WeMakePrice to Accept 12 Cryptocurrencies

Largest e-commerce platform in South Korea is integrating 12 cryptocurrencies
29 January 2018   759

Bitcoin, Ethereum, Litecoin and other crypto-currencies will soon be available as a payment option on South Korea's largest e-commerce platform WeMakePrice (Wemepu), CCN reports.

Integration of the cryptocurrency into OneThePay payment system, which WeMakePrice uses, will be implemented with the support of the leading exchange of the country Bithumb. Users will use the existing application without creating an additional account on Bithumb.

In an interview to HanKyoReh, the representative of WeMakePrice said that the decision to integrate crypto-currency became part of a broader initiative aimed at facilitating the process of paying customers for purchases.

Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.


It is also noted that this is the first time that the leading online retailer of South Korea will offer crypto-currencies as one of the main payment methods. It is expected that this solution WeMakePrice will contribute to the further popularization of the country's cryptocurrency. 

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   54

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.