k and $10k, paid and denominated in Siacoin.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

As the company reports, Sia Bounties will allow them to reward the contributors for building integrations between Sia and popular apps and platforms. 

The funding come from a group of enthusiasts, quietly organized a “donor’s club” and remaining anonymous. 

A bounty will only be paid once to one submission and, unless specified otherwise, it will be paid to the first individual or team to meet ALL the criteria set out for the bounty. This may be changed in special cases for larger bounties, clarifies SiaCoin team. 

All projects have a time period where they are useful to the development and growth of Sia and likewise all bounties will have an expiration date. Submissions will not be accepted after the expiration date, unless the bounty is renewed. As reported, in the event of multiple submissions in the same time period, Sia and the Donors will evaluate each submission and serve as tiebreakers.

The first bounty is already there as SiaCoin team reports on its Twitter, Sia is offering 300,000 SiaCoin. 

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.